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The City of New Orleans has 200 adverstising companies, 199 of which employ designers of normal ability at a salary of $100,000 a year.
Paying his salary, each of the 199 firms makes a normal profit on $500,000 in revenue. However, the 200th company employs Janus Jacobs, an unusually talented designer. This company collects $1,000,000 in revenues because of Jacobs talent. How much will Jacob earn? What proportion of his annual salary will be economic rent? Why won't the advertising company for which Jacobs works be able to earn an economic profit?
What does your anticipated adjustment process imply about the CR for the construction industry?
Determine the price elasticity, and income elasticity of demand and where Q denotes passengers in thousands per year, P the (average) ticket price, and I US national income.
Does Will's frequent buyer program have the same effect on the consumption of its bagels that would occur if it simply lowered the price of one dozen bagels by 3%? Explain.
What is the long-run equilibrium market price and quantity and what is the long-run number of firms in the industry? How much does each produce? What are their profits?
An accountant for a car rental company was recently asked to report the firm's cost of producing various levels of output. What is the average fixed cost of producing 2 units of output? What is the average variable cost of producing 2 units of output..
Labor Markets; Further Applications of Microeconomics objective questions and answers, When two goods are perfect complements, the indifference curves are
Describe a market situation in which the operating company faces economic difficulties and need to cut costs. What cost cutting strategies may the operating company employ to remain profitable?
The Wall Street Journal article reported that large hotel chains, such as Marriott, are tending to decrease the number of hotels that they franchise to outside owners and raise number the chain owns and manages itself.
A firm produces 10 units per week at a price of $500 each. With AFC of $100 and AVC $350 per unit, the firm is earning economic profits of $500 per week.
A manufacturer of outdoor clothing makes wax jackets and trousers. Each jacket requires 1 hour to manufacture, whereas each pair of trousers takes 40 minutes.
What factors would cause a firm to decide to buy intermediate products needed for production of its final goods or services?
Assume the following was overheard at the water cooler: "I think our medical device company should take advantage of economies of scale by increasing our output, thereby spreading out our overhead costs."
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