41. was completed on April 11, 193 New York. The multipurpose office tower is also one of New York City's tourist attractions, with thousands of visitors lining up for the elevator every day to geta view to the top. In 1955, the American Society of Civil Engineers rated it as one of the seven engineering wonders of the modern world.
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- In recent years, the United States has experienced large increases in oil production due in large part to a new technology, hydraulic fracturing ("fracking"). Fracking involves injecting a mixture of water, sand, and chemicals into rock formations at high pressure to release oil and natural gas. An article in the Wall Street Journal indicates that economies of scale in fracking may be considerably smaller than in conventional oil drilling. If this view is cor- rect, what would the likely consequences be for the num- ber of firms drilling for oil in the United States?The manager of the donut shop tells you that hesells donuts for $1 each, and that if he were to makeadditional donuts, based on his current level ofoutput, it would cost him $0.80 per donut. Do yourecommend that the manager increase or decreasethe number of donuts he makes?What is the difference between economies of scale, constant returns to scale, and diseconomies of scale?
- Would you consider an interest payment on a loan to a film an explicit or implicit cost?A firm is considering an investment that will earn a 6 rate of return. If it were to borrow the money, it would have of pay 8 interest on the loan, but it currently has the cash, so it will But need to borrow. Should the firm make line investment? Show your work.Suppose you have a team of two workers: one is a baker and one is a chef. Explain why file kitchen can produce more meals in a given period of time if each worker specializes in what they do best than if each worker tries to do everything from appetizer to dessert.
- what are the 5 internal economics of scale ?Later, the teaching assistant in Clancy’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 15 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same number of pages during each hour they spend reading. Given this information, in order to use his 4 hours of study time to get the best exam score possible, how many hours should he have spent working on problems, and how many should he have spent reading? 1 hour working on problems, 3 hours reading 2 hours working on problems, 2 hours reading 3 hours working on problems, 1 hour reading 4 hours working on problems, 0 hours readingLater, the teaching assistant in Clancy’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 15 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same number of pages during each hour they spend reading. Given this information, in order to use his 4 hours of study time to get the best exam score possible, how many hours should he have spent working on problems, and how many should he have spent reading?