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I'm asked to sketch the average and marginal cost curves of a software company, in which when it first starts up, the costs are extremely high.High start up costs, millions of dollar spent to make the
Suppose that as the price of Y falls from $3.00 to $1.00 the quantity of Y demanded increases from 10 to 18. Compute the price elasticity of demand. Is the demand elastic or inelastic?
Consider a competitive seller of iced coffee drinks. Suppose that this seller’s marginal cost of producing an amount of such drinks per week is given by the following. The first 200 dr
Consider two individuals considering how many iced coffee drinks to buy during the coming week. Person A is willing to pay a maximum of €10 for the first drink, €8 for the second,
Inter-temporal Price Discrimination. Suppose that technophiles are willing to pay $400 now for the latest iPhone, but only $300 if they have to wait a year. Normal people are willing to pay $250,
If your bank pays 5.5 percent interest on savings deposits, what is the simple interest paid in the third year on an initial $100 deposit? What is the total amount in the account after three year
When the price of X is $1 and the price of Y is $1 and income is I, Joe Panther spends $100 on good X. One day Joe is walking down Downer street and is dismayed to discover that the price of good X ha
There are two types of consumers of potatoes: 10 are rich and 50 are poor. Every rich consumer has a demand of 0 for a price of $500/ton; and his/her demand decreases by 1 ton each time the price incr
Environmental Science involves the fields of Science, economics, and politics. Take a current environmental issue, such as the Hurricane Katrina in New Orleans and examine it from the scientific, econ
The Tax Reform Act of 1986 eliminated the deductibility of interest payments on consumer debt mostly credit cards and auto loans but maintained the deductibility of interest payments on mortgages and
There are two goods 1 and 2. Denote by (x1; x2) the consumption bundle consisting of x1 units of good 1 and x2 units of good 2. A consumer has preferences that described by the linear utilit
If the US dollar depreciates dramatically relative to the Chinese yuan, what effect would this have on consumers and businesses in each country? When is a falling dollar good or bad for the US?
Which aspects of the Great Depression are echoed in the ongoing economic crisis that began in 2008? What is different about the two periods? Do they have similar theoretical explanations?
You have opened your own word processing service. You have already bought a special computer needed for word processing and paid $5,000 for it. However, due to the cost changes in the computer industr
A firm uses a single plant with costs C = 160 + 16Q + .1Q2 and faces the price equation P = 96 - .4Q. a. Find the firm’s profit-maximizing price and quantity. What is its profit? b. Th
Prepare a two- to three-page analysis:What is nominal GDP? What is real GDP? What is included in each? Why are these measures important? What do they tell us? What was GDP for the last two yea
Jonathan, a two-and-a-half-year-old, lives with his mother and brothers at his grandmother's house in Chicago. His mother, Anita, works at a pharmacy to support the family. Jonathan spends his days
Suppose that the market of laptops is given by following supply and demand curves given below: Qd = 5000 − 3p Qs = 1000 + p. Answer the following questions on excel sheet us
In attempt to increase revenue and profits, a firm is considering a 4 percent increase in price and an 11 percent increase in advertising. If the price elasticity of demand is -1.5 and the advertising
The graph on the left shows the short-run marginal cost curve for a typical firm selling in a perfectly competitive industry. The graph on the right shows current industry demand and supply.a. What is
What is one of the major problems caused by a large national debt? It does not allow small investments by private individuals. It makes it hard for the government to carry on activitie
Determine if the demand for the following products is price elastic or price inelastic, and explain your answer. In your explanation, be sure to include how the necessity good and the availabilit
Assume that demand for product A can be expressed as QA = 500 ¨C 5PA + 3PB and demand for product B can be expressed as QB = 300 ¨C 2PB + PA. Currently, market prices and quantities for&n
A firm produces 20 units of output at a market price of #5, a marginal cost of $5, and an average cost of $3. what is the firms economic profit and is the firm maiximizing its economic profit. Is
Suppose a persona quits a job paying $40,000 per year and starts a business with $100,000 withdrawn from a money-market account earning 8 percent per year. The implicit cost of the business is ____ fo