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A friend owns an ice cream shop. Aware of your current studies in economics, the friend asks for your help in determining what she should do regarding her shop in the winter. Her shop is very profitable in the spring, summer, and fall. However, she gives you the following data for the profit maximizing level of production regarding the winter (assume she only sells ice cream cones):
Average Fixed Cost = $2
Average Variable Cost = $1
Marginal Revenue = $1.50
a) Other things constant, should your friend continue to operate in the winter months? Be sure to explain to her why she should or should not continue to operate.
b) In the following year, your friend asks for your help again. All of the data remain the same; however your friend finds that she is no longer profitable in the spring, summer, or fall months. What advice would you give to her under these circumstances? Why?
The firm's production manager claimsthat the firm's average cost of production is minimized at anoutput of 40 units. Furthermore, she claims that 40 units is the firm's profit-maximizing level of output. Explain whether these claims are correct.
Consider options on Bigmove Corporation stock. Suppose that there are call options with a strike price of $75 and put options with a strike price of $65. Which, if any, of the options are in the money if the current price of Bigmove's stock.
In what kind of market structure does the firm sell its output? How can you tell In what kind of market structure does the firm rent robots How can you tell Calculate the marginal product and the value of the marginal product for each additional robo..
In a country with a working-age population of 30 million, 18 million are employed, 2 million are unemployed, and 2 million of the employed are working part-time, half of whom wish to work full-time.
Suppose the tax rate on the first $10K income is 0: 10% on the next $20K; 20% on the next $20,000; 30% on the next $30K; and 40% on any income over $80K. Family A has income of $40K and Family B has income of $100K.
Use Okun's law to calculate the GDP Gap if actual U= 10% andUn= 6%. If actual Gdp is 100, then what is the value for potential output I got the GDP gap and its +.08, how do you come up with the potential output
consider the following cobb-douglas production function for the bus transportation system in a particular city: Q = aL(B1)F(B2)K(B3) where L = labor input in worker hours F = fuel input in gallons K = capital input in munber of buses Q = output me..
A $35 million private placement with a large pension fund. Issuance costs are $500,000, the bond has a 9.25% annual coupon, and the bond has a 20-year life. Which alternative has the lower cost (annual percentage yield)
Output 1 2 3 4 5 6 7 8 9 Variable Costs $35 75 110 140 175 215 260 315 390 a. Show AFC, ATC, AVC, and MC in a table b. Graph the AFC , ATC, AVC, and MC curves c. Explain the relationship between the MC curve and AVC and ATC curves.
P=.60 n=19 A. Find the probability that at least 15 of the 19 do not know what effect the law will have on their corporate tax liabilities. B. Find the probability that no more than 10 do not know what effect the law will have.
Given the following demand curve Q=100 - 2P determine the price elasticity of demand at the following prices. 1. P = 10, Elasticity = 2. P = 30 Elasticity = ?
Consider a scenario where a college conference (such as the SEC, Big Ten, Big 12, etc.) negotiates the television broadcast rights for all of its teams' games. a. What would be the impact on the number of games televised.
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