The oldest and most economically, socially, and politically developed cities in the world are located on the coasts of the major continents. This is no surprise since water transportation is the oldest form of established transportation in the world. In the United States, cities like Philadelphia and New York were established centuries ago because of access to the Atlantic Ocean.However, a similar pattern can be found in the United States with inland cities, such as Pittsburgh, Pennsylvania, and Detroit, Michigan. While these cities do not have access to coastal waters, they are situated near inland waterways. Also unique to these two cities was their manufacturing specialization: steel in Pittsburgh and automobiles in Detroit. 1. Explain what role transportation played in the development of these two cities.2. Discuss what factors would lead to their manufacturing specialization.3. Identify any other benefits to a city or geography that manufacturing specialization would create.

Companies in the steel and alumina industry may react to an increase in the price of crude oil by increasing their prices to reflect the increased cost of production. This, in turn, may lead to higher prices for consumers. Alternatively, companies may seek to reduce their production costs by implementing cost-saving measures, such as switching to alternative sources of energy or reducing their energy consumption. In some cases, companies may seek government intervention, such as relaxing import controls or offering subsidies, to help them cope with the increased cost of production. Ultimately, the reaction of companies in the steel and alumina industry will depend on a range of factors, including the specific circumstances of each company, the availability of alternative sources of energy, and the actions of their competitors. An increase in the price of crude oil will increase the cost of production for the steel and alumina industry, which will increase the price of their products…

On 24 February 2022, Russian President Vladimir Putin gave orders for Russian troops to invade Ukraine. This invasion of Ukraine followed statements by the Russian government that Ukrainian soldiers had destroyed a Russian Security border facility and attempted to enter Russian territory illegally; accusations which Ukrainian officials strongly denied. The invasion of Ukraine has gathered worldwide attention, and has been strongly denounced by citizens, governments and international organisations. In an attempt to try and resolve the conflict, President Putin of Russia and President Zelenskyy of Ukraine have agreed to engage with one another surrounding ways of coming to a peaceful agreement between the two sides. Another round of peace negotiations were scheduled to take place on 16 March 2022. Imagine that in these negotiations, President Zeleskyy and President Putin have two strategies available to them: either they can be firm about their position and stand their ground regarding…

The town of Cleanville lies next to a lake, which the residents of the town use for fishing, boating, and other recreational activities. Last year, two firms, Filth Inc. and Sludge Inc., built factories on the other side of the lake and have been dumping trash into it. Although some of the trash will dissipate naturally, the amount of trash the two firms emit is too much for the lake to handle. Right now, each firm dumps 40 pounds of trash in the lake each year (total of 80 pounds). Environmental scientists in Cleanville estimate that the lake can handle only 30 pounds of trash per year. The table below reports the marginal costs to the two firms of reducing trash. The marginal cost numbers tell us how much it would cost to reduce the marginal five pounds of trash. Therefore, Filth Inc.'s marginal cost of reducing the first 5 pounds is $2,000 and the next 5 pounds $4,000. Therefore, the total cost to reduce 10 pounds is $6,000. Suppose the city council agrees with the scientists'…

4D Karaoke (4DK) is getting hot in Manhattan. For those who are new to the experience, 4DKaraoke comes with special 4D glasses that give you the image of an enthusiastic audience thatscreams and shouts as you sing along. You can choose your preferred audience.There is currently one 4DK bar in the Village, but two new companies have announced plansfor creating their own bars: Z-R-Us and the company you work for, GAStar. The companythat owns the technology has given one-bar licenses to these two entrants with the assurancethat they will be the only two licenses issued in Manhattan for years to come.The two entrants are currently trying to determine their best locations, which they have eachnarrowed to the Village and Midtown. If both bars are located in the Village, then each willreceive a net profit of $10m. If both bars located in midtown then GAStar gets $19m and KR-Us $21m. If GAStar locates in the Village and Z-R-Us in Midtown, then GAStar gets $22mand Z-R-Us $9m. Finally, if BAStar…

During the late 1970s, the most popular form of music in the United States was disco. Sparked by the film Saturday Night Fever, the disco craze swept the country. It wasn’t just the music, it was also the dancing. And no disco dance club was complete without a disco ball: a mirrored ball suspended from the ceiling. The disco ball would be rotating, with spotlights shined upon it, so that lights would appear to be flashing all across the dance floor. During the heyday of disco, a company called Omega Products International (based in Louisville, Kentucky) made 90% of all the disco balls sold in the U.S. This question has four parts. Please label the parts of your answer clearly as a, b, c, and d.         Does the fact that Omega International Products sold 90% of all disco balls in the US indicate that Omega International Products had monopoly power? If your answer is “yes,” then explain why this indicates monopoly power. If your answer is “no,” then explain why this doesn’t necessarily…

During the late 1970s, the most popular form of music in the United States was disco. Sparked by the film Saturday Night Fever, the disco craze swept the country. It wasn’t just the music, it was also the dancing. And no disco dance club was complete without a disco ball: a mirrored ball suspended from the ceiling. The disco ball would be rotating, with spotlights shined upon it, so that lights would appear to be flashing all across the dance floor. During the heyday of disco, a company called Omega Products International (based in Louisville, Kentucky) made 90% of all the disco balls sold in the U.S. Suppose that for some reason disco music and disco dancing become popular again. Thus the demand for disco balls increases. What will happen to the price of disco balls, the supply of disco balls, and Omega’s profits in the short run? Explain your answer.   Under what conditions will the increased demand for disco balls enable Omega Products International to make above-normal profits…

During the late 1970s, the most popular form of music in the United States was disco. Sparked by the film Saturday Night Fever, the disco craze swept the country. It wasn’t just the music, it was also the dancing. And no disco dance club was complete without a disco ball: a mirrored ball suspended from the ceiling. The disco ball would be rotating, with spotlights shined upon it, so that lights would appear to be flashing all across the dance floor. During the heyday of disco, a company called Omega Products International (based in Louisville, Kentucky) made 90% of all the disco balls sold in the U.S.  Of course, for better or worse, the disco craze has long since dwindled into almost nothing. And now Omega Products International is the only producer of disco balls staying alive (ha, ha, ha, ha – that’s a Saturday Night Fever reference, in case you didn’t know). Is a monopoly in disco balls a Good Thing or a Bad Thing for society as a whole? Explain why. For purposes of this question,…

Pirates of the Caribbean When Spain colonized the New World, they extracted untold riches from there to finance their wars in Europe. The gold and silver had to be transported back to Europe on ships and these were attractive targets for pirates and privateers from other countries. Imagine the fictional Capitano Juan Barcodoro, who is in Cartagena and has to bring his cargo safely back to Sevilla, but he knows that the ruthless French pirate François Dragon is lurking. He can sail one of two routes: following the coast to Trinidad or go for Santo Domingo on Hispaniola. The pirates have to decide where they try to intercept him. Barcodoro is on the left and François Dragon on top, and their payoffs are on the left/right. Juan François Trinidad Hispaniola 5/-2 Trinidad -8/6 Hispaniola 2/-3 -8/7 What is Barcodoro's best response if he believes the pirates are at Trinidad? What if he believes they are at Hispaniola? Also find the pirates' best responses. Is there a Nash equilibrium in pure…

The pandemic has upended the way New Yorkers dine out: There are sidewalk tables, open streets, streeteries, and barely anyone eating indoors. Now, as the weather gets colder, there are also plastic bubbles out on sidewalks, too. A video of the dome-shaped tents on a West Village street went viral this week, prompting questions of how safe they are, not to mention just what they are. Bubbles of various sorts have shown up around the country since restaurants began to ease into this new, strange era of dining out. […] But the igloolike tents can also get costly and require strict sanitation measures, and some health experts question how safe they actually are. … the big question: Are these things safe? Along with sanitation protocols, most restaurants use flameless candles inside the bubbles in hopes of avoiding any melt-y fires (PVC is toxic when it burns). But the biggest concern is of course the reason for the bubble in the first place, COVID. Dr. Abraar Karan is an internal…