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Suppose two passsengers both end up with a reservation for the last seat on a train from San Francisco to Los Angeles. Two alternatives are proposed. Compare the two from the standpoint of efficienc
Problem: In the context of shareholder wealth-maximization model of a firm, what is the expected impact of each of the following events on the value of the firm?
Question 1. What is the interrelationship between the four financial statements? Question 2. Why is it important to make comparisons using ratio analysis? What are the different ways you can make comp
The two principles of tax fairness are: a. the minimize distortions principle and the maximize revenue principle b. the benefits principle and the ability-to-pay principle. c. the proportional tax pri
Part 1: Identify a decision that has recently been made or will be made in the near future in your organization. Identify two relevant and two non-relevant costs in this decision. Support your answe
Explain why the optimal level of pollution is not zero. According to an EPA study, the health hazards of Superfund sites have been greatly exaggerated and air pollution tends to be a bigger health h
Problem: The imposition of a price ceiling below the equilibrium price is most likely to cause a:
1. Are there markets where the divergence from allocative efficiency should be left alone (gov't stay out)? 2. Are there markets where the divergence is so great that gov't absolutely should interfere
In the long-run in perfectly competitive industries the (long-run) supply curve of the industry can be derived. Explain likely outcomes (slopes) of long-run supply curve in various situations
A) Calculate the arc price elasticity implied by the initial response to the Enchantment price increase. B. Calculate the effective price reduction resulting from the coupon promotion.
What is supply? What is law of supply and what are the determinants of supply? Write your response in accordance with APA style of writing.
Consider the following statement made by an economic advisor: "Because of subsidized rents, some tenants live in larger apartments than they need and might not otherwise afford." Explain how this si
Show this situation in the market for labor graphically and explain who bears most of the burden of the tax.
Given the problem of maximizing ln x subject to α ≥ x2, when α > 0, confirm that the envelope theorem holds.
Calculate the arc price elasticity of demand if p falls between $10.00 and $16.00. Explain what your results mean in words.
Calculate the price elasticity of demand for the following airline routes. (a) On the Burbank to Oakland route airfare is initially set at $86.50 and 246,555 passengers per year. Price is lowered to
Problem: The following relationships describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum:
If that is the case, the demand for labor is really segmented into (1) healthy individuals with market skills versus (2) the rest of the population. Explain this concept/idea.
Draw a diagram depicting the equilibrium in the U.S. orange market without international trade. Identify the equilibrium price, equilibrium quantity, consumer surplus, and producer surplus.
Problem: Assuming a 15% reserve ratio, an increase in deposits of $300,000 could eventually result in: A) a $2 million increase in the money supply. B) a $345,000 increase in the money supply.
How would you describe the impact of the minimum wage on unemployment using demand, supply and competitive equilibium analysis? What do you think?
Problem: The given is a complete and correct definition of the demand curve for commodity X. The demand curve shows, for a given market:
Doughnuts are purchase at 75 cents a unit with a total utility of 200 and a marginal utility of 24. In order to reach consumer equilibrium, she should consume: 1) less doughnuts and more coffee.
Problem: The MacWend Drive-In has determined that demand for hamburgers is given by the following equation:
Earlier we noted that the rule for maximization set forth in the text contradicts some well honored traditional principles such as " Never give up", "Anything worth doing is worth doing well," or "W