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Taxicab fares in most cities are regulated. Several years ago, taxicab drivers in Boston obtained permission to raise their fares 10 percent, and they anticipated that revenues would increase by abo
Using the following utility schedule, derive a demand curve for pizza assme income is $10, the price of each slice of pizza is $1, and the price of each glass of beer is $2. Then change the price of
What is the level of national savings According to the savings-investment spending identity for an open economy, what is the amount of investment spending in this economy
In January 2007, XM enjoyed about 58% of satellite radio subscribers, and Sirius had the remaining 42%. Both firms were suffering losses, despite their dominance in the satellite radio market. In 20
a.) The fixed cost of producing 10 units of output. b.) The variable cost of producing 10 units of output. c.) The total cost of producing 10 units of output. d.) The average fixed cost of producing 1
What is the average total cost for the 10th unit of output 4. Why does the marginal cost of producing the product fall and then rise (What is the relationship between the cost curves and the product
Notice that average product (that is, output per worker) continues to rise after marginal product has fallen. Why How can it be that output per worker can rise after the point of diminishing returns
A local restaurateur whose business had been profitable for many years recently purchased a liquor license, giving her a legal right to sell beer, wine and spirits at the restaurant. The license cos
Compute the projected profit for the order quantities suggested by the management team under three scenarios: worst case in which sales equal 10,000 units, most likely case in which sales equal 20,0
The firm's production manager claims that the firm's average cost of production is minimized at an output of 40 units. Furthermore, she claims that 40 units is the firm's profit maximizing level of
If a consumer has expenditure function e(p; u) = au(p1b + p2c), where a; b; c are strictly positice constants, what is the Hicksian demand function for good 1.
The price elasticity of demand for a textbook sold in the United States is estimated to be -2.0, whereas the price elasticity of demand for books sold in overseas markets is -3.0. The U.S. market re
Pure Plastics Inc. manufacture molded plastic pieces. A sample of their raw material inventory is shown in the table below. How would the plant classify these items according to an ABC classification
The cup is placed over the pill and as the cup is pressed down, the pill is split into pieces which are contained inside the cup. Because the cup is above the pill, persons can see how the pill is c
Q is the number of body parts producted daily, K is the number of sheet-, metal presses in its manufacturing plant, and L is the number of labor-hours per day of sheet-metal workers employed by Dime
a. Set up the constrained maximization problem, and derive the firsr-order conditons. b. Derive the demand for X and Y. c. Derive the price elasticites of demand. Do the demands obey the law of demand
In a study of the income of U.S factory workers, a random sample of 125 workers shows a sample mean of $29,000. Assume that the population standard deviation is $4,500.
Below is a list of domestic output and national income figures for a certain year. All figures are in billions. The questions that follow ask you to determine the major national income measures by b
assume the government plans to finance any government spending my raising taxes to cover increase in spending. How much will government spending and taxes have to rise to move economy to full employ
Suppose that in the domestic market for computer chips the demand is Pd = 110 - Qd. The domestic supply is Ps = 10 + Qs. Foreign suppliers would be willing to supply any number of chips at a price o
Consider a perfectly competitive market in which the market demand curveis Dd =10-Pd andsupplyisQs =2Ps. a) Find the equilibrium price and quantity on this market. b) Suppose the govt imposes the pric
Suppose that the market for cigarettes in a particular town has the following supply and demand curves: Qs = P; Qd = 50 P with quantities measured in thousands of units. Suppose the town council nee
Robinson Plastics makes clear plastic products with injection molding techniques. Their latest invention is a plastic cup with a sharp blade mounted inside to cut prescription pills into small piece
suppose your average unpaid balance is $1000 each month and your credit card's interest rate is 18 percent. What should be your total interest expense for the years
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