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Auctioning Business Licenses. The following table shows the relationships between the number of firms in the market, the market price, the quantity per firm, and the average cost of production.
A business license allows a firm to operate the business for one day. The city will auction up to seven business licenses to the highest bidders, and the auctioning of licenses will continue as long as someone bids a positive amount for one of the licenses. Assume that each firm can buy only one license. What is the maximum amount you would be willing to pay for a license?
Demonstrate in BOTH diagrams (graphically and/or geometrically) the Total Coast, Total Variable Cost, Total Revenue , Total Fixed Cost and Total Profit, at the point where quantity produced is at the optima level (Profit-maximizing level).
Suppose that the production is given by Y=A*K^0.5*L^0.5, where Y is GNP, K is capital stock and L is labor. Initially A is equal to 10. If capital is 100 and labor is 400, what is The total amount of output paid to labor
Each worker at Gallo's cork factory costs $12 per hour. The cost of each machine is $20 per day regardless of the number of corks produce.If Gallo's produces at a rate of 70 corks per hour and operates 8 hours per day
If your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year, by what percentage would your real income increase and what would be the change if the nominal income rose by 2.8 percent
How does the availability of substitutes affect the price elasticity of demand
Write properties and characteristics for monopoly market
He pays $50 per month in premiums and his deductible is $2,500. If he is involved in an accident that does $2,000 worth of damage to the boat, how much will he have to pay?
U.S. Trucking pays its drivers $40,000 per year, while American Trucking pays its drivers $38,000 per year. For both firms, truck drivers average 240,000 miles per year. For simplicity, assume both firms require driving 60 million miles each year.
Prepare a two- to three-page analysis by answering the questions below. Be sure to cite your references using APA format. Assume that the Bank of Ecoville has the following balance sheet and the Fed has a 10% reserve requirement in place: BALANCE SHE..
Timmy currently has $100 to last him a whole weekend. Let T represent his consumption on Saturday, and N represent his consumption on Sunday. His utility function is given by U(T,N)=min(T,3*N). How much of his $100 will Timmy choose to spend on Su..
Agri-Beef Inc. operates cattle feed lots in several midwestern states. The company wishes to estimate the average daily weight gain of cattle on their lots. To do this a simple random sample of cattle is taken and the daily weight gain is recorde..
suppose you owe $1,100 on your credit card. the annual percentage rate is 18% compounded monthly. the credit card company says your minimum monthly payment is $ 19.80 a. if you make only this minimum payment, how long will it take for you to repay ..
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