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Short-Run Economic Costs Suppose a firm has a short-run cost equation of C(q) = 0.3q3 – 15q2 + 200q + 100, and short-run marginal cost equation of MC(q) = 0.9q2 – 30q + 200, if the firm produces 25 units of output: a. Solve for total fixed cost, total variable cost and total cost. b. Solve for the firm’s average fixed cost, average variable cost and average total cost. c. Use the MC(q) equation to solve for the marginal cost of the last unit produced. d. Solve for whether the firm has short-run economies of scale or diseconomies of scale.
Compute the upper also lower limits within which marginal cost may vary without affecting the profit maximizing output or the price.
Consider an economy that begins with output equal to its natural level. Suppose the economy experiences a negative shock to the banking system. (a) Use the AD-AS and IS-LM models to show the effects of the shock on the AD, AS, IS, and LM curves. Be s..
In the short run, labor is the only variable factor used by a firm in the production of a certain product. The manager of the firm has estimated that the marginal product of labor is given by MPL = 160/√L. The wage per unit of labor is w = $24, and e..
A certain machine will cost $50,000 to purchase, will have a six-year life, and $5,000 salvage value. It will be updated in year 4 at a cost of $15,000. Its annual operating cost is expected to be $30,000 per year. At an inflation rate of 5% per year..
Illustrate what is marginal product of capital in this situation. What must the saving rate be to achieve the Golden Rule level of capital.
Consider a typical short-run AS/AD model which consists of AD and SRAS curves. In each of the following cases, in the short run, determine whether the events cause a shift of a curve or a movement along a curve. Determine which curve is involved and ..
Is elitism or pluralism more persuasive in explaining the behavior of political actors, individuals, and groups of individuals when they interact with government? What core assumption about human beings do both philosophies make to drive their assump..
The HRB Corporation is the world’s only manufacturer of air filters for Zamboni engines. Last year, HRB charged $20 per filter and sold 1 million of them, and it paid all of its production workers $10 per hour. What was the workers’ marginal product ..
Prices for a medical procedure average $1,000 and range from $800 to $1,200. How much could a consumer paying full price save by getting the best price? Suppose that insurance is responsible for 75 percent of the consumer’s spending and that out-of-p..
In the economy of UNAM in 1968 exports were $45, GDP was $570, Government Spending was $85, Investment was $29 and Imports were $2. What was UNAM's consumption in 1968?
Compute Macaulay and modi?ed durations for the following bonds:
In recent years, Bolivia, Russia, and Turkey have had much higher nominal interest rates than Canada, while Japan has had lower nominal interest rates. What would you predict is true about money growth in these other countries? Why?
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