Explore BrainMass
Share

Microeconomics

Pros and Cons of Unions

Explain the logic of each of the following statements: a. By constraining the decisions of management, unions reduce efficiency and productivity growth. b. As collective-voice institutions, unions increase productivity by reducing worker turnover, inducing managerial efficiency, and enhancing worker security.

an indifference curve

Is a consumer better off at a lower point on a higher indifference curve than a higher point on a lower indifference curve? I understand the answer is yes, but I dont understand why....Need a detailed explanation...

Problems Involving Indifference Curves

Im trying to do a problem where I am being asked to show how a consumers indifference curves for 2 goods are affected by the realization that one of the goods is causing him harm.

Law of diminishing marginal productivity

Part of Jan and Lee's summer vacation income comes from renting some land and growing strawberries. Here is how their strawberry output increases as they add more land to work with: What is the marginal product of each additional quarter acre? Fill in the blanks in the table. VARIABLE INPUT (ACRES) TOTAL PRODUCT (POU

Average Fixed Cost

A firm is producing 100 units of output at a total cost of $800. The firm's average variable cost is $5 per unit. The firm's: a. marginal cost is $8. b. total variable cost is $300. c. average fixed cost is $3. d. average total cost is $500. You must show these math calculations.

Derive total revenue, average revenue, plot graph

Given the following total-revenue function: TR = 9Q - Q² (a) Derive the total-revenue, average-revenue, and marginal-revenue schedules from Q = 0 to Q = 6 by 1s (b) On the same set of axes, plot the total-revenue, the average-revenue, and the marginal-revenue schedules of part (a) (c) With reference to your figu

Reduce the Problem of Excessive Drinking

A club charged its customers an upfront fee to be able to drink an unlimited amount of alcohol. Since excessive drinking was seen as a problem the club started charging per drink. What are two other solutions besides a per drink fee to solve the problem of excessive drinking?

Intellectual property rights..

Microsoft is very concerned about the enforcement of intellectual property rights for its Windows Operating System. Question: What property does the enforcement of intellectual property rights give the Windows Operating System? Is this correct: The enforcement of intellectual property rights gives Microsoft exclusitivi

Marginal cost Lerner index

The problem states to find the lerner index for a company that sells sticks at $150 and it cost $45 to produce the stick. The lerner index is d= 1- (MC/P) I know I have to find the marginal cost to plug into the equation but I'm not sure how to find the marginal cost.

Profit Maximization

A firm in oligopolistic industry has the following demand and total cost equations: P= 600 -20Q TC = 700 + 160Q + 15Q(squared) Please Calculate and show calculations a. quantity at which profit is maximized. b. maximum profit c. quantity at which revenue is maximized d. maximum revenue e. maximum quantity at which

Profit maximization of a monopolist

A monopolist sells to two consumer groups, wives and mothers. Demand for wives: Q = 500 -1/2 P Demand for mothers: Q = 750 -2P MC = 20 Please find the profit-maximizing price/quantity combination in each market if the groups can be separated. Please show calculations. Thank you.

The Cellar-Kefauver Act of 1950

The Cellar-Kefauver Act of 1950 was passed to close loop-holes in the: a. Sherman Antitrust Act b. Robinson-Patman Act c. Clayton Act d. Wheeler-Lea Act e. Federal Trade Commission Act

Contingency Fee for a Lawyer

Question: What contingency fee (percent of winnings) is the minimum amount that would induce the plaintiff's lawyer to choose "above average effort" over "average effort"? Given info - attached.

The Zinger Company

The Zinger Company manufactures and sells a line of sewing machines. Demand per period (Q) for a particular model is given by the following relationship: Q = 400 - .5P where P is price. Total costs (including a "normal" return to the owners) of producing Q units per period are: TC = 20,000 + 50Q + 3Q2. What is the margina

The Zinger Company

The Zinger Company manufactures and sells a line of sewing machines. Demand per period (Q) for a particular model is given by the following relationship: Q = 400 - .5P where P is price. Total costs (including a "normal" return to the owners) of producing Q units per period are: TC = 20,000 + 50Q + 3Q2. What price will be

Tax Breaks and Current US Adminstration

The current US administration has provided some tax breaks to a section of the economy. Some economists view these incentives as the wrong move. What do you think is the rationale behind this argument? Please discuss briefly.

Price as a function of Quantity

A park has a capacity to hold 60,000 people on any particular day. Using third degree price discrimination - demand for 2 groups (boys & girls) is: Q /6000 + P = 8 Q / 6000 + P = 6 b b g g The hint provided is: Marginal Revenue in the two markets

Multiple Choice Economics

The constant or intercept term in a statistical demand study represents the quantity demanded when all independent variables are equal to: a. 1.0 b. their minimum values c. their average values d. 0.0 e. none of the above

Multiple Choice Economics

Marginal revenue (MR) is ____________ when total revenue is maximized. a. greater than one b. equal to one c. less than zero d. equal to zero e. equal to minus one

Coefficient of Variation

The demand for MICHTEC's products is related to the state of the economy. If the economy is expanding next year (an above-normal growth in GNP), the company expects sales to be $90 million. If there is a recession next year (a decline in GNP), sales are expected to be $75 million. If next year is normal ( a moderate growth in

How much tax of each type do you pay if you earn $20,000 a year?

TABLE 3 ON TAXABLE INCOME......... THE TAX RATE IS........ UP TO $27,050 15.0% FROM $27,050 TO 65,550 27.5 FROM $65,550 TO 136,750 30.5 FROM $136,750 TO 297,350 35.5 OVER $297,350 39.1 Suppose you are a typical person in the U.S. economy. You pay 4 percent of your income in state income tax and 15.3 percent of your l

Intermediate microeconomics - Competition

6. In the Woody Allen film Radio Days, a character who has never been successful in business decides to start a career engraving gold jewelry. He argues that this should be especially lucrative, because the engraver gets to keep the gold dust from other people's jewelry. Comment.

Competition quote

Is about Competition In the Woody Allen film Radio Days, a character who has never been successful in business decides to start a career engraving gold jewelry. He argues that this should be especially lucrative, because the engraver gets to keep the gold dust from other people's jewelry. Comment.

Statements of Science

Identify which of the following are statements of science: that is, statements involving both language and fact. a. My mother is a beautiful woman b. 10 + 10 = 100 c. In the northern hemisphere, daylight lasts kinger in summer than in winter d. The force exerted by a moving body is directly related to its acceleration e. 12

Profit Maximization

Please provide a detailed explanation and step by step solution. I also need to see hope this is graphed. Company has determined approximate relationship between quantity (Q) of it's product it can sell and the price in dollars (P) per product: Q = -20P + 330 I know total revenue = price * quantity. I need to undestan

Elasticity & Marginal Costs: Dentist Example

A local dentist read an article published by the American Dental Association estimating that the elasticity of demand for the representative dentist's services is -2.5. How much should the dentist mark up their price over marginal cost? Step me through the calculations please.

One-Shot & Repeated Games

Using one-shot and repeated games, would you expect tipping behavior to differ depending on whether a person is eating in a hometown diner or in a restaurant located in Timbuktu? Please explain.