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In 2005, Apple introduced the Mac mini G4, a miniature computer that weighs only 2.9 pounds but comes fully loaded with lots of memory and a large hard disk. According to one estimate, the cost of production was $258 (Toni Duboise, "Low-cost Apple Mini Packs Punch, but BYO Peripherals," www .eetimes.com), while its suggested price was $499. Although other firms produce computers, the Mac is viewed as a different product by aficionados. What is Apple's price/marginal cost ratio? What is its Lerner Index? If we assume that Apple is a profitmaximizing monopoly, what elasticity of demand does it believe it faces for this tiny computer?
A $150 bicycle was purchased on Dec 1 with a $15 downpayment. The balance is to be paid at the rate of $10 at end of each month, with the first payment due on Dec 31. The last payment may be some amount less than $10.
The demand curve for the new computer game, Rock and Roll Trivia, is given as follows Q= 200 - 5P - .1Pc - .5Pd + .2A -I
A study of costs of electricity generation for a sample of 56 British firms in the 1946-1947 yielded the following long-run cost function: AVC = 1.24 +.0033Q + .0000029Q2 - .000046QZ - .026Z + .00018Z2 Where AVC = average variable cost (i.e., work..
john an accountant quit his $80,000 a year job and bought an existing laundry facility from its previous owner. the lease had five more years remaining and required a monthly payment of $4000. johns explicit costs are $3000 per month more than his..
Explain why the firms may choose not to play their dominant strategies whenever this game is repeated over multiple decision-making periods.
Suppose a firm operates as a price taker in a perfectly competitive industry. The firm's Total Cost function is given by TC = a + bQ +cQ2. Therefore the firm's marginal cost is given by b +2cQ. Find an expression for the Breakeven Price.
Wildcat Co. has to decide whether or not to drill an oil well. It has $100 current income. Drilling would cost $100; if oil were struck, the company would receive $200 for the oil. If the field is dry, nothing is recovered.
Suppose in the banking system as a whole, demand deposits are equal to $80,000,000 and reserves are equal to $17,000,000 with a legal reserve ratio of 10%. If the Fed doubles the required ratio
Assume that Erica's preferences for wages and risk are given by the utility U =W x e-12R. Her friend Rambo's utility function is U = W x e-3R. Assume that W represents the hourly wage and that there is a range of job types within a particular firm..
Suppose honey is produced in a beehive using bees and sugar. Each honey producer uses one beehive which she rents for $30 per month. Producing q gallons of honey in one month requires spending 5q dollar bees
Find the Nash equilibrium of Cournot's game when there are 2 firms, the inverse demand function is given by equation P(Q) = a - Q if Q a
1) what is equilibrium GDP 2) what is the marginal propensity to save out of disposable income 3) what is the average propensity to consume out of disposable income (at equilibrium GDP) 4) what is the value of the expenditure multiplier
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