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A decision maker wishedto maximize total benefit, B=3x+xy+y, subject to the cost of constraint, C=4x+2y=70. Set upthe Lagrangian and then determine the values of x and y at the maximum level of benefit,given the constraint. What are the maximum benefits?
The sales tax rate applied to all purchases within a state was 0.04 (4 percent) throughout 2006 but increased to 0.05 (5 percent) during all of 2007. The state government collected all taxes due, but its tax revenues were equal to $40 million each..
U.S. Trucking pays its drivers $40,000 per year, while American Trucking pays its drivers $38,000 per year. For both firms, truck drivers average 240,000 miles per year. For simplicity, assume both firms require driving 60 million miles each year.
Recent trends in teen smoking are considered tobe positive by those who advocate for a reduction in teen smoking. The decline is attributed to government policy that restricts advertising that targeted children, for example the Jo Camel ads and bi..
Qx= 1100-30Px-40Py+30Pz+.025M, where M is income and Py and Pz are the prices of related goods. Py=$15, Pz=$50, and M=$40,000. Now assume Px=$60, and income is still $40,000. What is the price elasticity of demand
Suppose you are a manager of a firm that produces products X, Y and Z. You know that there are two different types of consumers, type 1 and type 2, who value your products differently. You also know that there 10,000 type1 consumers and 50,000 typ..
Suppose that Mensa Inc. is a representative firm operating in a perfectly competitive industry. Mensa's total cost of production, TC, is given by the equation TC = 5,000 +5q2, where q is Mensa's output. How much profit does Mensa make at that outpu..
you are asked to decided between two projects based on annual equivalent worth A B -$10,000 -$12,000 $6,000 $7,000 $5,000 $8,000 $4,000 a) what assumption do you need to make in comparing these mutually exclusive revenue projects
Last month Jones Hat Company sold 100 hats at $10 each. This month it raised the price of hats to $11 and sold 101 hats. This result indicates that another factor, such as income, changed, shifting the demand curve for hats to the right.
Consider a worker who is paid a wage of $20 per hour. The worker has a disutility h^2 of working h hours. Assume that the worker faces a tax rate t. Thus, his net (after-tax wage rate is $20 (1 - t)). How many hours will the worker work if his obje..
Suppose a firm's short-run total product schedule is given in the table below. It sells its output in a competitive market for $1.50 per unit. Labor Total Product Marginal Product Marginal Revenue Product 0 0 1 8 2 18 3 29 4 39 5 47 6 52 7 53 8 53
Suppose that Glitter Gulch, a gold mining firm, increased its sales revenues on newly mined gold from $75 million to $150 million between one year and the next. Assuming that the price of gold increased by 100 percent over the same period.
The first provides foundation and structural details so that two additional stories can be added to the required initial two stories at a later date and without modifications to the original structure. by what time would the additional two stories ..
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