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The owner-manager of Good Guys Enterprises obtains utility from income (profit) and from having the firm behave in a socially conscious manner, such as making charitable contributions or civic expenditures. Can you set up the problem and derive the optimization conditions if the owner-manager wishes to obtain a specific level of utility at the lowest possible cost? Do these conditions differ from the utility maximizing conditions?
Chips and salsa are often consumed together. Suppose you go to the store and find that the price of salsa has increased. a. Using supply and demand curves, demonstrate the likely effect of this increase in the price of salsa on the equilibrium price ..
Describe an example of consumer's causing a product to succeed or fail based on their purchases or lack thereof.
Izaak likes to eat pizza and to fish. The more fishing he does the happier he is, up to 8 hours a day. If he fishes longer than 8 hours he gets a sore back and is less happy than if he hadn’t fished at all. For y less than or equal to 8, his utility ..
Suppose the firm's profit maximization problem is to choose the labor input N so at to maximize: π = zF(K,N) – wN, where the firm's production technology is given by Y = zF(K, N) = zK^α*N*(1-α) , and 0
Suppose that the insurance company would set the premium by imposing a zero profit restriction. That is, the premium would be set to be (1+L)EB, where L is the loading factor and EB is the expected benefit. Let us assume that L = 20%. Calculate the p..
For a competitive market-a seller can always increase her profit by raising the price of her product. if a seller charges more than the going price, buyers will go elsewhere to make their purchases.
Suppose the tax rate is 10% on the first $20,000 of taxable income, then 25% on the next $30,000, then 50% on all taxable income above $50,000. The government also provides a $4,000 exemption per family member. Compare the average tax rates for Ben’s..
Which of these two strategies do you think would have the greatest impact on sales volume. Explain
q1. select two products or services with which you are familiar - one produced in the u.s. and the other produced in
You operate your own small building company and have decided to bid on a government contract to build a pedestrian walkway in a national park during the coming winter. The walkway is to be of standard government design and should involve no unexpecte..
draw a supply and demand graph to illustrate the consumer surplus that occurs when the market is in equilibrium
Consider a competitive industry with a large number of firms, all of which have identical cost functions c(y) = y^2+ 1 for y > 0 and c(0) = 0. Suppose that initially the demand curve for this industry is given by D(p) = 52 − p. What is the supply cur..
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