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For Karr Company, the predetermined overhead rate is 140% of direct labor cost. During the month, Karr incurred $90,000 of factory labor costs, of which $80,000 is direct labor and $10,000 is indirect
Explain how and why firms practice 3rd degree price discrimination. Use the handout to illustrate your answer (coupons; airlines, mobile phones).
Briefly explain the Microsoft case, focusing on precisely how Microsoft was alleged to have violated the Sherman Act? What was the outcome of the case and why was that decision made?
Graph the typical consumer’s demand curve. Use your graph to figure out what price Philadelphia Electric should charge for the first 400 Kilowatts used. What should it charge for the next 400 Ki
Scarcity underlies the need for an economic system of any type. What is scarcity? Is it possible to ever eliminate scarcity? In what two ways could an economy try to eliminate scarcity? Will these att
What is the marginal productivity of labor? Demonstrate What is the marginal productivity of Capital? Demonstrate Is the productivity of the inputs a decreasing or an increasing function (does the fun
Property rights are protected in the current laws of states usually found in the form of a constitution or a bill of rights. The United States Constitution provides explicitly for the protection of pr
Suppose we have a simultaneous moves entry game where the incumbent and the entry have to both decide on the strategies at the same time
Suppose that federal law requires that the price be the same in both locations. What price will Kayla charge now? How many gallons will be purchased? And what happens to her profit?
A gasoline station very near a professional football stadium parks cars on its lot to make money on game days. Last year it charged $4.00 per car and parked 1,000 cars. This year it raised the parking
What is the price elasticity of supply of land in Manhattan? What is the price elasticity of supply for land dedicated to a specific use, such as apartment buildings or office buildings? How do your a
What are the types of circumstances under which price discrimination violates antitrust? Use the handout to illustrate your answer (examples included in Section 15.5 – Antitrust: Price Discrimin
Computing an allocation for a planned socialist economy is prone to great computational difficulties.
The presumption of efficiency for capitalism is based on the model of perfect competition. Explain the assumptions underlying the model of perfect competition. Provide an example showing how the US ec
It can produce 100 cars with 200 workers and 50 machines, or it can produce 166 cars with 300 workers and 75 machines. Would you describe the manufacturer production function as exhibiting decreasing,
A crucial assumption in this example is that the incumbent must charge the same price to all consumers and the entrant can target a subset of the customers. Is this example useful for thinking about m
Suppose that Sven has a V W Cabrio that he would like to sell. Unfortunately, the speedometer on the car is broken and in need of repair. Sven is accustomed to driving the car in this condition and it
An (honest) stamp collector is considering selling one of her prize stamps. Based on some very insightful market research she knows that there are two bidders and each bidder just wants to add the sta
Explain why inequality is considered to be a social “bad” by many people. In what way could inequality be a social “good”?
Given the products below and the events that affect them, indicate what happens to demand or supply, and the equilibrium price and quantity in a competitive market. Identify the determinant of demand
With an aid of diagram (consist of both demand & supply curves) show & explain what happens to the equilibrium price & quantity when:1. the preference for pepsi suddenly increases 2. the p
Suppose that demand for bagels in the local store is given by equation Q^d 300-100P. In this equation, P denotes the price of one bagel in dollars
What should be the best topic to write about for my microeconomics assignment which needs to be included at most 5 microeconomics concepts?
Various economic decision makers exist within an economic system. List and briefly discuss the various role players in the economy.There are four role players
Explain profit maximization from the following approaches: a. total revenue to total cost