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J&E Fine Wines recently purchased a new grape press for $150,000. The annual operating and maintenance costs for the press are estimated to be $7500 the first year. These costs are expected to increase by $2200 each year after the first. The salvage value is expected to decrease by $25,000 each yearto a value of zero. Using an interest rate of 8%, determine the economic life of the press.
Use internet or printed publications to identify example of Increase in Demand.
Explain the economics of the taxi medallion system. This is discussed in the text and in numerous places on the web. Why did cities start the medallion system? Do you think it is a good idea? Explain the economics of the ride-sharing firms such as Ub..
Consider an auction with 1,000 risk-neutral bidders. It is know that these bidders have affiliated values. Based on this information we know the expected revenues for the different auction types will be
The market demand curve is Q = 38 P. There are two Örms: Örm 1 and Örm 2. One Örm has MC = 2 and the other MC = 5. They choose outputs simultaneously (the Cournot model). (a) Find an equation for 1ís reaction curve. (b) Find an equation for 2ís react..
Think of another good that you have purchased recently Be specific (e.g. is it breakfast cereal in general or Cheerio’s cereal specifically). If the price of this item increases, how would this affect the quantity of the good that you consume? Would ..
Assume that you have deposited some amount of money last year and the nominal interest rate was 10 percent. After one year, you learn that you have $1,595 in your account. How much money did you deposit initially?
Suppose the marginal social cost of providing health care to a person is given by the equation 20+4Q. An individual’s marginal benefit of health care is 300-Q. This individual has an insurance policy that stipulates that the person will pay 25% coins..
Define Absolute convergence in the Solow Growth Model. Define Conditional Convergence in the Solow Model.
Both the buyers and sellers of good x, and the distribution of the benefits will be dependent on the elasticity of demand and the elasticity of supply.
Assume that the inverse demand function for a two period depletable resource is P =24 – 0.2q and the constant marginal cost of supplying it is $6 (a = 24, b = 0.2, c = 6). What would be the efficient price in the two periods? What would be the margin..
What are the main factors that determine exchange rates? Why are exchange rates so volatile?
Suppose there are two types of people who need health insurance; high-risk and low-risk consumers. High-risk consumers have a relatively high probability of needing expensive medical care and on average incur $2,000 of medical expenses per year. If a..
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