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Always Round Tire finds that their demand curve is P = 50 − .02 Q (note: Marginal Revenue has twice the slope as the demand curve). What price and quantity combination will maximize the firm's revenue? Q=1250 P=25 ***What are the total revenue and price elasticity at this point? Please show work and solve what the total revenue and price elasticity are at this point please.
Mary is in equilibrium. The MUa =6, MUb =12, Pa=2, what is the price of b? Zach is in equilibrium. The MUa=2, MUb=8, what is the price of a in terms of the price of b? What is the utility maximizing or optimization condition?
A price taking firm chooses its inputs to maximize short-run profits. Its Cobb-Douglass production function has the following form: q(L, K) = L ^(1/2)K^(1/3) . The output price is 1,000 per unit and the cost of each unit of input is 10. In the short-..
A firm produces output according to a production function: How much output is produced when K = 2 and L = 3? If the wage rate is $40 per hour and the rental rate on capital is $20 per hour, what is the cost-minimizing input mix for producing 4 units ..
The production function for a product is given by Q = 10KL , where K is the quantity of capital and L is the quantity of labour. If the price of capital input is $120 per day and the price of labour is $30 per day, what is the minimum cost of produci..
Illustrate what percentage does equilibrium cost level differ from its initial value if output increases to Y = 106 (and r remains at 0.10).
The US had a national bank during the first few decades after its birth before it was abolished. Today, we have the Federal Reserve. What are the differences between the Federal Reserve and a National Bank (specifically, with regard to their interven..
Explain how the joint venture can take advantage of the Polish cultural differences to build a stronger organization.
Explain why their contrasting views on the shape of the aggregate supply curve lead some economists to argue much more strongly for stabilization policies to fight unemployment and other economists to argue much more strongly for stabilization polici..
The yield curve is the graph that show relationship between interest rates on bonds and default risk on bonds with different rating. If the short-term interest rates are expected to increase, the yield curve is becoming downward sloping and the finan..
List four different sources of externalities associated with education service that make it likely that an inefficiently small amount of the service would be provided in competitive equilibrium without gov intervention. Explain why each source you li..
Privatization can be defined as "the process of returning to the private sector property or functions previously owned or performed by government". The basic idea is that there may be some services that the government is providing right now that the ..
Economists assume that consumers attempt to maximize their utility based upon their preferences, income and price of commodities. do you see any weakness of the above are you aware of any example of irrational behavior by consumers(or yourself )?
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