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The maintenance for a bus, whose life is 10 years, is $1500 per year starting the fourth year, increasing by $200 for each successive year. The interest rate is 5% per year. What is the present wort
If Jacob receives by consuming ice-cream cone (X) and hamburger (Y) at Burger King is represented by the utility function U(X;Y) = XY. In addition, the per-unit prices of ice-cream cone and hamburge
one reason for government intervention in the economy is to discourage the consuption of goods which have negative externalities. Carefully explain why and the extent to which these goods should be
TC= 41,000,000+0.005Q 2 MC= TC/ Q =$500 +0.01Q calculate profit maximizing activity level and optimal profit, and optimal profit as percentage of sales revenue. profit maximization problem
There are 300 purely competitive farms in the local dairy market. Of the 300 dairy farms, 298 have a cost structure that generates profits of $24 for every $300 invested. What is their percentage of
There is a great deal of uncertainty about how likely it is that we will experience a bio-terrorist attack using smallpox. Does it still make sense to rely on estimates of costs and benefits when it
Taxicab fares in most cities are regulated. Several years ago taxicab drivers in Boston obtained permission to raise their fares 10 percent, and they anticipated that revenues would increase by abou
Companies are interested in acquiring other firms even when the latter operate in totally unrelated realms of business. For instancce, Highways Industries manufacturing asphalt materials for road co
Should the Government increase, decrease or remain the same in its level of intervention when it comes to mandating that companies provide product information to consumers What happened to "caveat e
As manager of Citywide Racquet Club, you must determine the best price to charge for locker rentals. Assume that the (marginal) cost of providing lockers is 0. The monthly demand for lockers is esti
a) Under a strict divorce law that requires both the husband and wife to agree to the divorce in order for it to happen, will the couple stay married why b)If there is no divorce law and either the
Consider a railroad is next to a farm.Each time the train passes by the farm,sparks from the train fly into the farm and destroy some of the crop.The following gives the marginal cost of the train t
Sharon Shay estimates that a college education has a $28,000 equivalent cost at graduation. She believes the benefits of her education will occur throughout the 40 years of employment. She thinks th
One year ago your bought a bond for $10,000. You received interest of $400 at the end of the year, as well as your $10,000 principal. If the inflation rate over the last year was five percent, calcu
A table saw costs $175 at a local store. You may either pay cash for it or pay $35 now and $12.64 a month for 12 months beginning 30 days hence. If you choose the time payment plan, what nominal ann
a competitive firm can sell all of its output for the market price of $5. its short run cost function is TC= 1000 + Q + 0.005Q2. this cost function has marginal cost given by MC= 1 + 0.01Q.
Consider a simple economy where 90 percent of citizens report an annual income of $10,000 while the remaining 10 percent report an annual income of $110,000. What is the Gini coefficient associated
From 1970 to 2000, the supply of college graduates to the labor market increased dramatically, while the supply of high school (no college) graduates shrank. At the same time, the average real wage
The price of a good to be sold by a Monopoly is $0.50. The market has an elasticity of demand (n) of 5. a. What is the mark-up and what is the Marginal cost. What would this look like for a perfectly
In 2007, Americans downloaded 800 million singles at 99cent and 40 million albums at $10 each. They also bought 3 million singles on a disc at $4.75 each and 500 million albums on discs at $15.
Suppose that the demand curve for tickets to see a football team is given by Q = 100,000 - 100P and marginal cost is zero. A. How many tickets would the team be able to sell (ignoring capacity constra
Each existing firm and every potential entrant faces an identical U-shaped average cost curve. The minimum level of average cost is $10 per ton and occurs when a firm produces 5 million tons of coba
Suppose a firm operates as a price taker in a perfectly competitive industry. The firm's TC function is given by TC = 10 +4Q +2Q2, so its Marginal Cost is MC = 4 +4Q. If the market price is P = $100
Suppose a firm operates as a price taker in a perfectly competitive industry. The firm's Total Cost function is given by TC = a + bQ +cQ2. Therefore the firm's marginal cost is given by b +2cQ. Find
Suppose a monopolist can purchase Labor at a price w = 27 and can purchase Capital at a price r = 3. The monopolist's production function is given by Q = L1/2K1/2. The demand facing the monopolist i