A. True/False Explain. [5 points each] Points will be awarded for correct, concise, clear answers with minimal irrelevant detail. Explanation is required to receive points. Your answer should fit in the space provided.
Can you please explain in words what is happening when the demand schedule is_P=$2 Q=2P=$1 Q=4 Can you please explain in words what is happening when the demand scheduleis_P=$2 Q=2P=$1 Q=4Solution:The given demand schedule represents that when the price of the commoditydecreases by $1…
Global Crossing is a major provider of fiber optic cable capacity…having a 70% market share. It is in possession of a technology that has the capability of expanding capacity (output) of its product by 20% without any increase in Global Crossing’s cost. The overall market elasticity of demand for such capacity is .-06. What will happen to the market price should Global Crossing introduce the […]
35a. (1 point) What is the profit maximizing or loss minimizing output and price?b. (1 point) What is the profit or loss for the profit maximizing firm?c. (2 points) What would happen in this market in the long run. Be sure to explain in detailwhat happens in the market and the firm. What would be the long run price, and output.d. (1 point) Explain why […]
I am looking for an old midterm exam in UNC Econometrics course for Undergraduates. My new professor for Econometrics taught at UNC from 2008 July till last semester. LEt me know if I can find any past exams for his course from this website. Much thanks. I am more than ready to contribute other ECON course materials in this website. Let me know whether the […]
Suppose the demand function for oranges is qd = 2005p, and the supply function is qs = 20p + 150. (a) Find the market equilibrium price p? and quantity q?. (b) Calculate the demand elasticity at the optimal price: D (p?) and supply elasticity S (p?).The government sets a price support of the price pS = 3. (c) * Is this a binding or non-binding […]
Ui(c, g) = ci + 2√ g, where g is government spending per person. People differ in their income, yi . The mean income in the economy is $60, 000 and median is $40, 000. Government spending is financed by proportional income tax at a rate t. Two candidates in the province compete for votes by promising some level of g. What level should each […]
Martha is one producer in the perfectly competitive jelly industry. Last year, Martha and all of her competitors found themselves earning economic profits. If there is free entry and exit, what do you expect will happen to the amount of output Martha will produce and the amount of profit she will have? Martha is one producer in the perfectly competitive jelly industry. Last year, Martha […]
A copy company wants to expand production. It currently has 20 workers who share eight copiers. Two months ago, the firm added two copiers, and output increased by 100,000 pages per day. One months ago, they added five workers, and productivity also increased by 50,000 pages. Copiers cost about twice as much as workers. Would you recommend they hire another employee or buy another copier?
Your candy company is shutting down a production line, and its your responsibility to deal with the candy wrapping machine. The company could keep it in inventory for a possible future product and estimates that the reservation value is $250,000. Your dealings on the secondhand market lead you to believe there is a 0.35 chance a random buyer will pay $300,000, a 0.25 chance the […]
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