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A company can manufacture a product with off-the-shelf hand tools. Fixed manufacturing costs are $1200 for tools and $1.60 manufacturing cost per unit. As an alternative, an automated manufacturing system will cost $13400 with a $0.65 manufacturing cost per unit. The annual anticipated volume is 4200 units. Determine the break-even point.
To save money, they can put up with some marks and stains. The frugal students are only willing to pay a premium of $8 for a new book instead of a used book. The remaining 300 students are fastidious about their textbooks.
Suppose a monopolist faces the following demand curve: P=596-6Q. Marginal cost of production is constant and equal to $20, and there are no fixed costs. What is the monopolist's profit maximizing level of output What price will the profit maximizin..
In order to have money available for replacing their family vehicle, a couple planned to have $220,000 available in 10 years by investing. If they plan to increase their savings by 10% each year, how much must they invest in year 1 if they expect ..
The Federal Reserve has just purchased $100 million in Treasury bills from commercial banks. b. If the public holds a fixed amount of currency (so that all loans create an equal amount of deposits in the banking system), the minimum reserve ratio ..
Consider a competitive economy that has four different jobs that vary by their wage and risk level. The table below describes each of the four jobs. Job Risk ( r ) Wage ( w ) A 1/5 $3 B 1/4 $12 C 1/3 $23 D 1/2 $25 All workers are equally productiv..
Your enterprising uncle opens a sandwich shop that employs 7 people. The employees are paid $6 per hour, and a sandwich sell for $3. If your uncle is maximizing his profit, what is the value of the marginal product of the last worker he hired
Two people take turns removing stones from a pile of n stones. Each person may, on each of her turns, remove either one or two stones. The person who takes the last stone is the winner; she gets $1 from her opponent.
In a country, output is produced with labor and physical capital. The production function in per-worker terms is y=k^1/2. The depreciation rate is 2%. The investment rate (&) is determined as follows: &=0.2 if y
A monopoly produces widgets at a marginal cost of $10 per unit and zero fixed costs. It faces an inverse demand function given by P = 50 - Q. The demand elasticity of a widget at the monopoly price and quantity is what
A monopolist faces a demand curve given by: P = 220 - 3Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $40. There are no fixed costs of production.
From this information, derive Kaleem's demand schedule. Graph his demand curve for bottled water. If the price of a bottle of water is $4, how many bottles does Kaleem buy. How much consumer surplus does Kaleem get from his purchases.
What output, price, and profit levels would prevail following expiration of the company's monopoly franchise assuming that vigorous competition evolves between the local cable TV company, voIP firms, and Big Phone, Inc. Assume that a long-run perf..
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