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A night vision goggle manufacturer is evaluating a make-versus-purchase situation for a component used in its low-priced products. The component can be purchased at a variable wholesale price of P=1200+50y where y is the number of items. Alternatively, the component can be produced with a direct material cost of $17 per item, and direct labor cost of $38 per item. The manufacturing overhead is allocated at 150% of direct labor cost per item. How much will it cost to purchase the component if the company requires on average 159 items each year?
Watch the movie "A Beautiful Mind". Pay attention to the scene where Nash argues for an optimal equilibrium (the bar scene). Would you say that his "equilibrium" constitutes Nash equilibrium Explain.
Production procedures elucidate the law of increasing opportunity costs.
Suppose you have estimated the supply curve for the local labor market as: Qs = W - 5, where W is the hourly wage and Qs is the quantity of workers willing to work at each wage. You have estimated the demand curve for the local labor market as: Qd..
Antitrust laws were created in order to maintain competition and protect consumers. There have been several high profile Antitrust cases in the last few years (e.g. Microsoft). Think of a recent example. Do you think the right decision was made
Economists insist on reviewing what happens as each assumption is relaxed one at a time. However, it is clear that in real world all four are relaxed simultaneously. Why does economic analysis insist on such an unrealistic analysis? The simple ..
Suppose the company is considering using an amount equal to 10 percent of its retained earnings to invest in one of the two mutually exclusive projects.
Describe how marginal utility and the selling price of a goods/services determine: 1) Which goods and services are purchased first and 2) What quantities of a good or service are purchased. Explain fully.
How do barriers to entry impact the level of competition in a market What might happen to market price as greater barriers to entry come into existence? Not all barriers to entry are created through market conditions.
The Law of Supply movement along the curve due to the price effect occurs because people can buy only so much of a product.
Which of these would cause the demand curve for bison (American buffalo)
Discuss how the aggregate expenditure function shifts in response to changes in each of time following variables:
What is each orchard's labor demand as a function of the daily wage W? What is the market's labor demand? Ectenia has 200 workers who supply their labor inelastically. Solve for the wage W. How many workers does each orchard hire? How much profit ..
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