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The total variable cost of unit 3 is $165.00 while that of unit 6 is $522.50;The average total cost of unit 5 is $99.00, while the average variable cost of unit 4 is $55.00; The total cost of unit 1 i
Danny “Dimes” Donahue is a neighborhood’s 9-year old entrepreneur. His most recent venture is selling homemade brownies that he bakes himself. At a price of $1.75 each, he sells 250.
Show how the consumer’s opportunity set changes if income increases by $300. How does the $300 increase in income alter the market rate of substitution between goods X and Y?
Identify at least five locational attributes that are important in the location of a fast-food restaurant. Compare notes with someone in the industry such as a local restaurant manager or owner.
You’ve recently learned that the company where you work is being sold for $275,000. The company’s income statement indicates current profits of $10,000, which have yet to be paid out as di
What are the key points in short run production functions that delineate the three stages of production?Explain the relationship between the law of diminishing return and three stages of production.
Calculate the profit each firm earns in equilibrium.You are a manager for Herman Miller—a major manufacturer of office furniture. You recently hired an economist to work with engineering and ope
1. Consider a one-year discount bond that pays $2,000 one year from now. If the rate of discount is 3 percent, calculate the present value of the bond.
Describe how free market features could be introduced to help alleviate the problem
Draw the decision tree for this problem without the probability values
This table summarizes the results from an experiment like yours. Compare the outcome under free access with the three outcomes in which the government uses licenses to limit the catch. Roughly ho
Some "instances" of Corporate Social Responsibility (CSR) are in the eye of the beholder. It is interesting that the early literature (say 10-15 years ago) argued that corporations could have vi
What are the economic benefits of the flu shot and in what ways has the government become involved in the distribution of flu shots?
What are the similarities and differences between the three countries in terms of the percentage of the population that works in each type of industry?
The inverse market demand in a homogeneous-product Cournot duopoly is P = 100 – 2(Q1 + Q2) and costs are C1(Q1) = 12Q1 and C2(Q2) = 20Q2.
The Einstein Bagel Corp. offers a frequent buyer program whereby a consumer receives a stamp each time she purchases one dozen bagels for $5. After a consumer accrues 10 stamps, she receives one dozen
The accompanying graph (top of next page) summarizes the demand and costs for a firm that operates in a perfectly competitive market.
Suppose that the total benefit and total cost from an activity are, respectively, given by the following equations: B(Q) = 150 + 28Q – 5Q2 and C(Q) = 100 + 8Q. (Note: MB(Q) = 28 – 10Q and
Suppose that the Government introduces a labor tax: for each hour of labor hired, the firm needs to pay to the Government. Find the new optimal demand for labor. Is it higher or lower than in the ab
Assume that the price of the consumption good (denote it by P) is exogenously given and equal to 2. Use W to denote the hourly nominal wage in the economy
Over what range will changes in marginal cost have no effect on CDW’s profit-maximizing level of output?
If the government imposes a price floor at $9 (i.e., price must be $9 or higher) in the above market, how many goods will be traded?
Sal Pizza Shop has a unique recipe for pizza, and currently its optimal price is $20 per pizza at a quantity of 200 pizzas per week. Its marginal cost is $12 per pizza when it produces fewer than 180
If a firm’s expansion path is a straight line starting on the origin, that implies that we have constant returns to scale (Hint – think of the Cobb-Douglas production function).
Ice cream and pie if these are goods that you like, but if you eat too much of either, you get sick of them. If you are sick of a good, eating more of it lowers you utility.