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(Joint Product Pricing) Each ton of ore mined from the ABC Mine produces 1 ounce of silver and 1 pound of lead. Marginal costs are $10 per ton of ore mined. The demand for silver is Ps = 11 - 0.00003Qs and the demand for lead is PL = 0.4 - 0.000005QL where Qs is ounces of silver and QL is pounds of lead. a. Calculate profit-maximizing sales quantities and prices for silver and lead. b. Now assume that wild speculation in the silver market has created a fivefold (or 500%) increase in silver demand. Calculate optimal sales quantities and prices for both silver and lead under these conditions.
(hint: apply the marginal principle to aggregated revenues)
What is the bank instability problem? Understand the Bryant and Diamond models of bank runs. I want you to understand the quantitative logic of the problem. Memorizing formulas is not the point here. Be able to understand how my decision about whethe..
Week 2 discussion partnership the following topic [s] will demonstrate what the discussion is about, but feel free to branch off or expand on the topics. in addition to this discussion, you will be asked to craft a 150 word reflection on what you hav..
Consider an economy with its production possibilities represented by. Suppose the economy starts with a capital stock at time t = 0 equal to 1 unit. Write down the values of gross investment, net investment, capital, consumption, and output observed ..
The short-run production function of a profit maximizer firm is given by f(L) = 6L^(2/3) , where L is the amount of labor it uses. The cost per unit of labor is w = 6 and the price per unit of output is p = 3. How many units of labor will the firm h..
Objectives regarding _____ are generally stated in terms of percentage of sales increase and market share. Which of the following statements is true about employee empowerment? As managers move up to higher levels of the organization, _____ skills ha..
Explain the changes in aggregate demand and the effects of income tax rare cuts and tax credits for businesses in 3 graphs.
Use of the term "behavioural economics" has been criticized on two accounts: redundancyand ambiguity. Briefly explain these two criticisms and determine whether they have anybearing on the merit of this line of economic study.
Alice and Betsy are playing a game in which each can play either of two strategies, leave or stay. If both play the strategy leave, then each gets a payoff of $300. If both play the strategy stay, then each gets a payoff of $600. If one plays stay an..
Are these preferences consistent with the lw of diminishing marginal utility
Many centrally-planned economics, such as the former soviet union, set price ceilings on agricultural products in an attempt to aid consumers. 1. Analyze the welfare effects of a price ceiling graphically. Assume for simplicity that the country does ..
A perfectly competitive firm is producing 75 units of output. the market price is $7 and the firm's marginal cost is $8. the firm should: In an asymmetric market for used card, which of the following could be used to avoid a thin market? In the marke..
The business cycle is measured in terms of changes in real Gross Domestic Product and is associated with changes in the unemployment rate. The financial performance of most industries is affected by the business cycle, although not equally. Consider ..
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