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The situation is the same as in 1, except that the extraction costs per liter are different every period and now they given by; c1=$10, c2=$20 and c3=$200. What are the optimal extraction plan and t
For either route, the volume of traffic will be 400,000 cars per year. These cars are assumed to operate at $0.25 per mile. Assuming a 40-year life for each road and an interest rate of 10%, determi
Assume that the government at Home decided to use the import tariff of $100. Calculate the new world price, the new imported quantity and the tariff revenues collected by the government.
industry demand curve equals Q=900-100P and the long run average cost is a constant $1.50 per unit of output. Calculate market output, price, consumer surplus, and producer surplus in a competitive
Assume that Home is a small economy, and the world price is given by $60. If the Home's government wants to collect tariff revenues and uses the import tariff of $100, what is the imported quantity,
As head of the planning division of Eastern Motors, your job is to determine where to locate a new plant. The only inputs used in your cars are steel and labor and the production function is Cobb{Do
Country A is a very large and advanced economy, whereas country B is newly industrialized country, which tourists appreciate a lot for its warm climate and great Mexican food.The government of count
A firm has a production function Q=F (K, L) with constant returns to scale. Input prices are r=$2/ K-unit and w=$1/L-unit. The output expansion path for this production function at these input price
A firm purchases capital and labour in compeitive markets at prices of r= $6/machine-hour and w=$4/ labour-hours, respectively. With the firm's current input mix, the marginal prodcut of capital is
Jane quit her job at IBM where she earned $50,000 a year. She cashed in $50,000 in corporate bonds that earned 10% interest annually to buy a mini-bus. Jane has decided to buy the mini-bus and set u
the T-account for First City Bank, the only bank in a small economy. In addition to the bank deposits of $500,000, citizens hold $200,000 in coins and currency. what will the new level of reserves b
a. What is the dollar value of Jackie's assets that are considered part of the monetary aggregate M1 b. What is the dollar value of Jackie's assets that are considered part of the monetary aggregate M
Doug wants to go into the donut business. For $500 per month he can rent a bakery complete with all the equipment he needs to make a dozen different kinds of donuts . He must pay unionized donut bak
Consider a population consisting of two types, "cooperators" and "defectors." Each individual interacts with a randomly chosen member of the population. When two cooperators interact, each earns a p
A $50,000 corporate bond is due in 20 years with an interest of 10% per year. Payable quarterly is for sale for $50,000. If an investor purchases the bond and holds it to maturity, calculate rate of
Advertisers are willing to pay $10 to advertise in one newspaper but only $19 to advertise in both, because they're willling to pay twice to reach the same subscriber. what's the likely bargaining n
How many workers would the firm hire if the going wage rate were $27.95 How many would it hire if the wage rate were $19.95 Why would the firm not hire more (or less) than the numbers you have chose
Nationwide Bank has approached Hometown Bank with a proposal to merge. The following table lists the sales of the banks in the area. Use this informatiojn to calculate the four firm consentration ra
Use these prices to calculate the marginal value product of fertilizer and its cost. You can do this somewhat crudely based on the table of numbers that you compiled above, or you can do something f
Suppose a worker with an annual discount rate of 10 percent currently resides in Pennsylvania and is deciding whether to remain there or to move to Illinois. There are three work periods left in the
Nan King Furniture owns and operates an industrial lift truck in their warehousing operation. The record indicates that the lift truck was purchased four years ago at $12,000. The estimate salvage v
There are three petrochemical plants, A, B, and C, in Houston, Texas. The three plants produce Good Stuff. Unfortunately, they also dump Bad Stuff into Houston air. Data concerning their outputs of
Suppose that there are two types of players, good and medium. the team demand curve for top-quality players is Q = 27 - 5 w , and the market supply of top players is Q = 4w, where w is the wage in m
A monopolistic firm has a sales schedule such that it can sell 10 prefabricated garages per week at $10,000 each, but if it restricts its output to 9 per week it can sell these at $11,000 each.