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1. Betty can make either "3 bottles of wine and 0 boxes of chocolates" or "0 bottles of wine and 48 boxes of chocolates" or a combination of wine and chocolates. To answer parts(a) through (c) of this question assume that Betty's Production Possibility Frontier (PPF) reflects the property of constant opportunity costs. a.Draw Betty's PPF. b. Find Betty's opportunity cost of a bottle of wine in terms of box(es) of chocolates. c. Suppose Betty takes a course called WINE 103. After the semester is over she realizes that she can now make either "12 bottles of wine and 0 boxes of chocolates" or "0 bottles of wine and 48 boxes of chocolates" or a combination of wine and chocolates. Find Betty's new opportunity cost of a box of chocolate in terms of bottle(s) of wine. 2. Find the equilibrium price (P), quantity (Q), and revenue in a market characterized by the following equations:Q = 200 - 5P [demand]Q = 5P [supply] 3. The owner of a soccer team and local stadium has commissioned a study that showed the demand by fans for stadium seats (per playing date) to beP = 22 - 0.2Qwhere P is the price of a ticket and Q represents the number of seats (expressed in thousands).The local stadium seats a maximum of 50,000 per game. Assume that all seats are identical. The current price has been set at $10 per ticket. How much revenue does the owner make at this current price?
The manager of the aerospace division of central Aeronautics has estimated the price it can charge for providing satellite launch services to commercial firms.Her most optimistic estimate(a price not expected to be exceeded more than 10 percent of..
Consider now that there are two qualities s1 and s2 with s2 > s1 provided by two different firms 1 and 2. The timing is the following: first firms choose their qualities, second they compete in price.
Suppose that 3 countries who form a cartel agreed to divide the oil market equally. Demand for oil is given by P=50-.1Q where P is the price of oil in dollars per barrel and Q is the Quantity in thousands of barrels per day.
A small company manufactures a certain product. Variable costs are $20 per unit and fixed costs are $10,875. The price-demand relationship for this product is P= -0.25D + 250, where P is the unit sales price of the product and D is the annual dema..
Maureen Laird is the chief financial officer for the Alva Electric Co., a major public utility in the midwest. The company has scheduled the construction of new hydroelectric plants 5, 10, and 20 years from now to meet the needs of the growing pop..
An investor in Treasury securities expects inflation to be 1.75% in Year 1, 3.45% in Year 2, and 3.95% each year thereafter. Assume that the real risk-free rate is 1.85%, and that this rate will remain constant. Three-year Treasury securities yiel..
You are planning to save for retirement over the next 30 years. To do this, you will invest $ 700 a month in a stock account and $ 300 a month in a bond account. The return of the stock account is expected to be 11 percent, and the bond account wi..
The per-unit cost of an item is its average total cost (= total cost/quantity). Suppose that a new cell phone application costs $150,000 to develop and only $0.5 per unit to deliver to each cell phone customer. What will be the per-unit cost of th..
You are given the following model that describes the economy of Hypothetica. 1)Consumption function: C=100 + .8Yd 2) Planned investment: I = 38 3) Government spending: G = 75 4) Exports: EX = 25
Given population = 500, Population 16+ and non-institutionalized = 400, People employed full or part-time = 200 People unemployed and actively seeking work = 20 People who have quit seeking work due to lack of success = 10Part-time workers seeking fu..
the new mayor has pledged to reduce air pollution and the only source of air pollution in the city are two cement
P = 800 - 0.16 If the goal of the transit authority was to maximize total revenues, what is the new price it should set Also, what would the total revenue raised in this new price scheme
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