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Consider that you own a construction company and you need to make a decision on how many homes to build in a new residential area. It is estimates that there is a 20 percent chance of a recession, a 60 percent chance the economy will remain as it is, and a 20 percent chance there will be an economic upturn. If a recession hits, your inverse demand curve for new homes will be P = 105,000 - 4Q. If things remain as they are, your inverse demand curve will be P = 115,000 - 3Q. If economic growth occurs, your inverse demand curve will be P = 130,000 - 2Q. Your cost function in all three scenarios is C(Q) = 80,000 + 1.8Q + 0.5Q2 (MC = 1.8 + Q). If you are risk neutral, how many homes will you start?
Mr. Diamond expects to invest $1000 per year for each of the next 20 years in an investment plan that pays 10% per year, compounded annually. At the end of the 20th year, he expects to withdraw the balance in his investment plan and deposit it in a s..
In Japan, potential GDP is 600 trillion yen (¥) and the table below shows Japan’s aggregate demand and short-run aggregate supply schedule. Draw a graph of the aggregate demand curve and the short-run aggregate supply curve. What is the short-run equ..
Is the client’s refusal to procure an audit of Internal Controls over Financial Reporting in violation of Sarbanes-Oxley? Why or why not?
Labor-intensive firms, mainly in the apparel and footwear industries, choose to outsource production to countries where labor is abundant (primarily Southeast Asia and the Caribbean). However, those firms do not integrate with their suppliers there. ..
When a worker announces that she plans to quit, say next month, the threat of being fired is generally not credible. The worker may find it in her interest to shirk. What can a manager do to overcome this problem?
determined the point price elasticity of demand at P=$3. What is the new point price elasticity if price is raised to P=$4.50? Comment on the change in elasticity
You are manager of BlackSpot Computers, which competed directly with Condensed Computers to sell high-powered computers to businesses. From the two businesses' prospective, the two products are indistinguishable.
The Marriott hotel chain typically charges 20% more for rooms Sunday-Thursday night than they do on weekend in “downtown” urban business markets. What type of pricing strategy does this describe and why is this strategy effective? EXPLAIN.
Assume that grapefruit is an inferior good. Draw a perfectly competitive market for grapefruit and a firm selling grapefruit in the long run equilibrium where price is $1 and the firm’s equilibrium quantity is 50. Explain the following situations gra..
Suppose the market demand function is given by: Q=100-2P, where Q: total quantity, P: market price. And in this market there are two firms with MC=AV= $10. Find each of the following: Collusion quantity, profit from collusion?
Economists look at the differences between the short run and the long run in macroeconomics. Explain how might knowing this affect you as the manager of a large firm.
When demand is elastic, the____________effect dominates the_________effect. When demand is inelastic, the___________effect dominates the_____________effect. When a change in price causes a change in quantity demanded, total revenue always moves in th..
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