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Should the project in Problem 10-15 be undertaken if the firm uses an expected value of present worth to evaluate engineering projects?
(a) Compute the PW for each combination of first cost and revenue and the corresponding expected worth.
(b) What are the expected first cost, expected net revenue, and corresponding present worth of the expected values?
(c ) Do the answers for (a) and (b) match? Why or why not?
A new product's sales and profits are uncertain. The marketing department has predicted that sales might be as high as 10,000 units per year with a probability of 10%. The most likely value is 7000 units annually. The pessimistic value is estimated to be 5000 units annually with a probability of 20%. Manufacturing and marketing together have estimated the most likely unit profit to be $32. The pessimistic value of $24 has a probability of 0.3, and the optimistic value of $38 has a probability of 0.2. Construct the probability distributions for sales and unit profits.
What occurs to price and quantity when supply decreases and demand is perfectly elastic. What occurs to price and quantity when supply increases and demand is perfectly inelastic.
Tracy is a marketing manager at humbert and humbert literary works. She has estimated that the likely demand for a new novel is well represented by equations Qd=10,000- 400(p) +10,000 x D + A/10. Qd is the number of books sold.
A health reform plan recommends introducing a tax of $20 per day on hospital stays. How this new tax will affect hospital supply curve? Draw a diagram to illustrate your answer.
comparing the company's cash records with the monthly bank statement reveals several additional cash transactions. Calculate the correct balance of cash?
What will be the long-run equilibrium output level of the representative firm? could you plz solve first by description and then by calculation.
The US economy is currently operating below Potential GDP. Without using someone else's estimate of Potential GDP, how would you approach calculating how much current activity is below Potential GDP? Where would you get the data for your calculation?..
Consider the strategic games described below. In each case, state how you would classify the game according to the six dimensions outlined in the text. (i) Are moves sequential or simultaneous? (ii) Is the game zero sum or not? Are cooperative agreem..
Think of a time when you purchased something in a monopoly market. For example, purchasing a soft drink at movie theater is close to being a monopoly market since consumers have little choice of an alternative supply. Discuss how this purchase fits w..
A farmer uses three inputs to produce vegetables: land, labor, and capital. The production function for the farm exhibits diminishing marginal rate of technical substitution. What happens to the cost-minimizing quantities of labor and capital for a g..
A firm purchased some equipment at a very favorable price of $30,000. The equipment purchased in an annual net savings of $1000 per year during the 8year it was. At the end of 8 years, the equipment was sold for $40,000. Assuming interest did the equ..
Write expressions for total revenue and marginal revenue as a function of the number of tickets sold and compute the profit-maximizing quantity of tickets.
The figure above represents Athina's pool supply store, a monopolistic competitive firm. Explain your answers. What quantity will be produced? What price will be charged? What is Athina's economic profit or loss? Is this a long-run equilibrium? Why o..
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