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Suppose that the price of a service sold in a perfectly competitive market is $25 per unit. For a firm in this market, the output level corresponding to a marginal cost of $25 per unit is 2,000 units. Average variable cost at this output level equal $15 per unit, and average fixed costs equal $5 per unit. What is the firm's profit-maximizing (or loss maximizing) output level? What is the amount of its economics profits (or losses) at this output level?
Below are some data from the land of milk and honey. Year Price of Milk Quantity of Milk Price of Honey Quantity of Honey 2010 $1 100 quarts $2 50 quarts 2011 $1 200 $2 100 2012 $2 200 $4 100 Compute nominal GDP, real GDP, and the GDP deflator f..
Assume that CAPM holds, Your goal is to create a portfolio of stocks X, Y, and the risk-free asset. The beta of the portfolio is P = 0:70. X has a beta of 1:5 and Y has a beta of 2:0. Expected return of Y is 10% more than the expected return of X...
This Christmas, you decide to buy your true love a partridge in a pear tree. After consulting with several garden centers, you make your purchase by writing a check for $150. The garden center promptly deposits your check in its bank.
Consider a Cobb-Douglas production function with three inputs. K is capital, L is labor, and H is human capital. The production function is Y= K^1/3 L^1/3 H^1/3 Derive an expression for the marginal product of labor. How does an increase in the am..
Assume that the country is in a period of high unemployment, interest rates are at almost zero, inflation is about 2% per year, and GDP growth is less than 2% per year. Suggest how fiscal and monetary policy can move those numbers to an acceptable..
Consider an exchange economy with two goods, 1 and 2, and two consumers, A and B. The consumers are initially endowed with a total of unit of each good, i.e. w1 = w1A + w1B = 1 and w2 = w1B + w2B = 1. Their preferences are represented by UA(x1, x2..
You are considering going to graduate school for a one-year master's program. You have done some research and believe that the master's degree will add $6,000 per year to your salary for the next 10 years of your working life, starting at the end ..
Due to economies of scale in the industry, entry by new firms is not profitable. Toyota has asked your company and your only rival to simultaneously submit a price quote for supplying 100,000 front and rear windshields for its new Highlander.
A pharmaceutical firm is marketing a patented drug it has developed (the firm therefore has monopoly rights over the drug). The demand for the drug is given by Q = 8000 8P (MR(Q) = 1000 Q 4 ), where P is the price of the drug (in cents)
buy a computer for $2,500 now, keep it for 8 years and then sell it for $800. The computer is not expected to require any maintenance for the first 3 years, but starting in year 4, the maintenance cost will be $250 per year. Alternatively, you can..
Based on the change in labor statistics between the two years, make a short assessment with regard to the state of the economy between the two years. 2001: lobor force participation rate 65.9 %, unemployment rate 7.22%,
A consumer has 400 to spend on goods X and Y. The market prices of these two goods are Px = $10 and Py = $40. a. What is the market rate of substitution between goods X and Y b. Illustrate the consumer's opportunity set in a carefully labeled diag..
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