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The marginal revenue curve of a monopoly crosses its marginal cost curve at $30 per unit and an output of 2 million units. The price that consumers are willing to pay for this output is $40 per unit. If it produces this output, the firm's average total cost is $43 per unit, and its average fixed cost is $8 per unit. What is the profit-maximizing (loss-minimizing) output? What are the firm's economic profits (or economic losses)?
The internal study could be started immediately, and then the decision on the consultant could be made in three months. If this option is selected, the internal study will reliably indicate the outcome. If the consultant were hired, it would add t..
Peter Minuit bought an island from the Manhattoes Indians in 1626 for $24 worth of glass beads and trinkets. The 1991 estimate of the value of land on this island was $12 billion. What rate of return would the Indians have received if they had ret..
The only difference is that now when two agents agree on (50, 50), each gets 20 as a bonus. What are the Pareto optimal allocations. (An allocation specifies how much each agent ultimately gets.) What the bonus associated with (50, 50) is 60 each.
Consider an economy that produces only two goods: fresh apricots and dried apricots. In this economy, the technology of producing dried apricots is to place fresh apricots on special racks and allow them to dry in the sun. Fannie's Farms is the on..
current asset (defender) is being evaluated for potential replacement. It was purchased four years ago at a cost of $62,000. It has been depreciated as a MACRS (GDS) five-year property- class asset. The present MV of the defender is $12,000.
Some time ago you put $500 into a bank account for a "rainy day". Since then, the bank has been paying you 1% per month, compounded monthly. Today, you checked the balance and found it to be $708.31. How long ago did you deposit the $500
You are about to purchase your first home for personal use. The price of the house is $400K. The property taxes and casualty insurance are estimated at $200 and $100 per month respectively; these two costs are placed each month into your escrow. Y..
A business invested $12,000 in a piece of equipment which helped reduce labor costs by $2,000 annually and reduced rejects by an estimated $1,800 annually. After 5 years, the machine has to be replaced by a new machine for the same cost.
Mac Rowe doesn't sweat the petty stuff. In fact, he just cannot detect small differences. He consumes two goods, x and y. He prefers the bundle (x,y) to the bundle (x',y') if and only if (xy - x'y' > 1) . Otherwise he is indifferent between the tw..
how much are households paid for providing entrepreneurial ability? $ billion for entrepreneurial ability b. If households spend $80 billion on goods and $70 billion on services, how much in revenues do businesses receive in the product market.
Suppose the equilibrium price of earrings falls to $1. Now how many earrings will Frances produce, what price will she charge, and how much profit (or loss) will she make. If the current equilibrium price in the earring market is $1.8, how many ear..
measuring the price of gasoline in dollars, an economist calculates the price elasticity of demand to be .5. what would the price elasticity of demand be if the economist had choosen to measure the price of gasoline in pennies rather than dollars
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