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A road building contractor has received a major highway construction contract that will require 50,000 m^3 of crushed stone each year for 5 year. The stone can be obtained from a quarry for $5.80/m^
Suppose a firm's inverse demand curve is given by P = 120 - 0.5Q and its cost equation is C = 420 + 60Q + Q2a. Find the firm's optimal quantity (Q), price, and profit (1) by using the profit and margi
As the exclusive carrier on a local air route, a regional airline must determine the number of flights it will provide per week and the fare it will charge. The estimated cost per flight is $2,000.
A clever sports economics student asked the Athletic Director at his or her university to dig back into the records for data on attendance and prices at the college's baseball games
b.Determine the cross-price elasticity of demand between good X and good Y, and state whether these two goods are substitutes or complements. c.Determine the outcome elasticity of demand, and state
You are division manager at Toyota. If your marketing department estimates that the semiannual demand for the Highlander is Q = 100,000 - 1.25P, what price should you charge in order to maximizes re
If the market price is $6 per bushel, what must happen to restore equilibrium in the market. Suppose the market price is $14 per bushel. Is there a shortage or a surplus in the market.
At any bundle (x,y), find a formula for the marginal utility of x (which we have called MUx) and a formula for the marginal utility of y(MUy) Frieda, a rational consumer can buy an x-commodity and a
Suppose that country A produces two goods (C and T) under conditions of constant opportunity costs. Given its resources, the maximum C that it can make is 1200 units, and the opportunity cost of mak
Maya farms a 40-acre farm. She can grow 30 bushels of corn per acre or 60 bushels of wheat per acre. Between these end points, production-possibilities frontier is a straight line.
Suppose we have Dagwood, who has a current income of $200K and expected future income of $60K. He has $50K in current wealth (i.e., ‘a' = $50K), but this is before he opens that % envelope. He
Suppose an indifference curve is given by the equation U= (1/2)*C*T. Assume that initially the consumer owns the bundle C = 20, T = 2. Reminder: In order to get full credit: a. What is the Util
Ann's only income is her annual college scholarship, which she spends exclusively on gallons of ice cream and books. Last year, when ice cream cost $10 and used books cost $20, Ann spent her $250 sc
An engineer and her husband operate a pet sitting service on the side. They want to add a daily service of a photo placed online for pet owners who are traveling. The estimates are: equipment and se
On a graph with x on the horizontal axis and y on the vertical axis,draw a typical indifference curve (it need not be exactly to scale, but it needs to reflect accurately whether there is a diminishin
Dublin International Corporation's marginal tax rate is 40%. It can issue 3-year bonds with a coupon rate of 8.5% and par value of $1000. The bonds can be sold now at a price of $938.90 each.
At what price does a cigarette pack sell at each stage in the distribution network In other words, what is the selling price for the retailer, the wholesaler, and smokey smokey - the manufacturer
where Q is the quantity demanded of its product, P is the price of its product, Pr is the price of its rival product, and I is per capita disposable income. At present, P=$10, Pr=$20, and I=$6000
Costs associated with the manufacture of "blah" are $73,000 per year. They found that by spending $16,000 now, the cost will go down to $58,000 next year and $52,000 in years 2 thr
Suppose that a color-blind consumer, has $80 to spend on either pink or lime-green sweaters. He does not care what color he weards but deems it very important to buy as many sweaters as possible wit
Assume the supply curve for DVDs is P=2Q and demand is P=42-Q. Suppose state government levies a tax of $9 on each DVD sold, collected from the seller. What quantity of DVDs will be sold in equilibr
Country Tables sell for $350 and contemporary tables sell for $450. Management has determined that at least 20% of the tables made should be country and at least 30% should be contemporary. How many
A woman makes an investment every 3 months at a nominal annual interest rate of 28%, compounded quarterly. Her first investment was $100, followed by investments increasing $20 each 3 months.
The local smog control district has agreed to pay to the firm a lump sum of money to provide for the first cost of the equipment and maintenance during its 10-year useful life. At the end of 10 year
In year 1, the quantity produced is Q1 and the price is P1. In year 2, the quantity produced is Q2 and the price is P1. In year 2, the quantity produced is Q1 and the price is P2. In year 3, the qua