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What is the definition of consumer surplus? Provide two examples of consumer surplus for a specific purchase made in the past, one example from each team member. (For example, you could describe a recent purchase of a home office printer and relate that to the concept of consumer surplus as part of your purchasing decision.)
A local cell phone monopoly faces the following monthly inverse-demand for lines from a typical family: P = 100 – 20Q. The total cost to the monopoly is C(Q) = 20Q. This implies that the marginal monthly cost to the monopoly is $20 per line.
Which of the following is a key step in evaluating ethical decisions in business?
Suppose current market federal funds rate is 0 percent. The interest rate on long term government bonds is 5 percent and risk premium for this bonds is 2 percent. Assume liquidity premium hypothesis and expectations hold. Explain how the Fed can boos..
Distinguish sampling error from non sampling error. What is a measure of central tendency and what does it describe? How does parameter estimation for a mean differ from that for a percentage?
In principle, the government could impose separate minimum wages on distinct occupations. Suppose the government imposed a minimum wage of 20 percent over their respective market wages for ditch-diggers and university professors.
Consideration is being given to the investment of $420,000 at time zero for machinery and equipment to be depreciated using 7 year straight line depreciation starting in year 1 with the half-year convention. Annual sales are projected to be $450,000 ..
STHL, manufactures gasoline-powered chain saws for professional, commercial, farm, and consumer markets. To “better serve” their customers, STHL offers its chain saws in four different quality lines and associated ranges: Occasional use, midrange, pr..
Suppose that with a budget of $200, Deborah spends $120 on sushi and $80 on bagels when sushi costs $2 per piece and bagels cost $2 per bagel. But then, after the price of bagels falls to $1 per bagel, she spends $50 on sushi and $50 on bagels.
Suppose the federal funds rate is 4.4 percent and you know that the Fed is following the Taylor rule. You don't know the Fed's inflation target, but the equilibrium real interest rate is 4 percent, the inflation rate is 3 percent, the weight on the G..
Suppose the fisher hypothesis holds for an economy that has an expected real interest rate of 2 percent. For each of the expected inflation rates of 0,2,4,6, and 8 percent, calculate the nominal interest rate and the after tax expected real intere..
Suppose the demand for beer is characterized by the following elasticities: • Own price elasticity = -2.5 • Cross-price elasticity with soda = +3 • Income elasticity = +2 Based on the given elasticities, answer the following. Explain your answers. Wh..
After Iraq invaded Kuwait, gasoline prices rose dramatically – up 50 percent. There were many effects of the increased price of gasoline. Explain the following effects in terms of the income effect, substitution effect, or both effects:
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