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A local restaurant initially estimated a large demand for dining in a space near a floor-to-ceiling fish tank. The cost of the tank is $8 million. (Assume that such a tank has no resale value.) The owner moved ahead with the project and the tank is three-fourths done (i.e., $6 of the $8 has been spent). However, the owner is having second thoughts about how substantial the demand for such a dining experience is. The local paper quotes him as saying: " . . .given that the tank is three-fourths complete, it makes sense to go ahead with completion and opening the restaurant.”
(a) Does this statement reflect the appropriate decision-making criteria?
(b) What are the appropriate criteria?
The methodology of combining forecasts is best described as
Suppose a firm’s technology is represented by the Cobb-Douglas production function F(L, K) = 5LK. The wage rate is $50 and the rental rate of capital is $10. What is the least-cost combination to produce 100 units of output?
elucidate how the proposed carbon tax for australia would help reduce negative externalities, pollution levels in australia.
If the number of trucks (K) decreases by 10% next year, how much will output (Q) decrease? What type of returns to scale is consistent with the above production function?
Consider a country that produces shirts and autos. Shirts are produced with sewing machines (specific factor) and labor while autos are produced using robots (specific factor) and labor. Show how going to international trade affects the budget constr..
Illustrate what did he know about costing to the chain store representative was overlooking. Be sure to describe or chart the shape of Morita's costing.
What is the present worth of the following cash flow stream? Assume 6% interest (2 pts)
q1. the law in ruba says no worker shall be paid less than nine slugs per hour. estimate the quantity of labor supplied
Amanda and Blake have found a house, which owing to a depressed real estate market costs only $201500. They will put $22000 down and finance the remainder with a 30-year mortgage loan from Bank of America at 4.65% (compounded monthly).
Demand: P=30-2Q Supply: P=4Q Equilibrium Price____ Equilibrium Quantity______ Own Price Elasticity of demand Equlilbrium______ Consumer surplus________ Producer surplus__________ Same market after $6 sales Tax
1nbspbarriers to entry help maintain market power and earn positive economic profits.nbsp these factors apply to all
A rural subdivision has several miles of roads that need a new surface treatment. One option is a gravel base and pavement with an initial cost of $500,000 that will last for 15 years and has an annual maintenance cost of $100/mile. Compute the numbe..
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