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As part of the California High Speed Rail System, the Caltrain tracks from SJ toSF will be upgraded to support modestly higher speeds. A key question is whatspeed should they be upgraded to. The current speed (80 mph) is unacceptablyslow, but the top speed of the trains (220 mph) may not be appropriate for adense urban/suburban area. Suppose that train ridership isP= 100S, wherePis total daily ridership (passengers) andSis the speed that the train will runat (mph). Suppose that operating at speed S costsC= 100S+ 5S2(note that this cost is independent of the number of passengers that ride). Further supposethat each passenger that rides has a willingness to pay equal to the train fareand that each passenger saves other highway commuters $5 in congestion costsand reduces pollution externalities by $1. Finally, suppose that higher speedscreate more noise for houses located next to the tracks, and that the total cost of this noise isN= $S2.
Now suppose that the state instructs Caltrain to also take into account all costs and benefits when choosing the optimal value ofS. What are the marginal benefits and marginal costs as functions ofS? What value of S will Caltrain choose?
The cost of the grapes may be as much as 60% of total production costs but varies greatly from lower-quality inexpensive wines to the highest quality wines.
Using the same production function as in question 4 {ie: q = (K^1/2 + L^1/2)^2} suppose that the firm is now operating in the long-run. Solve for the long-run cost function (i.e. total costs as a function of input prices and output).
Long-run real interest rates are expected to increase. An accountant and an MBA student (who just finished his course of Managerial Economics) where interviewed regarding the effect on the firm they both work at. Keeping all else constant, their answ..
Show each of the following events on a bank’s T-account:
The market for pizza is characterized by a downward-sloping demand curve and an upward-sloping supply curve.
The firm increases its entire size until it makes 30,000 units a week. What would total cost be if the firm faces constant returns to scale?
According to the Libertarians, how do the Democrats & Republicans differ?
Suppose two firms are competing in prices (Bertrand) in an industry where demand is p=200-4Q. If both firms have MC=120, what is the equilibrium quantity for each firm? Profits? Suppose one firm has MC=120 and one has MC=100. Approximately how much p..
Which country has the largest growth rate? Would you live in the country with the highest growth rate? Why or why not? Be specific.
Find the five number summary, Range, and interquartile range, and midrange for the data: 52,27,36,69,43,59,40,70,32
Suppose that the market for polo shirts is a competitive market. The following graph shows the daily cost curves of a firm operating in this market.
Franklin Templeton has just invested $9,860 for his son (age one). This money will be used for his son’s education 20 years from now. He calculates that he will need $31,603 by the time the boy goes to school. What rate of return will Mr. Templeton n..
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