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Rocky bought a used car four years ago for $4,590.00 cash (Rocky did not take out a car loan). Currently the car is valued at &2,227.00. This year Rocky drove his car 9,999 miles. He paid $977.12 for his annual insurance and $101.00 for the car's registration. Annual variable costs this year included $1,449.13 for gas, $38.19 for oil and filters, and $440.64 for a brake repair. Calculate the car's depreciation and this year's cost per mile.
A monopolist has demand curve given by P = 100 –Q. The total cost is given by TC = 16 + Q2. Find the monopolist’s profit maximizing quantity and price. How much economic profit does the monopolist make? If this was a perfectly competitive firm, what ..
Consider Bertrand competition but with differentiated products. The products are Mishka’s coffee and Temple coffee. The demand for Mishka’s coffee is given by qM = 12 − 2pM + pT where pM is the own price of coffee and pT is Temple’s price of coffee.
profits associated with polluting for friedman inc. are pi 40q - 2q2 where q pollution emitted in tons and profits
Assume that safety in the workplace is costly to provide for a manufacturing firm. Draw an isoprofit curve map for the firm with the wage rate on the vertical axis and risk of injury on the horizontal axis. Explain why the graph looks as you have dra..
There are two identical firms in this economy with constant marginal costs equal to 1 and no fixed costs. Assume that firms set prices and follow a Bertrand model to do so.
Assume that Robert is willing to work for 40 hours per week no matter what is the wage rate, so his labor supply curve is vertical at 40 hours. The demand curve for Robert is given by the equation: What is Robert’s equilibrium wage rate and hours wor..
A bank currently has $70,000 in deposits, $6,000 in cash in the vault, $12,000 on deposit with the Fed, and $7,000 in government securities. The required reserve ratio is 20 percent. What is the maximum amount the money supply can increase, assuming ..
Suppose you have the following regression equation where SALES = 100s of cars sold per month, PRICE = average actual price paid by customer for car purchases in month, ADV = monthly advertising expenses, SEPT = dummy variable with value 1 for Sept an..
Many economists specializing in "growth theory" contend that developing countries may achieve strong economic growth by increasing the amount of capital and labor available for production, but that this type of growth strategy is incapable of support..
Using the Internet, library and/or other resources, research and briefly elucidate methods currently being used to encourage economic growth for the typical firm in Hong Kong and for the typical firm in Singapore.
To achieve gains from specialization: a. country A should export rubber bands to country B and import country B’s paper clips. b. country A should export paper clips to country B and import country B’s rubber bands. c. country A should produce both r..
George and John, stranded on an island, use clamshells for money. Last year George caught 300 fish and 5 wild boars. John grew 100 bunches of bananas. In the two-person economy that George and John set up, fish sell for 3 clamshells each, boars sell ..
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