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A competitive firm has the following cost function:
TC= 0.7Q^2 + 6Q + 15
The firm believes the market price for thier product will be $12 with probablility 0.57. Otherwise, they believe the market price for thiepr producet will be $15. Find the firms expected profit. Round the answer to one decimal.
Define the Demand Curve, and distinguish between Demand and Quantity Demanded. Define the Supply Curve, and distinguish between Supply and Quantity Supplied. Define Equilibrium in an economics context. (A statement such as “balance” is insufficient).
Describe the roles of the President and Congress in the federal budget process. What are the problems with the federal budget process? Why haven't we had a budget for 5 years? Any potential reforms? What are the 3 different budget philosophies?
Consider the utility function U = x^a + ay. a = alpha. What is the optimal combination of x and y? Solve for the indirect utility function.
In the economy of Qonos in 2067 exports were $670, GDP was $8,652, imports were $1,281, investment was $1,544 and consumption was $2,325. What was Qonos's government spending in 2067?
How much of Nm and Nw can you advise to use, how much M and W will be produced from the levels of nitrogen in (a) and determine the value marginal products of the two enterprises.
Demand shows the
Which of the following will not result in a change in demand? (a) a change in income (b) a change in the good’s own price (c) a change in the price of a substitute (d) a change in preferences
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Globalization has enriched our cultural lives and has brought a number of economic benefits. At the same time, it has also been the source of disruptions, some of them, like lost jobs, quite serious. Discuss the pros and cons of restraining globaliza..
There are two main tool of fiscal policy. What are they, and how can they be used in both expansionary, or contractionary ways? Monetary policy consists of changing the money supply, and so the intrest rate, by the Federal Reserve. There are three ma..
Suppose Janet sells papayas at a perfectly competive market in Tailand. While her average total caost reaches a minimum level of 43 her minimum average variable cost is $2. At what price will Janet reach the equilibrium level Will she sell any papaya..
Assume that the economy can experience high growth, normal growth, slow down or severe recession. Under these conditions you expect the following stock market returns for the coming year:
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