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1. Which of the following situations describes an equilibrium? Which does not? If the situation does not describe an equilib- rium, what would an equilibrium look like?
a. Many people regularly commute from the suburbs to downtown Pleasantville. Due to traffic congestion, the trip takes 30 minutes when you travel by highway but only 15 minutes when you go by side streets.
b. At the intersection of Main and Broadway are two gas stations. One station charges $3.00 per gallon for regular gas and the other charges $2.85 per gallon. Customers can get service immediately at the first station but must wait in a long line at the second.
c. Every student enrolled in Economics 101 must also attend a weekly tutorial. This year there are two sections offered: section A and section B, which meet at the same time in adjoining classrooms and are taught by equally competent instructors. Section A is overcrowded, with people sitting on the floor and often unable to see the chalkboard. Section B has many empty seats.
the Cadillac motor Car company is advertising a 24-month lease of a Cadillac Devil for $520 payable at the beginning of each month. The lease requires a $2,500 down payment plus a$500 refundable security deposit.
TLC Lawn Care, Inc. provides fertilizer and weed control services to residential customers. Its seasonal services package, regularly priced at $250, includes several chemical spray treatments. As part of an effort to expand its customer base.
Derive the trade balance equation (19.34) from the capital market clearing equation (19.26).
Draw the total and average cost curves for both methods. At what levels of output will the firm use the low-fixed-cost technology? At what levels of output will it use the high-fixed-cost technology?
Output 1 2 3 4 5 6 7 8 9 Variable Costs $35 75 110 140 175 215 260 315 390 a. Show AFC, ATC, AVC, and MC in a table b. Graph the AFC , ATC, AVC, and MC curves c. Explain the relationship between the MC curve and AVC and ATC curves.
The economy of Sonrisa has 1000 people in three income categories: poor, middle class, and rich. The poor ear $500 per year and have to spend it all to meet their consumption needs. The middle class earn $2,000 per year, of which $1,500 is spent a..
while growth in the standard of living (for example) is considered a primary goal. Why do you think that is so?
The local Toyota dealer is offering special financing on its new hybrid cars.The cost of the car is $30,000.The financing is as follows: cost of the car=$30,000 3 years interest 1%=$900.00 (3(0.01)(30,000)) Total=$30,900Down payment=$3,000 36 end of..
What is CEO Toback's most pressing concern and how could he go about addressing this concern?2. Do you agree or disagree with the assessment of the concern and the plan to address this concern? Why or why not?
The banking market in Athens, Ohio, currently has four banks with market shares of 60 percent, 20 percent, 15 percent, and 5 percent. The two smallest banks have propesed a meeting. Under the standard merger guidelines of the Federal Reserve.
Upon entering college, Meena borrowed the limit of $5000 on her credit card to help pay expenses. The credit card company charges 19.95% annual interest, compounded continuously. how much will meena owe when she graduates in four years
Consider your current or former salary against the salary of pro sports players and movie stars. Michael Jordan made $40 million per year playing basketball and endorsing products in his day.
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