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Suppose a firm has a warehouse that they originally purchased for $500,000. They have a project that they determine would be acceptable if the costs for the warehouse were at most $1,500,000. The firm has determined the market price for the warehouse is $2,000,000. Should the firm proceed with the project? Why or why not—what should the firm do with the warehouse? Suppose that in the above case the firm originally purchased the warehouse for $2,500,000. Would that change your answer? Would your answer change if the market price was only $1,000,000? Explain how your answer would change.
Suppose that inverse demand is given by p(Q) = a-bQ, where Q is total quantity supplied in the market. There are two firms in the market, each with a cost function of c(q) = cq, now assume that the first firm moves before the second firm. Compare the..
Explain why the price elasticity of demand is negative. What would the price elasticity of demand be for a “prestige good”, one for which quantity purchased increases as price increases? How do you reconcile these two statements?
An investment bank is planning to interview 10 job candidates, randomly chosen from the applicant pool. Individuals differ in their abilities to put together deals and perform other functions that are part of an investment banker’s job.
The Asian Disease Problem: Imagine that the United States is preparing for an outbreak of an unusual Asian disease that is expected to kill 600 people. Two alternative programs to combat the disease have been proposed. Demonstrate mathematically the ..
Discuss the ethical issues relating to corporate spending, both in for-profit and not-for-profit.
In the USA buying and selling of human organs is illegal. Those who need organs cannot buy organs from the market and those who donate organs cannot sell their organs. In your diagram show the effect of this policy change. Will this policy increase t..
Lana generally buys one hoagie and two diet cokes at Hoagie Haven. Hoagie Haven announces a special deal: a ll hoagies after the first one are half - price. Sketch the original and new budget constraint. What can you say about how Lana’s commodity bu..
Tammy was shopping in Save-a-Lot Grocery Store when Stewart, an employee, brushed Tammy’s ankle with a grocery cart. A short time later, while still shopping, Tammy told Stewart that he should say “Excuse me,” and then people would get out of his way..
Which of the following would cause a change in supply, as opposed to a change in quantity supplied, in the market for used homes? 1. an increase in the number of buyers in the market for used homes 2. An increase in the income of home buyers. 3. A de..
If the government were to make university attendance mandatory and subsidize tuition costs with tax dollars, how might this affect a nation's economic growth?
Which of the following would most likely lead to an increase in the supply of U.S. Dollars to the foreign exchange market?
The economy is hit with a positive LRAS shock and you, in your role as a central banker, respond with an active policy response to stabilize inflation. (a) Draw an AS/AD diagram illustrating the changes in output and inflation. (b) Describe briefly h..
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