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Using MRI to Measure Utility. Your firm uses an MRI machine to measure blood flow within the brain, allowing the measurement of the satisfaction level of a consumer before and after consuming a product. Your job is to determine whether the firm spent its holiday party budget wisely on cookies and punch. The firm s objective is to maximize the utility of the typical employee.
a. If you could hook up the MRI to the typical person, what information would you collect?
b. Give an example of information that would suggest the firm should have provided more cookies and less punch.
Your father is 50 years old and will retire in 10 years. He expects to live for 25 years after he retires, until he is 85. He wants a fixed retirement income that has the same purchasing power at the time he retires as $55,000 has today.
Suppose that the market demand curve for a new drug is represented by P = 100 - 2Q, where P is the price in dollars per dose and Q is the annual output. (The marginal revenue curve is MR = 100 - 4Q).
1. Set up the system of equations in matrix form. 2. Solve the system of equations to obtain the equilibrium vales of Y, C and G 3. Obtain the equilibrium budget balance
There are 300 purely competetive farms in the local dairy market. Of the 300 dairy farms, 298 have a cost structure that generates profits of $24 for every $300 invested. What is their percentage rate of return
To construct a p-chart for a manufacturing process, 25 samples of size 200 were drawn from the process. The number of defectives in each sample is listed below. a. Calculate the proportion defective in each sample. and b. Calculate the plot p-ba..
Suppose that the rural part of a country is hit by a major earthquake that destroys 10% of the countries housing stock. The government and private sector respond with a major construction effort to help rebuild houses. Discuss how this episode is ..
From the graph that you picked, what would be the result during the winter if hotel rates stayed at their summer level?.
A company has an annual requirement for 150,000 parts, which cost $125 each. The parts require processing having a $4,000 setup cost. Each part occupies 0.5 sqft of floor space in the factory. Floor space has a total cost of $12.50 per square foot..
Suppose that two firms compete in quantities (Cournot) in a market in which demand is described by P = 260 - 2Q. Each firm incurs no fixed costs but has a constant marginal cost of 20. a. What is the one-period Nash equilibrium market price What is t..
You are hired as a consultant to advise the Galactic Empire on this matter. Explain in words why such a price ceiling might be a good idea (i.e. could such a price ceiling be welfare-improving Consult page 372, on natural monopoly).
estimate the effect on profit and return on sale
Support all arguments using relevant frameworks (e.g. AD-AS) and arguments from class and/or the textbook.
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