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The average age of engineering students at graduation is a little over 23 years. This means that the working career of most engineers is almost exactly 500 months. How much would an engineer need to save each month to become a millionaire by the end of her working career? Assume a 15% interest rate, compounded monthly.
explain what occurs when a new technology makes another one obsolete in terms of economic profit. consider firm a to be
The Blue Dragon Restaurant is a new Chinese Restaurant in town. As the only Chinese restaurant in the area, it faces the following daily demand curve:
Two firms are ordered by the federal government to reduce their pollution levels. Firm A's marginal cost associated with pollution reduction is MC=150+3Q. Firm B's marginal cost associated with pollution reduction is MC=9Q. The marginal benefit of po..
Draw the ?rm's long run Average Cost, Marginal Cost and supply curve.In a separate graph, drawthe market supply curve and a demand curve which is consistent with cabs earning positive economic
Use the equation for the IS curve to discuss what happens to the IS curve in response to the following shocks. in each case provide a real world example of what might cause the shock. Increase in autonomous consumption (IE C_o increases). A reduction..
Find a pop culture reference (from TV, movie, music, magazine...) of an economic concept. The reference can be anything we have covered in class.
Assume that imports increase supply. In terms of demand, supply and consumer surplus, why would consumers prefer more imports? Adam Smith studied a pin factory and found that 1 individual doing all tasks necessary to make a pin could only make severa..
An outer beltway is being planned for Nashville, Tennessee. The cost of this project is estimated to be $250 million. Benefits are expected to be $25 million per year. Annual maintenance costs are estimated to be $1 million. If the life of the beltwa..
Suppose an individual consumers two goods, with utility function U (x1, x2) = x1 + 6sqrt(x1x2) + 9x2. Formulate the consumers utility maximization problem when she faces a budget line p1x1 + p2x2 = I. Find the demand functions for goods 1 and 2.
What is the basic difference between Classical and Keynesian economics? What role does government play in the Keynesian model? What is a recessionary gap, and how can government work to correct this? Are wages and price flexible or inflexible? Explai..
What is the duopoly Cournot equilibrium - that is, the quantities produced by each firm - if the market demand function is q(p) = 1000 - 1000p, and each firm has a cost of $0.28 per unit?
Find the firm's marginal revenue. What is the profit-maximizing level of output and price? If TC = 2 + 2q + q^2 , does the monopolist make any profit? What is the competitive market equilibrium? Find social cost of monopoly.
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