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Assume I sell rubber garden hoses. I sell my hoses for $10 each and expect to sell 100,000/year for the next three years. My fixed costs are $185,000 and my variable costs are expected to be $650,000, 690,000 and 750,000 in each of the next 3 years. Assume rubber hoses will be outlawed in 3 years due to water scarcity and watering regulations. My rate of interest on borrowed funds is 7.5%. What's the cash value of the firm if I want to sell it today?
Whenever the price of any of the goods increase, Richard gives a call to his rich uncle who immediately transfers funds to him so that Richard's utility remains constant. Assume the price of burritos increased by 20%, and even after Richard is com..
Suppose Eddie's demand curve for text messages is T=150-500Pt, where T stands for the number of text messages and Pt represents the price of text messages. What is Eddie's consumer surplus if Pt = $.10 per message
marginal airlines runs 10 flights per day at a total cost of $50,000, including $35,000 in fixed costs for airport fees and the reservation system and $15,000 for flight crews and food services. If an 11th flight would have 20 passengers, each pay..
Assume a firm is a monopsonist that can hire its first worker for $6 but must increase the wage rate by $3 to attract each successive worker (so that the second worker must be paid $9, the third $12, and so on).
At its current level of production, a pizza restaurant receives $20 for each pizza sold. The short-run average total cost is $10. At the price of $20, the restaurant's marginal cost curve crosses the marginal revenue curve at an output level of 10..
Linda loves buying shoes and going out to dance. Her utility function for pairs of shoes, S, and the number of times she goes dancing per month, T, is U(S,T)=5ST. It costs Linda $50 to buy a new pair of shoes, and $25 to spend an evening dancing.
you are a manager of a monopoly firm, and your demand and cost functions are given by: P=288-2Q and C(Q)=1000+2Q2, respectively. A) What price quantity combination maximizes your firm's profit B) Find the monopolist profit
In a market with annual demand Q = 100 -P there are two firms, A and B, who make identical products. Marginal costs are constant and equal 10. There are no capacity constraints. a. What is the single period cournot equilibrium
Assume that the mean hourly cost to operate a commercial airplane follows the normal distribution with a mean of $2,425 per hour and a standard deviation of $195. What is the operating cost for the lowest 4 percent of the airplanes.
Suppose that in 1984 the total output in a single-good economy was 10,000 buckets of chicken and the price of each bucket of chicken was $10. In 2005 the price per bucket of chicken was $20 and 22,000 buckets were produced.
a. What price and quantity will the monopolist produce at if the marginal cost is a constant $4 b. Calculate the deadweight loss from having the monopolist produce, rather than a perfect competitor.
Suppose that the government cuts net taxes by $10 billion. These are lump sum taxes. To keep its budget balanced at its current level, it also reduces its spending by $10 billion. Which summarizes the impact of the government's policy action on eq..
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