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Your local dry cleaner, Bleached Brite, is willing to launder shirts at its cost of $1.00 per shirt. The neighbourhood demand for this service is P = 5-0.005Q.
(a) Illustrate and compute the market equilibrium.
(b) Suppose that, for each shirt, Bleached Brite emits chemicals into the local environment that cause $0.25 damage per shirt.
This means the full cost of each shirt is $1.25. Calculate the socially optimal number of shirts to be cleaned.
Suppose the price of a Cup O' Soup now rises to $2. Using your diagram from part (a), show the consequences of this change in price. Assume that our student now spends only 30 percent of his income on dining hall meals. Label the new optimum as po..
You are attending the yearly shareholder's meeting of PIC firm. A fellow stockholder points out that manager of PIC received $100,000 last year, while the manager of a rival company, CUP Enterprises, earned only $50,000.
Venus Computer can produce 23,000 personal computersa year on its daytime shift. The fixed manufacturing costs per yearare $2million and the total labor cost is $9,109,000. To increaseits production to 46,000 computers per year
If a random sample of 400 customers is selected, what is the probability of Type I error using this decision rule?
There is a belief that a person's performance on the GMAT (entrance exam to get into graduate school) can be predicted by their undergraduate GPA. Based on regression analysis what are the following values, (Round to three decimal places; put it ..
the table below sets out some data for country x in 2007.nbspnbspnbspnbspnbspnbspnbspnbsp item nbsp nbsp nbsp nbsp
XYZ Corporation is a manufacturer of widgets. Over the past several months, it has been selling its widgets for $100 each and unit sales have averaged 5,000 units per month. This month its competitor, ABC, Inc. raised the price of its widgets from..
Ralph wants to buy some milk and a box of cereal. If Ralph buys 4 gallons of milk at $3.00 per gallon, the box of cereal costs $2.00. If he buys 5 gallons of milk, the box of cereal is free. For Ralph, the marginal cost of buying a fifth gallon of..
Suppose GM reduces all of its existing workers from a 50 hour work week to a 40 hour work week but does not lay anyone off or hire anyone new. How will the unemployment rate change as a result
What types of strategies and actions could the board of directors initiate which could have changed the outcome?
Suppose a firm's inverse demand curve is given by P = 120 - 0.5Q and its cost equation is C = 420 + 60Q + Q2a. Find the firm's optimal quantity (Q), price, and profit (1) by using the profit and marginal profit
If the price falls to $2.50, how does the quantity demanded changes? What would be his consumer surplus then? Explain with the help of diagram.
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