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Suppose all firms in an industry have "competent" managers and earn zero economic profit. The manager of one of the firms suddenly leaves and the firm finds that only incompetent applicants respond when the position is advertised at the original salary of $50,000/yr (which is the going rate for competent managers in this industry).Under an incompetent manager paid this salary, the firm will experience an economic loss of $20,000/yr. At what salary would it make sense for this firm to hire an incompetent manager?
Suppose a manufactrer estimates its marginal cost at $1,00 per pack, its own price elasticity at -2, and sets its price at $2,00. Average total cost per pack are expected to raise by $.60. What effect will this have on its optimal price
c) Compute the elasticity of supply with respect to technology. d) Compute the elasticity of supply with respect to wage rate. e) Based on the elasticity of supply with respect to wages, what would happen to supply if the average wage increased fro..
John runs the only carwash in town; he is a monopolist. John estimates his daily demand for carwashes is given by the expression Q = 100?4P, where Q is the number of carwashes drivers will purchase at price P. It costs John $5 in electricity, soap..
Suppose that the CAPM is a good model of risk in the stock market. Suppose also that the average excess return on stocks is 10% and that the risk free interest rate is 1%. What would you expect to be the return to stocks with each of the following..
How is the discount rate different from the federal funds rate?
The total costs for Morris Industries are summarized in the following table. Based on this information, fill in the missing entries in the table for fixed cost, variable cost, average fixed cost, average variable cost, average total cost, and marg..
anderson county has 35 older-model school buses that will be salvaged for $5,000 each. these buses cost $144,000 per year for fuel and maintenance. now the county will purchase 35 new school buses for $ 40,000 each.
if the cost basis for a macrs 5-year property is $100000 and the equipment is sold for $20000 after 5 years of beneficial use, what will be the depreciation charges the 1st and 5th years and the book value at the end of the 5th year
Discuss these results, the bonus plan for management, and loan considerations. Identify the company that is a better loan risk and explain why.
There are 300 purely competetive farms in the local dairy market. Of the 300 dairy farms, 298 have a cost structure that generates profits of $24 for every $300 invested.
Suppose that after the fee was imposed, the time of the average trip in central London fell from 40 minutes to 30 minutes. (Note: The travel time will not change by as much as the average speed because the average speed.
Consider the following setup for problems #16-#20: C = 1000 + 0.7(Y - T), I = 400, NX = 300 - 0.2Y, G = 10001.) What are the marginal propensities to consume and to import, respectively 2.) Suppose taxes are 1000, then what is the level of equilibriu..
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