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Determine whether each of the following would increase or decrease the opportunity cost for mothers who choose not to accept work outside the home. Explain
Establish algebraically whether this production function exhibits increasing, decreasing, or constant returns to scale
Suppose a firm operates as a price taker in a perfectly competitive industry. The firm’s Total Cost function is given by TC = a + bQ +cQ2. Therefore the firm’s marginal cost is given by b
Frequent moviegoers often note that movies are rarely based on original ideas. Most of them are based on a television series, a video game, or, most commonly, a book.
Laboratory equipment sells for $75,000. The manufacturer offices financing at 8% with annual payments for the 4 years for the $50,000 of the cost. The salesman is willing to cut the price by 10% if yo
How does capital investment affect the marginal physical product of labor? Does more college education have the same kind of effect? Which is a better investment?
A firm in a purely competitive industry has typical cost structure. the normal rate of profit in the economy is 5 percent. this firm is earning $5.50 on every $50 invested by its founders. what is the
Suppose that the MPC has a value of 0.95. If this is true, then a $10 million increase in disposable income (YD) will have what impact on the value of total consumption in the economy?
Your boss offers you a wage increase of 10 percent. Is it possible that you are worse off with the wage increase than you were before? Explain your answer using proper economic terms and analysis
Does LRMC =MR for Competition? Does LRMC =MR for Monop. Competition? Does LRMC =MR for Oligopoly? Does LRMC =MR for Monopoly? Does P=AC for Competition?
In a perfectly competitive market suppose that a competitive firm's marginal cost of producing output q is given by MC(q)=3+2q. Assume that the market price of the product is $9:
A decision maker wishe to minimize the cost of producing a given level of total benefit, B = 288. The cost function is C = 6x + 3y and the total benefit is B = xy. Set up the Lagrangian adn then deter
Where is the price of peaches, is income, is the price of apricots, and is rainfall. Assume that and .
One reason for government intervention in the economy is to discourage the consuption of goods which have negative externalities. Carefully explain why and the extent to which these goods should be ta
Explain why this statement and the assumption that net receipts will be zero at an output where marginal revenue equals marginal costs are wrong.
A competitive firm can sell all of its output for the market price of $5. its short run cost function is TC= 1000 + Q + 0.005Q2. this cost function has marginal cost given by MC= 1 + 0.01Q.
From 1970 to 2000, the supply of college graduates to the labor market increased dramatically, while the supply of high school (no college) graduates shrank. At the same time, the average real wage of
A table saw costs $175 at a local store. You may either pay cash for it or pay $35 now and $12.64 a month for 12 months beginning 30 days hence. If you choose the time payment plan, what nominal annua
As a member of the Presiden'ts council of Economic Advisors, you estimate that an increase in the federal deficit of a given amount will increase equilibrium income by twice that amount. If the goal o
The article states that between 285 and 1,437 people in the United States could die if everyone were vaccinated against smallpox. The population in the United State is about 300 million people. What i
Suppose a monopolist can purchase Labor at a price w = 27 and can purchase Capital at a price r = 3. The monopolist’s production function is given by Q = L1/2K1/2. The demand facing the monopoli
An investment of $5000 in Biotech common stock proved to be very profitable. At the end of 3 years the stock was sold for $25000. What was the rate of return on the investment?
If hotel management decides to price-discriminate in a manner that maximizes profit, what will be the marginal revenue in each of the market segments, A and B?
Lou's preference over pizza(x) and other goods(y) are given by U(x,y) = xy, with associate marginal utilities MUx=y and MUy=x. His income is $120.
Suppose the demand curve for a monopolist is QD=500-P and the marginal revenue function as MR=500- 2Q The monopolist has a constant marginal and average total cost of $50 per unit a. find the monopoli