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Case Study: Let's say that you have a friend (Jim) who drives a 30 mile/gallon car X miles a year. Suppose you have another friend (Sally) who drives a 10 mile/gallon car Y miles a year.
Imagine X = Y. If you are interested in minimizing the amount of gas used in the economy, would you rather convince Jim to switch to a car that gets 45 miles/gallon or convince Sally to switch to a car that gets 13 miles per gallon?
Question: What is the relationship between X and Y that would make you indifferent between switching Jim and Sally to the more fuel efficient vehicles described above?
Draw a supply and demand diagram to illustrate the economic consequences of introducing the quota policy on quantity produced, consumed,
explain the importance of education and health in developing countries.
The peanuts are the only thing to eat. In this economy with two people, one commodity and no production represent that possible allocations in a diagram, and explain why every allocation is Pareto efficient. Is every allocation fair?
Suppose a firms production function is given by Q= L^1/2 * K^1/2. The marginal product of labor and the marginal product of capital are given by: MPL= K^1/2 /2L^1/2 and MPk= L^1/2/2K^ 1/2.
Suppose that mosquito abatement can be provided at a marginal cost of MC = 2Q. Find the optimal level of mosquito abatement.
You need to hire some new employees to staff your start-up venture. You know that potential employees are distributed throughout the population as follows, but you can't distinguish among them: Employee Value Probability
Discuss the current United States Federal Budget and what are the major categories of expenditures? What has changed since 2005? Explain your reasoning.
Suppose Gillette's L.A. plant had a marginal cost of 10 cents rather than 8 cents per blade. How would your answer to part (a) change?
Assume that operators receive $38 an hour again, but that the cost of personal calls rises to $0.75 in wasted wages. How many operators should the agency hire?
Derive the equation for the half-life of an nth-order reaction, nA → C. Would you be able to determine the order of a reaction if the only data available are different initial concentrations of A and the corresponding t1/2 values? If so, how?
An office receives 20 faxed orders every two hours. What is the probability that it will receive 8 orders in the next hour What is the probability that an order will be faxed within the next 9 minutes What is the probability that more ..
The demand for bottled water in a small town is as follows: Price per bottle Quantity demanded $1.00 500 $1.50 400 $2.00 300 $2.50 200 $3.00 100 1. Is this a straight line demand curve How do you know
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