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1. Suppose the demand for a product is given by QD = 50 - (1/2)P.
a) Calculate the Price Elasticity of Demand when the price is $60.
b) What price should the firm charge if it wants to maximize its revenue?
c) Over what price range is demand elastic?
Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm. Describe the busi..
Oligopoly markets are similar to monopoly markets in that both generally involve:
Illustrate what are the pros and cons of using expansionary and contractionary fiscal policy tools under the following scenarios: depression, recession, and robust economic growth.
Specific areas of health care that you think may be worse off than others 2. Special population, communities or geographic areas that may be worse off compared to others. 3. What about the uninsured and the under insured, do you think that they deser..
Assume that you are 10 years into a 30 year home loan at 5%. You owe $200,000 left on your home at this time. You can refinance your loan at 4% for 20 years; however the TOTAL closing costs will be around $3,000. If you go for refinancing, how many m..
Describe the relationship between costs and values in a society affected by externalities. Discuss the options that people and governments have to take account for their actions in these markets. Include comments regarding equilibrium and welfare dyn..
The factory operation creates smoke that affects nearby homeowners, causing respiratory ailments and similar problems.
Marko, Inc. is considering the purchase of ABC Co. Marko believes that ABC Co. can generate cash flows of $5,200, $10,200, and $16,400 over the next three years, respectively. After that time, they feel the business will be worthless. Marko has deter..
Tangents as a trigonometric function will be applied in our conversion of the Consumption Function in the Macro section of this course.
There is a firm with technology that can be described by the production function y = 4z1^1/2 + 2z2^1/2 with output price p = 6 and input prices w1 = 2 and w2 = 6. Now assume that the firm is making long-run decisions and can choose input 1 (z1) and i..
“The high price of gasoline is hurting our economy” said Mark Kirsch, a trucker in April of 2008 when Gasoline prices were at all-time highs due to $100/bbl. + oil prices. “Its hurting middle class people.” Explain to truck drivers why a government i..
After school one day, the teacher discovers this student beating up another student and has to break up the fight. The teacher has turned to you as the vice principal in charge of discipline. Using the theories you have learned this week what do y..
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