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Given a numeric production schedule, you will calculate profit and make decisions about short-run profitability to answer questions relating to your calculations. Jerry's Lock Shop is a perfectly competitive firm, and Jerry is operating at his level of output, which maximizes profit. He can change locks for 20 different customers per day and charges each customer $35 for each lock. His total cost of changing locks is $800 and his fixed cost is $160.Answer the following questions. For each question, show the formula and the calculation as well as the final answer.a. What is Jerry's marginal cost? Explain how you arrived at that answer.b. Calculate Jerry's profit.c. Advise Jerry regarding his short-run decision to produce. d. Advise Jerry regarding his long-run decision to produce.
Use the rule for determining optimal purchases to decide how many hours you should study each subject. Treat each point on an exam as 1 unit of utility and assume that you consider an extra point on an economics exam to have the same value as an e..
If you used the uncompensated demand curve to calculate the change in consumer surplus, would your calculation be too high or too low?I. Provide a graph showing the initial outcome, the outcome after price change, the income effect, the substituti..
Ajax, Inc. is a monopolist. The estimated demand function for its product is Qd = 120 - 0.8P + 12Y + 4A Where Qd denotes quantity demanded, P denotes price, Y denotes personal income (in thousands of dollars), and A denotes advertising expenditures
Compute the discount factor 1/(1+r)^t for r=1, 5, or 10 perent interest rates and t=30 and 50 years. remember that 1 percent is .01. based on your computation, is teh choice of discount factor important for deciding whether to do somehtinga bout..
In each case, draw a budget line that shows her available choices, and indicate her best choice by adding indifference curves. Assume that Jane only cares about the number of peanuts, and not about the size of the bag.
What combination of the two goods below allows you to maximize your utility with a budget constraint of $14? Show how you arrived at your conclusion in the space provided below. Place your final answers on the lines at the bottom of this page. ..
The new mayor has pledged to reduce air pollution, and the only source of air pollution in the city are two cement plants, plant A and plant B. 25 years ago, when plant A was constructed, the cement production techn..
What is the own price elasticity of demand when Px = $154? Is demand elastic or inelastic at this price? What would happen to the firm's revenue if it decided to charge a price below $154.What is the cross-price elasticity of demand between good X ..
Growth Fertilizer purchases a gravity settling tank by borrowing the $50,000 purchase price. The loan is to be repaid with four equal annual payments at an annual compound rate of 15%. It is anticipated that the tank will be used for 9 years and t..
one of five risk-neutral bidders participating in an independent private values auction. Each bidder perceives that all other bidders' valuations for the item are evenly distributed between $50,000 and $80,000.
Define inflation. Assume that you live in a simple economy in which only three goods are produced and traded: fish, fruit, and meat. Suppose that on January 1, 2007, fish sold for $2.50 per pound, meat was $3.00 per pound, and fruit was $1.50 per ..
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 ..
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