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A firm is currently producing 80 units of output. At this level of output produced, P = 150 and ATC = 120. Also asume that MC = 130 and MR is constant at all output levels and equal to 150.
a. Is this firm making profits? If so, what are these profits?
b. Is this firm maximizing profits? WHY?
c. If your answer to part b was NO, what would you recommend this firm do to maximize profits? Why?
A machine costs $20,000 and has a 5 year useful life. At the end of the 5 years, it can be sold for $4,000. If annual interest is 8%, compounded semi annually, what is the equivalent uniform annual cost of the machine?
Elucidate how much consumer surplus would be created by randomly assigning buyer to sellers. Which method gives the larger surplus.
The demand and supply curves in the market for college education determine the equilibrium price and quantity of education. Assume the student for college education is given by Dstu = P = 9500 – 500Q and the cost to society to of providing a college ..
Describe the growth of the economic role of the federal government since the 1930s. Give two examples of public goods or services that you use. If you could order a cut of $100 billion in federal spending, which programs would you cut and why would y..
Consider a MONOPOLIST that is currently maximizing profits. At the current output level the average variable cost is $18, total revenue is $8,510, and the price is $23. If this monopolist produced nothing, its total cost in the short run would be $2,..
Assume that the pool of utilized textbooks grows further during the second year of the latest edition
Why should we learn how the american family can be affected by economics? What do you think of the European approach to encourage conservation in gasoline use by imposing very large excise taxes on gasoline? What trade barriers did US face in place d..
An ironic twist in Rawls’ Theory of Justice is that although he claims to base his theory of rights on the natural law theory of John Locke and Kant’s deontology, it turns out in the end to be a version of _______________
Explain how the raising of short-term interest rates would affect all of the following in the United States: the inflation rate, the unemployment rate, the value of the U.S. dollar, net exports, and U.S. stock markets. Include at least one well-label..
In the 1920’s, General Motors purchased its auto bodies from an independent firm, Fisher Body. GM decided to build a new plant and, in order to improve the reliability of supply and also to decrease shipping costs, GM asked Fisher Body to build a new..
Explain what types of biases arise in the different approaches to understanding consumer demand and behavior.
In a remote rural area, Lee finds an old wrecked car with no license plates along the side of the road. Looking through the car, which is unlocked, he finds a valuable diamond ring. Later, the original buyer of the ring comes forward and admits that ..
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