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A firm that produces metal occupies four hectares of land. The firm produces 4 tons of output per day and sells its output at a price of $440 per ton. The firm does not engage in factor substitution as the price of land changes. Intra-urban transportation is on trucks, with a unit cost of $12 per ton per mile. The firmâs non-land cost is $560 per day. The firm exports its output via circumferential highway (i.e., beltway around the city); that is, it wants to be near the beltway.
(a) What is the firm's WTP for land and its bid rent per hectare the following distances from the beltway: 0 miles --- 2 miles --- 6 miles -- 10 miles --- 15 miles
Gomez runs a small pottery firm. He hires one helper at $12000 per year,pays annual rent $5000 for his shop, and spends $20000 per year on materials. Calculate accounting cost, economic cost, accounting profit, economic profit for Gomez pottery firm,..
Developers of a new housing scheme spend money putting in roads, lighting andclearing land surrounding the scheme. What kind ofmarket failure is this? Explain. Why does market failure occur in this scenario? Explain.
A project needs an investment of $15,000 in year zero and is expected to generate a series of 5 equal annual net income of $8,000 each in constant dollars. The average inflation rate is 4%, and the market interest rate of 10%, what is the equivalent ..
In the lectures videos, we identified three tasks any collusive arrangement or cartel would need to accomplish if they were going to be successful in raising price above the competitive level for an extended period of time.
It has been shown that some chemicals are harmful to the environment. Many of these chemicals can enhance production of crops that are needed to feed hungry.
Gina has the choice of two bonds, one that pays 5 percent interest and the other that pays 10 percent interest. Which of the following is most likely?
q1. what is the capitalized cost of expenditures of 3000000 now 50000 in months 1 through 12 100000 in months 13
The marginal private benefit (MPB) for commodity X is given by MPB = 20 – X, where X is the number of units consumed. The marginal private cost (MPC) of producing X is 2X (MPC = 2X). For each unit of X produced, the marginal external cost (MEC) of pr..
Suppose the economy is experiencing a recession and high unemployment. What would be the interpretation of how an expansionary monetary policy would address this problem?
The price of the pound of coffee in the world market is $25. What is the price of the pound of coffee in the Home market? What is the output of the local monopolist? What is the total consumption of coffee at Home? (Hint. See Figure 9-4 for the id..
During a recession the manager for Best Buys wants to increase sales volumes of both flat screen TVs and DVD players to help that department reach its sales goal; How could the manager achieve the sales goals for these two products and how would that..
Assume there is a drought that destroys a large portion of the tobacco crop. Explain what happen in the marketplace for tobacco.
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