Consider a city that has a number of hot dog stands operating throughout the downtown area. suppose that each vendor has a marginal cost of $1.50 per hot dog sold and no fixed cost. suppose that the maximum number of hot dogs that any one vendor can sell is 100 per day.
(a)-if the price of a hot dog is $2.00, how many hot dogs does each vendor want to sell?
(b) if the industry is perfectly competitive, will the price remain at $2 for a hot dog in the long run? if not, what will the price be?
(c) at the price in part (b), if each vendor sells exactly 100 hot dogs a day and the demand for hot dogs from vendors in the city is q = 4400 – 1200p, how many vendors are there?
(d) suppose the city decides to regulate hot dog vendors by issuing permits. if the city issues only 20 permits and if each vendor continues to sell 100 hot dogs a day, what price will a hot dog sell for?
(e) suppose the city decides to sell the permits. what is the highest price that a vendor would pay for a permit?

In its first year of operations, crane company recognized $31,700 in service revenue, $7,700 of which was on account and still outstanding at year-end. the remaining $24,000 was received in cash from customers. the company incurred operating expenses of $16,600. of these expenses, $12,690 were paid in cash; $3,910 was still owed on account at year-end. in addition, crane prepaid $3,260 for insurance coverage that would not be used until the second year of operations.

The basic difference between macroeconomics and microeconomics is that: a. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets). b. macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries. c. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets). d. macroeconomics is concerned with generalization while microeconomics is concerned with specialization.

Cooper sues company a in state court in south carolina, where he lives, for negligence alleging personal injury and property damage of $100,000 after a truck driven by an employee of company a rear-ended his pickup truck. company a is incorporated in delaware, has its headquarters in new york, but does a substantial amount of business in south carolina. claiming diversity of citizenship, company a seeks removal to federal district court, but cooper opposes the motion. which of the following is true regarding whether the case may be properly removed to federal district court? the amount in controversy satisfies diversity requirements; and if company a's nerve center is in a state other than south carolina, then the case may be properly removed to federal court.the amount in controversy satisfies diversity requirements; and because company a is incorporated and has its headquarters in a state other than south carolina, the case may be properly removed to federal court.because the amount in controversy satisfies diversity requirements and company a is incorporated in a state other than south carolina, the case may be properly removed to federal court regardless of where company a's headquarters, nerve center, or principal place of business is located.because the amount in controversy satisfies diversity requirements and company a is headquartered in a state other than south carolina, the case may be properly removed to federal court regardless of where company a is incorporated and regardless of the location of its nerve center.because the amount in controversy fails to satisfy jurisdictional requirements, regardless of the location of company a, the case may not be removed to federal court.