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A firm currently uses 100 workers to produce 200 units of output per day. The daily wage (per worker) is $80, and the price of the firm's output is $50. The cost of other variable inputs is $600 per day. The firm’s fixed cost is 8,000. The marginal cost of the last unit is $50.
Given the information, what is the profit or loss?
Should the firm continue to operate? Carefully explain your answer.
A deposit of $ 40,000 is put in a savings account at an interest rate of 3%. The interest is compounded quarterly, Equal annual withdrawals are to be made from the account, beginning one year from now and continuing forever. What is the maximum annua..
Why do prices in monopolistic competitive markets remain above the prices that would exist in perfectly competitive markets even in the long run after entry has eliminated above normal profits?
Illustrate what direction wills each of the subsequent occurrences shift the consumption also saving schedules, other things equal.
What market structure best characterizes the market in which University of Phoenix competes?
Laura (of Luke and Laura’s Itty-Bitty Drink Umbrella Inc.) is trying to decide how many workers to hire. The Itty-Bitty Drink Umbrella production function is given by: Q = 6L^(1/3)K^(1/2). The price of output is p, the wage rate is w, and the rental ..
Your company sells expensive, branded fountain pens. There are 100,000 people aware of your pens. Each of these 100,000 peoples has his or her own willingness to pay for your pens. This willingness to pay numbers are uniformly distributed between $0 ..
during the winter of 1973-74 a general system of wage and price controls including a price ceiling on gasoline was in
Calculate the present worth of the following geometric gradient series cash flow: Annual interest Rate =7.07 %, Annual cash flow increases 20% each year, The first year value is $58 and the series is 8 yrs long. Present your answer with 2 decimal pla..
What proportion of the tax will be paid by the suppliers of Martin guitars? How many guitars will be sold after the tax is imposed?
Assume a firm has production technology given by f(L,K) = L^1/3 K^1/3. Assume pK = 1 = pL and compute the firm’s short-run and long-run cost functions.
If $1,600 was received in January for services performed in January, what was balance in Unearned Service Revenue at December 31, 2000.
Illustrate what determines whether or not economic efficiency is achieved. What determines whether or not economic efficiency is achieved.
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