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Ernie and Burt both make pizzas for a living. Making a pizza consists of two tasks: making the crust and applying toppings. Ernie can make crusts at the rate of 30 crusts per hour. He can apply toppings at the rate of 15 toppings per hour. Burt can make crusts at the rate of 15 crusts per hour. He can apply toppings at the rate of 30 toppings per hour. After years of operating separate, one-man shops, they realize they can produce more efficiently by combining operations and dividing the tasks between them. How many more pizzas per hour can they make if they work together and allocate tasks efficiently than they made when they worked separately?
Take a look at the last word in this chapter. What explains why millions of economic resources tend to get arranged logically and productively rather than haphazardly and unproductively.What is the invisible hand and what is the significance?
Assume a natural monopoly with total costs C=500 20Q. Market demand is Q=100-P. a) Suppose that average cost pricing is employed. Find price, output, and the deadweight loss. b) Now consider two-part pricing.
PRESTO Products, Inc, manufactures small electrical appliances and has recently introduced an innovative new dessert maker for frozen yogurt and tofu that has the clear potential to offset the weak pricing and and sluggish volume growth experience..
Normal people are willing to pay $250, and their desire to purchase does not vary with time. Ignore the time value of money and compute the optimal pricing scheme of the iPhone. Assume that there are equal numbers of each customer type, and that t..
5 150 300 6 150 390 Refer to the above data. If the product price is $95 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss How much will the profit or loss be Show all ca..
Elaborate on how MNCs as driver to world trade; try to relate with some trade theories; bring in FDI, vertical integration and others to relate with Global Value Chains created by MNCs
Dayan's Doorstops, Inc. (DD) is a monopolist in the doorstop industry. Its cost is C = 100 - 5Q + Q2, and demand is P = 55 - 2Q. a. What price should DD set to maximize profit? What output does the firm produce
a. Graph the demand and supply curves. What is the equilibrium price and quantity in this market b. If the actual price in this market were ABOVE equilibrium price, what would drive the price toward the equilibrium
Based on long years of experience, an instructor in the principles of economics has determined that in her class the probability distribution of X, the number of students absent on Mondays, is as follows: X: 0 1 2 3 4 5 6 7F(x)0.005 0.025 0.310 0.3..
A girl with a current wealth of Rs 50,000 who faces the prospect of a 25% chance of losing her Rs 26,000 jewellary.suppose her Von newmann-Morgensterm utility index is U(W)= ln(W).
What are the limitations of a linear probability model?
Suppose you are hired by the Martin guitar company as an economic consultant. You estimate the demand for Martin guitars to be Q = 9,000 - 6P.a) Suppose the supply of Martin Guitars is given by Q = -3000 +9P.
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