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1. Which of the following is the correct model for total revenue, TR?A) p(2500 - 12p) = TRB) 2500p -12p = TRC) d(2500 -12p) = TRD) 2500 - (12p)d = TR
2. Westside Bakery is considering opening a new branch in Abingdon, IL. Westside will initially sell only loaves of wheat bread. The fixed costs including building, ovens, and displays total $60,000. The variable cost for each loaf of bread is $.50. Westside figures to sell loaves of wheat bread for $2 each.What is the breakeven point?Assume that Westside estimates the demand to be 6000 loaves per month. What profit or loss is anticipated with this level of demand for the year? (Simply use 12 months to calculate the year's demand and do not include units).Selling 5000 loaves per month, what is the minimum price per loaf that Westside must charge in order to breakeven for the year?At a price of $2.50, what is the anticipated profit for the year, given a demand of 6000 loaves per month?
3. Bob buys a new machine that produces widgets. With this machine, only 2% of widgets produced are defective. We randomly select two widgets that have been produced by the machine.How many experimental outcomes yield 2 defects?What is the P(no defects)?What is the P(one defect)?What is the P(two defects)? (Do not round for this problem)Say we chose three widgets instead of two widgets, how many experimental outcomes would produce exactly one defect?
Illustrate the difference among dollarization, a currency board, and a fixed exchange rate regime. Do you know of any countries that have recently adopted dollarization.
What government officials increase the price of parking ticket from $40 to $50; they are surprised that their revenue actually falls. What happened?
Compute the coefficient of price elasticity for the price ranges given in the schedule and complete the first column of the table. What do you notice about the algebraic sign of the values you have just computed? Why is this so?
According to the Heckscher-Ohlin theorem, is Russia capital abundant or labor abundant? Briefly explain. What is the impact of opening trade on the real wage in Russia? Briefly explain.
Illustrate what are the major macroeconomic goals of all societies.
This exercise is an illness which has caused three capable observable things to happen. What are they?
Suppose there is a market for an industrial compound, Weon. This industrial compound is used as an input for the production of cleaning agents.
Determine the conditions of perfect competition. Name each and describe with an example how the real markets can violate one of more of these conditions.
If the required reserve ratio is 10 percent, banks keep 2 percent excess reserves, and the public keeps a 10% cash to deposit ratio, determine the money multiplier?
In Gelate, Pennsylvania, the market for compact discs has evolved as follows. There are two firms that each use a marquee to post the price they charge for compact discs.
Describe what type of foreign investments would be best for the economy's PPF. What are the opportunity costs of these decisions.
Describe a moral hazard problem your company is facing. What is the source of the asymmetric information? Suppose that every driver faces a 1% probability of an automobile accident every year. An accident will, on average, cost each driver $10,00..
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