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Total costs equal 24Q (MC=$24/unit) for each firm. For the following models, determine the equilibrium price, each firm's output.
How is it possible for output to increase without a proportional increase in the number of workers? What are the implications in our economy of more output being produced by less workers?
How will a risk-averse investor choose how much money she should invest in a risky asset? In your answer introduce the notion of risk.
If workers at the firm are paid a competitive wage of $100 and chairs can be sold for $200 each, what is your profit-maximizing level of output and labor usage? What is your maximum profit?
what price-output solution do you expect to prevail? Would your answer change if you knew that all firms in the industry witnessed similar changes in their cost functions?
Show this situation in an isoquant-isocost diagram. Explain, and show in the diagram, how Coldwell Banker can produce the same output at a lower total cost.
List and describe the six (6) corporate managerial implications of using and enforcing business ethics. Pick a company from Internet research to outline how each of these implications have or have n
Do you think that it would be better to live in a society where income is distributed equally, meaning that we all would earn $40,000/year? Why or why not?
Explain how the strength of the economy as a whole could affect the marginal benefits and the marginal costs associated with a decision to purchase a home.
Should the government raise taxes to balance the budget? Should the government decrease spending to balance the budget? What are the pros and cons of each action?
If government policy can provide good schools and encourage girls to take advantage of them. Describe two ways in which greater education opportunities for girls could lead to faster economic growth.
Given the following short-run production function (x = variable input, Q = output): Determine the boundaries of the three stages of production.
For K = 10, what is the average productivity of labor equal to? At what level of labor input does this average productivity reach a maximum? How many widgets are produced at this point?
Suppose a monopolist faces two demand schedules P1= 72 - Q1 and P2 = 36 - Q2/2. Assume TC = 16Q. Determine the prices and output level for each firm that maximizes profits.
Assume that the firms act independently as in the Cournot model. Determine the long-run equilibrium output and selling price for each firm
Calculate average fixed cost, average variable cost, and average total cost for each quantity. What is the efficient scale of the painting company?
The marginal costs of the ten yo-yos that it can produce in a day are $4, $3, $3, $4, $5, $7, $10, $15, $24 and $40 per yo-yo respectively. Yo-yos sell for $12 each. PBM's maximum daily profit is?
When looking at our economy, you will notice that the government is consistently running a high budget deficit. What are some of the implications of this high budget deficit on our economy?
If the exchange rate is initially 1.5euros per dollar and then changes to 1.45 euros per dollar in one year, which deposit would have given the U.S. resident a higher return?
John believes that labor supply is highly elastic, whereas Jeremy believes that labor supply is quite inelastic. How do you suppose their views about income redistribution differ?
Determine the long run equilibrium output and selling price for each firm. Determine Firm A, Firm B, and total industry profits at the equilibrium solution found in Part a."
He will not be able to work while attending school. He estimates that his salary will increase by $10,000 per year after completing his education. The interest rate is 10%. If George retires 1 year
If the Wilson Company spends $200,000 on advertising, what is the marginal revenue from an extra dollar of advertising? Is $200,000 the optimal amount for the firm to spend on advertising?
Determine what effect a price increase would have on total revenues. Evaluate how the sale of the novels would change during a period of rising incomes.
Suppose a firm relies exclusively on the payback method when making capital budgeting decisions, and it sets a 4-year payback regardless of economic conditions.