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Andrea’s Day Spa began to offer a relaxing aromatherapy treatment. The firm asks you how much to charge to maximize profits. The demand curve for the treatments is given by the first two columns. The total costs are given in the third column. For each level of output, calculate total revenue, marginal revenue, average cost, and marginal cost. i. What is the profit-maximizing level of output for the treatments and how much will the firm earn in profits?
Cartwright Computing expects to order 600,000 memory chips for inventory during the coming year, and it will use this inventory at a constant rate. Fixed ordering costs are $300 per order; What is the economic ordering quantity for chips? How many or..
Dave’s Dogs is a firm that originally sold hotdogs and soft drinks from a cart located in front of City Hall. Then Dave purchased another hotdog cart and hired someone to sell hotdogs and soft drinks near the high school. Both locations have been suc..
Using the numbers that you calculated above, explain the relationship between the marginal cost and average variable cost.
An interesting example of strategic behavior comes from a 1997 article about Microsoft’s investment in Apple (New Straits Times, 1997). The article is included in the Required Readings list. What market structure do these firms operate in? Why did Mi..
Suppose there are two similar firms in a market that are strategically interdependent. Firm A and Firm B. Firm A is a larger firm than firm B. Basically each needs to determine whether to “collude” or to “cheat” in an oligopolistic market. If Firm A ..
Within the balance of payments, if the current account has a deficit of US$2.2billion, the capital account
Does this information surprise you? Does it mean that young people are less likely to become pregnant, or does it means that abortion rates are increasing? What do you think are some reasons for the decline in teenager births as a share of total?
Discuss the tools of Monetary Policy in the United States. Discuss the effects of each tool and explore the associated impact on conflicting goals.
Sketch a graph which shows the lost gains from trade that result from having a monopoly.
Prior to opening of trade shoes cost $50 per pair in U.S. and $10 per pair in China. If the price of shoes in U.S. were to fall to $20, U.S. demand of shoes would increase to 60 million pairs and supply would fall to 54 million pairs. What is the int..
Consider two firms facing the demand curve P = 50 - 5Q where Q = Q1 +Q2 . The rms cost functions are C1 (Q1 ) = 20 + 10Q1 and C2 (Q2 ) = 10 + 12Q2. If they collude, how much will each firm produce? What would be each firm's profit?
Illustrate what are the advantages of using capital in the production process. What is meant by the term "division of labor".
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