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in the example developed in table 73 suppose there are four identical firms with the same return pattern and the
in which of the following are risks being pooled and in which would risks likely be spread by insurance companiesa
you see an advertisement for life insurance for everyone 50 years of age and older no medical examination is required
a short-run relationship between output and total cost is given in the table belowa what is the total fixed cost of
suppose you are told that a firm has a long run average total cost that is defined by the following relationship latc
consider a firm whose atc in the short run is given by atc 2q1q8a using a spreadsheet plot this curve for values of
use the data in the preceding question to establish the lmc for each of these two firmsa check that these lmc curves
consider the long-run total cost structure for the following two firmsa compute the long-run atc curve for each firmb
a plot the following three utility functions that relate utility u to wealth w for values of wealth in the range 1 50
estimate the average dollar outcome of each of the following games each dollar outcome has a probability of one-quarter
now consider the preceding question in the longer term - with variable plant sizea compute the atc for the small plant
now consider the cost curves associated with the production functions in the preceding questiona compute the atc
bernies bagels can function with three different oven capacities for any given amount of labour a larger output can be
suppose now that the cost of capital in the previous question rises to 3 per unit graph the new long-run average cost
use the data in table 72 to compute the average utility that each participant gets from his or her income in the
once again consider a worker who has a utility function u radic y in a good week he earns 25 and in a bad week he
consider the individual in the preceding question once again he earns either zero or 25 with equal probability in every
in the text example in table 101 compute the profit that the monopolist would make if he were able to discriminate
a monopolist is able to discriminate perfectly among his consumers - by charging a different price to each one the
a monopolist faces two distinct markets a and b for her product and she is able to insure that resale is not possible
a monopolist with a demand curve given by p 240-2q has a cost structure made up of a fixed cost of 500 and a marginal
in the preceding question prior to being able to outsource imagine that the supplier is concerned about entry and must
a concert organizer is preparing for the arrival of the grateful living band in his small town he knows he has two
wendys window cleaning is a small local operation winnie presently cleans the outside windows in her neighbours houses