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According to U.S. Census Bureau data (2004), average monthly income for a person with a degree in engineering was $5296 versus $3443 for a degree in liberal arts. What is the future value in 40 year
Atlas Long-Haul Transportation is considering installing Valutemp temperature loggers in all of its refrigerated trucks for monitoring temperatures during transit. If the systems will reduce insuran
last week home depot was selling at $33.30. the earnings per share are projected to be $2.44 this year. if the required rate of return is 14% and dividend growth is constant at 5%, what should the p
A small company spends $8000 per year on heating. The costs of natural gas for heating are expected to rise a 10% per year at one year from now (EOY 1). The maintenance on the gas furnace is $345 pe
Consider a two-good exchange economy with two individuals, A and B. A's preference is represented by uA(xA1, xA2) = 0.3ln(xA1) + 0.7ln(xA2), and B's is represented by uB(xB1, xB2) = 0.8ln(xB1) + 0.2
Janet spends 5% of her income on gasoline and her utility function is Cobb-Douglas. If her income is $1000 per week, what is her demand function for gasoline per week
If the current price of the product is $100, what is the quantity supplied and the quantity demanded How would you describe this situation and what would you expect to happen in this market
Suppose that Sam considers starting with all of his land in corn. Then he thinks about increasing the amount of wheat that he grows. What is the opportunity cost, in bushels of corn, of the first bu
When Iraq invaded Kuwait in 1990, the market price of crude petroleum jumped from $21.54 per barrel to $30.50 per barrel - an increase of almost 42 percent. Your boss is puzzled, because the price i
Suppose there are 8,000 identical individuals in a market for Latin Dance videos, each with a demand function represented by Qdx=12-2Px, and 400 identical producers of Latin Dance videos, each with
Given the stated values of the other independanct variables, calculate the point price elasticity of demand for X at Px = $50. Given the stated values of M, A and Py at what price and quantity demande
Suppose that an individual consumes three goods -- food, clothing, automobiles. Denote the quantities of these goods consumed by X, Y, and Z respectively. Suppose the individual utility function is
b.) Calculate point price elasticity of demand when Q=1600. Is the demand elastic or inelastic at this quantity How do you know c.) What will be the maximum total revenue the firm can obtain
A travel company has hired a management consulting company to analyze demand in 26 regional markets for one of its major products: a guided tour to a particular country. The equation for the quantit
At its current level of production, a pizza restaurant receives $20 for each pizza sold. The short-run average total cost is $10. At the price of $20, the restaurant's marginal cost curve crosses th
U.S. Nominal GDP for the year 2010 was $14,658 billion, whereas in 2000 it was $9,951 billion. The GDP deflator for 2000 (2010) was 88 (111) using 2005 as a base year. Using the compound growth form
Major overhaul expenses of $5,000 each are anticipated for a large piece of earthmoving equipment. The expenses will occur at EOY four and will continue every three years thereafter up to and includ
Assume that the demand for real money balance (M/P)= is M/p = 0.6Y-100i, where Y is national income and i is the nominal interest rate. The real interest rate r is fixed at 3 percent by the investme
Suppose that when the price of beef is $10/kg, the daily quanity of beef sold in Tesco, a British Grocery store, is 10,000 kg. Suppose further that if the price of beef rises to $12/ kg, the amount
Industry X is perfectly competitive and each firm produces output with a technology Q = C ½ L ½, where C is coal and L is labor. The demand for industry X's output is Q = 10,000 - 2P,
The private firm has a TEP level that is three times as high as the SOE: Ap = 3x As x the production functions are Yp=Ap x Np and Ys=As x Ns, where Np+Ns=1. The SOE employs three quarters of the wor
Imagine an economy where a state-owned enterprise exists alongside a private firm that produces the same good. The private firm has a TEP level that is three times as high as the SOE: Ap = 3x As x t
Solve these equations for the maximum profit that the amusement park will attain when it charges different prices in the two markets and when it charges a single price for the combined market.
Will you change your preferred mode of transportation if your wage rate rises to $20 per hour. Assume you work five days a week and time spent riding on a bus or driving a car does not directly ente
Jen left a job paying $60,000 per year to start her own florist shop in a building she owns. The market value of the building is $150,000. She pays $40,000 per year for flowers and other supplies, a