Discuss why marginal cost curves slope downward
Discuss why marginal cost curves slope downward as firms increase their output from "0"; but, eventually, as output continues to expand, marginal cost curves slope upward and ultimately become vertical.
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A "street talk" feature on a radio station sought tourist reaction to higher gasoline prices. Gasoline prices typically rise during the summer, a time of heavy tourist traffic. Here was one response: "I don't like 'em [the higher prices] much.
Calculate the quantity supplied, the quantity demanded, and the magnitude of the surplus if a price floor of $36 is imposed in this market. Quantity demanded: Quantity supplied: Surplus:
A report says that 82% of British Columbians over the age of 25 are high school graduates. A survey of randomly selected residents of a certain city included 1290 who were over the age of 25, and 1012 of them were high school graduates.
The owner of a rental car company is trying to choose how many cars to buy. He has determined that the annual value of marginal product (P x MPK) of an additional car is approximated by: PxMPK = 5000 - 4xK, where K is the number of cars.
The Crockett Land Winery must replace its present grape-pressing equipment. The 2 alternatives are the Stomp-Master and the Quik-Skwish. The annual operating costs increase by 15% each year as the machines age.
A company buys a machine for $12,000, which it agrees to pay for in five equal annual payments, at an annual interest rate of 4%, beginning one year after the date of purchase.
In very large population, the distribution of annual income is skewed, with a long right tail. We take a simple random sample of n people from this population and record the n incomes. We expect a histogram of the n incomes in the sample
Discuss how do we measure the utility? Are interpersonal (i.e. between people) comparisons valid? Why or why not? Original answers only.
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