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Assume that demand for a commodity is represented by the equation P = 10 - 0.2 Q d, and supply by the equation P = 2 0.2 Qs where Qd and Q s are quantity demanded and quantity supplied, respectively
Assume that government ownership doesn't affect the cost of supplying gas. If the government's objective is to maximize the net benefit (social welfare) to the community as a whole, what price shoul
A gas utility serves a small town with natural gas. The total cost function for the utility as a function of the amount Q of gas sold is: TC(Q) = 50,000 + 300Q + 0.4Q2 The demand function for the cus
According to the Nielson Company, the population mean number of hours of TV viewing per household, per week, in the U.S. is 50.4 with a standard devaition of 11.8 hours. A random sample of 42 U.S. h
A large equipment rental company wants to estimate the mean number of days a piece of equipment is rented out. A random sample of 14 recent rentals shows a mean of 2.14 days and a standard deviation
A random sample of 50 engineers of a large technology company reveals that the sample mean age is 34.3 years. Assume that the population standard deviation is 8 years. Construct and explain a 98% co
Alejandro's lawn mowing service is a profit maximizing competitive firm. Alejandro mows lawns for $27 each. His total cost each day y $280, of which $30 is a fixed cost. He mows 10 lawns a day.
The St. Thomas Winery plans to open a new production facility in the Napa Valley of California. Based on information provided by the accounting department, the company estimates fixed costs of $250,
There are two firms in an industry, each owning one plant. Firm 1 has supply function P = 10 + 0.01Q1 (which is the marginal cost of its plant), and Firm 2 has supply function 0.005Q2 + 0.00001Q22
Write down the unit cost of producing one yard of cloth and one calorie of food as a function of the price of one machine-hour, r, and one work-hour, w. In a compet- itive market, those costs will b
Assume the economic activity of the economy in a given year consists of the following: Steel producers fabricate Php. 4 billion of farm machinery, which is sold to farmers; Farmers produce 40 mi
Three students have each saved $1000. Each has an investment opportunity in which he or she can invest up to $2000. The rates of return on the students' investment projects are: Harry: 5% Ron: 8% He
A farmer grows wheat, which he sells to a miller for $100. The miller turns the wheat into flour, which he sells to a baker for $150. The baker turns the wheat into bread, which he sells to consumer
Given the CES utility function: U(X,Y)=((X^d)/d)+((Y^d)/d)) a. Show that the first-order conditions for a constrained utility maximum with this function require individuals to choose goods in the p
if the banks Deman Deposit is 7 billion, Actual Reserve is 1 billion reserve riquirement is 10% Required Reserve is 700,000,000 Excess Reserve 300,000,000 the Money Multiplier is 10. how much addition
Buy a new car for $14,500. Salvage value is expected to be about $5000 after 3 years. Maintenance and insurance cost is $1000 in the first year and increases at the rate of $500/year in subsequent y
speciality machining inc bought a new multi turret turning center for $250,000. the machine generated new revenue of $80,000 per year. operating costs for the machine averaged $10,000 per year.
Xon, a small oil company, purchased a new petroleum drilling rig for $1,800,000. Xon will depreciate the drilling rig using MACRS depreciation. The drilling rig has been leased to a drilling company
Suppose a firm producing a commodity X is a price taker. The prevailing market price for X is Php. 20. The firm's cost is given by TC=(0.1q^2)+10q+50 where q=the number of X the firm chooses to prod
Assume that an entrepreneur's short-run total cost function is C=(q^3)- (10q^3)+17q+66. Determine the output level at which he maximizes profit if p=5. Compute for the output elasticity of cost at
Find the optimum commodity purchases for a consumer whose utility function and budget constraints are U=(x^1.5)(y) and 3x+4y=100 respectively. a. Show that the first-order conditions for a constrain
The owner of a manufacture business is losing profit due to a slow economy and is debating on closing the manufacture down until the economy gets better. Decide to close the manufacture based on the
Farmers produce 40 million sacks of rice, which is sold for Php. 25 billion to millers. The farm machinery depreciates Php. 2 billion, Millers process the rice and keep half in inventory, value
H-P is said to be the leading seller of PC's in the U.S. with 27% share of the PC market. If a researcher selects 130 recent PC purchases, use the normal approximation to the binomial to find the pr
A company currently sells 45 units a week at $210 per unit. The marginal cost of each unit is $155. The company is considering increasing the price by 2.6%. The company believes that this price disc