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In 2004, the University of California education system drastically cut enrollment due to significant state budget cuts and asked 7,600 applicants to defer enrollment for two years after completing two years at a community college. Tuition costs remained fixed by the state.
a. Demonstrate the situation described in 2004 with supply and demand curves, carefully labeling any excess supply or demand for college admissions.
b. What is the market solution to the excess demand for college?
c. What is a possible reason the market solution was not pursued?
Imagine that Gillette has a monopoly in the market for razor blades in Mexico. The market demand curve for blades in Mexico is P = 968-20Q, where P is the price of blades in cents and Q is annual demand for blades expressed in millions.
A baker is considering expanding her busines by adding an additional oven to her kitchen. The new oven would cost $14,000. The baker expects the new oven to bring in additional profits of $15,800 after taking out the cost of running the oven.
Suppose the long-run supply curves in the two countries have the same slope. Show the long-run effects of the increase in demand.
Suppose that the capacity of the flashlight assembly line is 30,000 flashlights. How must the price be set to make possible a $90,000 profit?
An injection-molding machine can be purchased and installed for $90,000. It is in the seven-year GDS property class and is expected to be kept in service for eight years. It is believed that $10,000 can be obtained when the machine is disposed of at ..
A farm can produce either chickens or horses, or both. The chickens eat corn, while the horses eat oats and hay. Both chicken and horse production is characterized by diminishing returns.
Write a 3 to 5 paragraph summary of the information and also explain how it relates to what you have just learned. Do not copy and paste directly from the article except for small quotes that help explain your summary.
In experimental settings, the average offer given to the second player is about 30% of the initial amount. Explain how such an offer might not be motivated by an innate sense of fairness.
In the second quarter of 2006, household income was $13,134 billion, consumption was $9,162 billion, investment was $3,340 billion, and net exports were -$777 billion. What was the level of government spending in the second quarter of 2006
Set Y1 back to $2,000. Suppose that expected income (Y2) doubles to $40,000 per year. What happens to your current consumption? What happens to your saving?
advanced analysis given the following diagrams q1 12 bags. q2 7 bags. q3 19 bags. the market equilibrium price point
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.
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