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Consider the same problem as in Problem 15.24, but suppose that the biotech company can conduct its own test-at no cost-that will reveal whether the new drug will be approved by the FDA. What is the biotech company's VPI?
Suppose that worker skills can be measured in efficiency units, and that efficiency units are distributed in the population such that worker 1 has 1 efficiency unit, worker 2 has 2 efficiency units, etc.
Online Tutors offers monthly access to students for either or both math or science tutors. A market study found that the served by Online Tutors can be divided into two types of students: students needing help with math, who are primarily interest..
A producer of hard disk drives for note book computers currently has a factory with two disk-processing machines, which it cannot change in the short run. Each of the machines costs $100 per day (the opportunity cost of the funds used to buy them)
Computer Products Corp. sells peripheral equipment used by both private businesses and the government. Due to a recession, Computer Product's sales have declined by 100,000 units and it now has 200,000 units of excess capacity.
What is required if firms are to have an incentive to maintain their reputations? How might the good reputation of existing firms serve as a barrier to the entry of new firms?
Consider now that there are two qualities s1 and s2 with s2 > s1 provided by two different firms 1 and 2. The timing is the following: first firms choose their qualities, second they compete in price.
Based on the factor proportions theory, how will the opportunity to trade affect relative factor prices compared to a no-trade position? Explain why.
Compute total revenue and total profit.
Consider two cars. One has a price of $30,000. It averages 20 miles per gallon. A $1,500 tax credit is offered by the government for this vehicle. The other has a price of $27,000. It averages 16 miles per gallon. Interest rate= 3% per year.
What sorts of capital investment does this chapter suggest are most useful for explaining long-run equilibrium growth?
Suppose that businesses buy a total of $100 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive $60 billion in wages, $10 billion in rent, and $20 billion in interest
Is the firm maximizing its economic profit? How do you know? What should the firm do to maximize profit? Should it increase or decrease output?
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