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Singer Taylor Swift has a monopoly over a scarce resource: herself. She is the only person who can produce a Taylor Swift concert. Does this fact imply that the government should regulate the prices
How would a decision by the owners of the copper smelters to operate each smelter longer than has been the practice in the past affect the elasticity of demand for labour in the copper industry?
After Iraq invaded Kuwait gasoline prices rose dramatically – up to 50%. These were many effects of the increased price of gasoline. Explain the following effects in terms of the income effect,
Among perfect competition, monopolistic competition, oligopoly, and monopoly, how would you classify the markets for each of the following drinks ? Tap water Bottled water Cola B
The demand for inflatable garden gnomes is given by P = 300 – 2Q, while the supply of is P= 100 + Q/2. How many garden gnomes are traded in equilibrium? Suppose that the market for gnomes
Suppose average movie attendance is 250 million tickets when prices are $7 a ticket and 200 million when prices are $9 a ticket. Other things being equal, the data imply that the elasticity of demand
Thirty years ago, the market for chicken was perfectly competitive. Then, Frank Perdue started marketing chicken under his own name. How do you suppose Perdue created a brand name for chicken?
Imagine a firm that hires two types of workers: some with computer skills and some without. If technology advances so that computers become more useful to the firm. What happens to the marginal produ
College students sometimes work as summer interns for private firms or for the government. Many of these positions pay very little or nothing. What is the opportunity cost of taking such a job?&n
If you were the head of the Japanese Central Bank, how would you respond if your goal was to keep the interest rates at the original equilibrium level before the increase in the taxes in the money mar
Suppose that a vegetable vendor pays 7% interest daily on a $10 loan. Then, suppose that this individual was able to save $0.50 per day by drinking less tea. Calculate the number of days it would ta
Suppose a firm finds that the marginal product of capital is 60 and the marginal product of labor is 20. If the price of capital is $6 and the price of labor is $2.50, Describe how the firm should a
wht are five critically discuss of five way in which the human or environmental problm impact on the community about food production?
A monopolist faces a demand curve given by the following equation: P = $500 − 10Q, where Q equals quantity sold per day. Its marginal cost curve is MC = $100 per day. Assume that the firm faces
if Q = 60 − (1/2)P, and MC = 60, which means that MR = 60 how do you work out the price, which then allows you to work out the Q. does the graph still exhibit a slope at twice the rate of t
It is 1932 and you are an economic advisor to President Roosevelt. What advice would you give the president in light of the economic problems facing the country? Where will you put the money into
With probability p, you will catch a disease that reduces your income from y, its level when you are healthy, to y-k, where k > 0. A vaccine is available, at cost c, that reduces the probability of
Explain the difference in prices for each of the following pairs of goods in terms of the laws of supply and demand: (a) natural diamonds and zircons human-made diamonds (b) a loaf of bread baked
The Milwaukee Brewers are playing their archrival Chicago Cubs. Bleacher tickets for the game were sold out and many fans would have attend if tickets were availiable. 1. Draw the demand and supp
Suppose that Neptune Music has the copyright to the latest CD of the heavy Iron Band. The market demand curve for the CD is Q=800-100p, where Q represents quantity demanded in thousands and p represen
What are the relevant and irrelevant costs? Two partners who own Progressive Business Solutions, which currently operates out of an office in a small town near Boston, just discovered a vacancy
Cypress River Landscape Supply is a large wholesale supplier of landscaping materials in Georgia. Cypress River’s sales vary seasonally; sales tend to be higher in the spring months than in othe
An article in the Wall Street Journal discusses a trend among some large US Corporation to base the compensation of outside members of their boards of directors partly on the performance of the corpor