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The student chapter of the American Society of Mechanical Engineers is planning a six-day trip to the national conference in Albany, NY. For transportation, the group will rent a car from either the State Tech Motor Pool or a local car dealer. The Motor Pool charges $0.37 per mile, has no daily fee, and pays for the gas. The local car dealer charges $32 per day and $0.21 per mile, but the group must pay for the gas. The car ’s fuel rating is 21 miles per gallon, and the price of gas is estimated to be $2.08 per gallon. at what point in miles, is the cost of both equal. in other words find the break even point in miles
Two clinics want to merge. The price elasticity of demand is -0.20, and each clinic has fixed costs of $60,000. One clinic has a volume of 7,200, marginal costs of $60, and a market share of 2 percent. What are the total costs, revenues, and profits ..
Assume a monopolist does not practice price discrimination. Which of the following must be true for a monopolist at an output level where price (P) is equal to marginal cost (MC)?
Can these equations be reliably estimated using OLS? Explain. Solve for the reduced-form equations of this model.
Prepare a recommendation for each company. Should your recommendations be the same for both companies
What is the expected return of migrating to the city? Show your work. Determine whether the individual should migrate to the city or not. Show the criteria used in making his decision.
What is the formula for total costs of a particular service or system? Relate this formula to the management of medical systems, providing at least two specific examples of applications
Which of the following best describes the relationship between productivity and standard of living?
A subsidy on exports is, in a sense, the opposite of a tariff on imports. If a tariff lowers efficiency, would you expect a subsidy to increase efficiency or lower it? How do tariffs and subsidies compare in the way they distort trade according to co..
Think about the demand for the three popular game consoles: XBox, PS3, and Wii. In each of the scenarios below, briefly describe the effect on (a) the demand for XBox games and (b) the quantity of XBox games demanded
Assume a firm in a perfectly competitive market has the short-run total cost function TC = 100 + 160Q + 3Q2. If the market price is $196, what should it do?
Consider Solow's model when the production function is Y = 1000K0.3L0.7. The population growth rate is 2%, ? = 0.1 is the depreciation rate and s = 0.25 is the savings rate. Compute how much more output there is in this economy immediately thanks to ..
Under what conditions has the Court ruled that restrictions of commercial speech were constitutional? What is the Court’s four-prong test?
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