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The annual fixed costs for a manufacturing plant are $100,000 and the variable costs are $140,000 at 90% utilization of available capacity, with net sales of $300,000. What is the breakeven point in units of production if the selling price per unit is $50?
We saw that a $10 Billion increase in government spending decreases public savings and therefore reduces national savings, and will reduce equilibrium private investment and increase interest rates as well. A $10 Billion tax cut will decrease governm..
Does consumer surplus increase due to this price ceiling. Does social welfare increase as a result of the price ceiling.
The wage distributions for three occupations in the Pennsylvania food services industry are provided below. Consider the wage differentials across occupations. How do they compare to the prediction of the Law of One Wage? With respect to your answer,..
Look at the two tables below. What is the total surplus if Bob buys a unit from Carlos? If Barb buys a unit from Courtney? If Bob buys a unit from Chad? If you match up pairs of buyers and sellers so as to maximize the total surplus of all transactio..
With 50 different currency suppliers, that number could be large enough for us to assume this new national money market has the potential to be perfectly competitive. Would this money market be, in fact perfectly competitive or would it take a differ..
As you know, the Affordable Care Act expands coverage for low-income US citizens by giving them access to Medicaid. As you also know, not every state has taken advantage of this Medicaid expansion. What economic argument can you make for expanding Me..
Adam Smith discussed how nations could benefit from trade, known as absolute advantage. What was David Ricardo’s improvement on Smith’s theory? How does it differ?
Much of the empirical evidence on the behavior of costs for real-world firms suggests that
borrow 1000 at t=0. Make exact interest only payments at the end of each year for 4 years and at the end of the 4th year repay the entire principal in addition to the last interest payment. borrow 10000 at t=0. Pay a principal payment each year of 25..
A small isolated town has one doctor. For a 30-minute consultation, the doctor charges a rich person twice as much as a poor person. Does the doctor practice price discrimination? Can the town doctor continue to practice this way if another doctor op..
Consider the following Demand equation that represents Demand for goods to your company produces q=100-2p. Total cost of production is cq. Given to your company's objective is to maximize profit
Shellys preferences for consumption and leisure can be expressed as U(C, L) = (C − 200)(L − 80) (1) This utility function implies that Shellys marginal utility of leisure is C − 200 and her marginal utility of consumption is L − 80. Write down the bu..
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