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Suppose that ranchers can buy up to a collective total of 200 cows and run them on the open range. The value of each cow after it has grazed is given by V= $2000-10C, where C is the total number of cows on the range. The cost of buying each cow is $1000.
a. What is the producer surplus in a perfectly competitive equilibrium?
b. What number of cows would maximize the societal surplus from the ranching industry?
c. What tax would need to be imposed on each cow if a benevolent government sought to maximize the social surplus from the ranching industry?
Suppose the government imposes the following kind of sales tax: there is no tax for selling the first 35 units, but for selling every uinit beyond the thirty-fifth unit, the seller has to pay the government an additional $12. What is the new optim..
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If the PowerBall lottery has $100 million prize, and tickets cost $1.00 each, and there are 500 million tickets sold, what is the expected value of each ticket Is it rational to purchase a ticket What if you know that only 50 million tickets have ..
Compute the equivalent annual inflation rate, based on the US Consumer Price Index, for the period 1981 (when CPI was 90.9) to 1986 (when CPI was 109.6) estimate the Consumer Price Index in 1996, working from the 1987 CPI.
Suppose that an oligopolistic ally competitive restaurant is currently serving 230 meals per day (the output where MR = MC). At that output level, ATC per meal is $10 and consumers are willing to pay $12 per meal. What is the size of this firm's p..
Sue consumes only two goods, food and clothing. The marginal utility of the last dollar she spends on food is 12, and the marginal utility of the last dollar she spends on clothing is 9. The price of food is $1.20/unit, and the price of clothing is..
An office receives 20 faxed orders every two hours. (1) What is the probability that it will receive 8 orders in the next hour (2) What is the probability that an order will be faxed within the next 9 minutes (3) What is the probabilit..
during the beginning of the 21st century, the growth in computer sales declined for the first time in almost two decades. As a result, PC makers dramatically reduced their orders of computer chips from Intel and other vendors.
Alpha and Beta, two tiny islands off the east coast of Tricoli, produce pearls and pineapples. The following production possibilities schedules describe in their potential output in tons per years. Do not graph or illustrate - only provide numerica..
The companies expect to invest $120 million upfront to set up the new unit. HoosierMaker expects to garner revenue of $9.5 million each year and spend $1.3 million a year in costs, over the next 7 years. What is the future worth of this investment..
Assume the Widget Industry is composed of the following firms with associated market shares: firm Market Share A 35 B 20 C 10 D 7 E 3 The remaining market is served by about 100 small firms. What is the HHI for the Widget Industry
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