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Mick and Kelly are deciding how to split their time between writing music and lyrics for their new album. Their PPFs for 72 hours of work are shown below. . Mick and Kelly have to write music for 8 songs and lyrics for 12 songs (4 songs already have music). When they are done, they can go to a private island and relax from all their hard work. It is possible that they will use more than 72 hours.
Once they start writing lyrics and music, assuming their hired help packs for them and their plane is waiting outside their door, in how many hours can they board the plane to their relaxing island getaway?
Fill in the table for the perfectly competitive firm. Explain how you arrived at each number and what is the optimal output, price and profit of the firm?
Wear ever tires have a track record of lasting 56,000 miles on average, with a standard deviation of 8,000 miles, and a normal distribution. What is the chance that a given tire wills last 50,000 miles?
What are price floors and price ceilings? How could a business maintain its level of profitability if forced to accept price ceilings? Use a business in your response. For example, a coffee shop could ... Please do not use a coffee shop in your examp..
Illustrate graphically how the detergent cartel would set price and output and do you think this laundry detergent cartel with P&G and Lever will be stable for the next 5 years?
Obtain price elasticity of demand for good one. Obtain income elasticity of demand for good and find the amount of compensation needed for Hicks compensation
An end-of-aisle price promotions changes the price elasticity of a good from -2 to -3. If the normal price is $10, what should the promotional price be? Use (P - MC)/P = 1/?e? to calculate MC and then use the same equation to find out the new price.
1. How do you know that the firm represented in the graph above is a purely competitive firm 2. To maximize profits, this firm will produce at what output level (one letter) 3. Explain why this MR=MC position is the profit-maximizing position for any..
Derive the pro?t frontier, and explain why total pro?ts fall as the ?rms redistribute pro?t between themselves by redistributing output.
question 1 what do you mean by a social welfare function? if you suppose that such a function exists what properties of
according to exhibitor relations co. in 2006 average movie ticket prices were 6.55 and attendance was 1.4 billion in
In our study of inter temporal utility maximization, everything (initial and ending wealth, interest rate, and consumption) in the budget constraint is expressed in real terms.
Suppose that the industry is not perfectly competitive. Rather, competition is characterized by Cournot competition with n symmetric producers. Suppose that the demand function for pigs is p=100-Q, where Q is total production.
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