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Consider the following demand schedule. Does it apply to a perfectly competitive firm? Compute marginal and average revenue.
Price Quantity Price Quantity$100 1 $70 5$ 95 2 $55 6$ 88 3 $40 7$ 80 4 $22 8
a)Suppose the marginal cost of producing the good in is a constant $10 per unit of output. What quantity of output will the firm produce?
Consider the following sets of investment projects, each of which has a three-year investment life: Period Project Cash Flow n A B C D 0 -5,000 -2,000 4,500 -3,500 1 5,800 -4,400 -6,000 1,000 2 12,400 7,000 2,000 5,0003 8,200 3,000 4,000 6,000
A bulldozer can be purchased for $380,000 and used for 6 years, when its salvage value is 15% of the first cost. Alternatively, it can be leased for $60,000 a year. Remember that lease payments occur at the start of the year.
Assume that the country possesses 50,000 units of capital and 25,000 units of labor. What is Y What is labor productivity computed from the per-worker production function Is this value the same as labor productivity computed from the original prod..
Among many macroeconomic problems of Pakistan, trade deficit is one of the major problems. The policy of devaluation of Pakistani rupee is usually adopted to reduce this trade deficit. Our currency depreciated from Rs. 24.84 per dollar to Rs. 85.5..
Robinson Crusoe can either fish (F) at a rate of 1 caught per 2 hours or pick Coconuts (C) at a rate of 1 picked per hour. He has 12 hours per day available for either activity. Describe his production possibilities.
Jen left a job paying $60,000 per year to start her own florist shop in a building she owns. The market value of the building is $150,000. She pays $40,000 per year for flowers and other supplies, and has a bank account
Illustrate the consumer's opportunity set in a carefully labeled diagram. Show how the consumer's opportunity set changes when the price of good X increases to $10. How does this change alter the market rate of substitution between goods X and Y
For a particular good that is monopolized, the monopolist faces the following demand and cost conditions: P= 12 - 2 qd MR= 12-4qd MC= 2 q a) What price will the firm charge its customers b) Will the firm earn positive economic profits
Water damage from flooding related to hurricane Sandy in two northeastern Cities resulted in damages estimated at $216 million. As a result of the claimant payouts, insurance companies raised homeowners' insurance rates by an average of $118 per y..
Find the optimum commodity purchases for a consumer whose utility function and budget constraints are U=(x^1.5)(y) and 3x+4y=100 respectively. a. Show that the first-order conditions for a constrained utility maximum.
At the profit maximizing outputrate, what are the monopolist's average total cost and averagerevenue At the profit maximizing outputrate, what are the monopolist's total cost and total revenue What is the maximum profit
Suppose the market demand curve for a product is given by: Qd = 500 - 15P + 20I and the market supply schedule is: Qd = -25 + 10P + 10K. The initial values are I = 10, K = 5. a) What are the equilibrium price and quantity in this market
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