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Suppose that a color-blind consumer, has $80 to spend on either pink or lime-green sweaters. He does not care what color he weards but deems it very important to buy as many sweaters as possible with $80. Pink sweaters cost $40 each and lime- green ones cost $20 each.
a) Draw hisbudget line and indifference map. What is his optimal consumption choice?
b) A sale on pink sweaters begins: if a cunsumer buys two pink sweaters at the regular price, he or she can get two additonal pink sweaters free. Two pink sweaters must be purchased to get the deal. Otherwise prices are unchanged. With the sale, depict the color-blind customers new budget line and preferred consumption point.
Suppose that individual demand for a product is given by QD = 1000 - 5P. Marginal revenue is MR = 200 - 0.4Q, and marginal cost is constant at $20. There are no fixed cost. A. The firm is considering a quantity discount. The $120, and further units..
The mean annual income for people in a certain city (in thousands of dollars) is 38, with a standard deviation of 31. A pollster draws a sample of 43 people to interview. Find the 68th percentile of the sample mean.A certain car model has a mean..
Suppose a monopolist faces the following demand curve: P = 596 - 6Q. Marginal cost of production is constant and equal to $20, and there are no fixed costs. a) What is the monopolist's profit-maximizing level of output? MR = (P-MC)*Q MR = (596 - 6Q -..
Suppose banks are required by law to hold 5% of their deposits in reserves and total deposits are $100 million, but banks choose to hold a total of 20% of their deposits in reserves because loans are riskier and potentially unprofitable. Calculate..
A retail store faces a demand equation for Roller Blades given by: Q= 180-1.5P where Q is the number of pairs sold per month and P is the price per pair in dollars. a. The store currently charges P =$80 per pair. At this price, determine the number..
What is the annual equivalent value of a geometrically increasing series of payments which has first-year base of $30,000 increasing by 8% per year for 10 years with an interest rate of 12% compounded monthly
Suppose that you can work anywhere from 0 to 24 hours per day at a wage of $1 per hour. You are subject to a tax of 50% on all income over $5 per day (the first $5 is untaxed). You elect to work 10 hours per day.
Suppose that annual output in year 1 in a 3-good economy is 3 quarts of ice cream, 1 bottle of shampoo, and 3 jars of peanut butter. In year 2, the output mix changes to 5 quarts of ice cream, 2 bottles of shampoo, and 2 jars of peanut butter.
a. Raw sugar prices rose by 3% and raw sugar consumption declined by 2%. b. A 10% increase in the price of cigarettes reduce smoking among 8th to 10th graders by 10%. c. The price of luxury cars increases by 4% while the quantity demanded decreases b..
A car rental agency is considering a modification in its oil change procedure. currently, it uses a type X filter, which cost $5and must be changed every 7,000 miles along with oil (5 quarts.) Between each oil change , one quart of oil must be add..
Suppose a monopolist faces the following demand curve: P = 90 - 2Q. Marginal cost of production is constant and equal to $10, and there are no fixed costs. A) What is the monopolist's profit maximizing level of output
A manufacturer wishes to produce 1,000 metal frames. A setup time of 5 hours is required at the beginning of each batch of 20 frames. Find the setup time per frame in HOURS. hours Find the total setup time to produce the quantity needed.
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