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How many burgers and coke's does she consume to maximize her utility. Illustrate the answer graphically. What is the slope of the budget line?
Is the claim in the popular press consistent with the model in this chapter? Does a decline in the quality of U.S. products have any effect on our standard of living?
Demand function for air travel between the U.S. and Europe has been estimated to be. Determine the price elasticity and income elasticity of demand.
If the two firms make their decisions about expansion simultaneously, is there a unique Nash equilibrium? If so, what is it? If not, why not? Explain whether this game is an example of a prisoners'
Consider another situation involving the SML. Suppose that the risk-free interest rate stays the same, but that investors' dislike of risk grows more intense. Given this change, will average expect
Suppose Honda's TC of producing 4 cars is $225,000 and its total cost of producing 5 cars is $250,000. What is the average total cost of producing 5 cars? What is the marginal cost of the fifth car
Draw an indifference curve consistent with the facts in d). What do we know about Pip=s marginal rate of time preference at his optimal choice? What do we know about Pip=s marginal rate of time pref
They randomly select 250 students who commute and ask them the distance of their commute to campus. From this group a mean of 19.3 miles is computed. Describe/find the parameter.
How much profit does an individual producer make in a month? Is this a long-run equilibrium? If the answer is yes, simply state that it is a long-run equilibrium.
The United States and 100 percent in Chile, then traveling in Chile is cheaper now than it was ten years ago. - Why is it more expensive now then it was 10 years ago?
Show clearly on your graph the long-run supply curve for the industry. How does the economic incidence of the tax change from the short-run to the long-run?
You are a manager in a perfectly competitive market. The price in your market is $35. Your total cost curve is C(Q) = 10 + 2Q + .5Q2. What level of output should you produce in the short run?
What are the major industries in our state economy and which countries are the leading trading partners as of the most recent time period? Be sure to put the references.
The inverse market demand curve is P = 900 - 1.5Q. Your cost function is C(Q) = 2Q + Q2. Determine the output you should produce, the price you should charge, and your profits.
Suppose capital is fixed at 81 units. If the firm can sell its output at a price of $200 per unit and can hire labor at $50 per unit, how many units of labor should the firm hire in order to maximiz
The new equipment is estimated to have a $700,000 salvage value after 7 years. What is the future worth of this investment if the company's minimum attractive rate of return is 18% per year, compoun
Specify changes in the equilibrium interest rate and level of saving and investment. what are the effects of the bill on long-run economic growth?
Discuss how special interests can succeed in perpetuating policies that are opposed by the majority of voters because the costs of organizing and motivating groups to take political action increase
Assume that the firm's isoquants are smooth curves and that labor hours can be varied continuously. Is the firm producing the maximum level of output given its current level of cost? If it is, expla
Assume the double declining balance is used for tax purposes in this country and the airline's before-tax MARR is 6.00% per year and the effective tax rate is 35%. Select a machine on the basis of a
Your mission is to figure out whether the new drugstore is appropriate. What information do you need, and how would you use it?
Burying them in mass graves rather than transporting them to markets. Assuming that this is rational behavior by profit-maximizing "firms," explain what economic factors may influence such behavior.
You need to show: Performance (Dependable Variable), Structure, and Conduct( Explanatory variables). Is possible that the causation may be reversed (conduct to either performance or structure)? Explai
Explain the relationship between the price elasticity of demand and total revenue. What are the impacts of various forms of elasticities (elastic, inelastic, unit elastic, etc.) on business decision
Assume that the production cost curve of a power generating unit may be represented by piecewise linear curves as: Determine the hourly schedule of the unit to maximize its operational profit.