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The council members of a small town have decided that the earthlevee that protects the town from a nearby river should be rebuiltand strengthened. The town engineer estimates that the costof the work at the end of the first year will be $85,000. Heestimates that in subsequent years the annual repair costs willdecline by $10,000, making the second-year cost $75,000; thethird-year $65,000, and so forth. The council members want toknow what the equivalent present cost is for the first 5 years of repair work if interest is 4%.
Two firms are in the chocolate market. Each can choose to go for the differentiation focused high quality market or the cost focused low quality market. Resulting profits are given by the following payoff matrix
Compute the price elasticity of demand for pies at the firm's mean price: ($7.50) and mean weekly sales quantity (20,000 pies). Next, compute the cross-price elasticity of demand. Comment on these estimates.
U.S. Steel is planning a plant expansion that is expected to cost $13 million. How much money must the company set aside now in a lump-sum investment to have the money in 2 years Capital funds earn interest at a rate of 12% per year, compounded co..
Given the following production function with two inputs, Capital (K) and Labor (L), whose input prices are $1 each. Suppose the company needed to produce 50 units. What would be the cost minimizing combination of capital and labor needed
This year 200 workers will lose their jobs, 170 workers will return to the labor force after an absence 1100 workers will voluntaryly leave their jobs, and 50 new workers will enter the labor force. At the same time 726 workers will find jobs, and ..
Consider a two-onsumer exchange economy. Consumer 1 and 2 have utility functions: U1(x, y) = x2/3y1/3 U2(x, y) = x1/2y1/2Initial endowment e1=(18,7) (It means consumer 1 has 18 units of x and 7 units of y initially), e2=(15,16).
You recently read a report indicating that about 80 percent of all tourists visit Florida during the winter months in any given year, and that 60 percent of all tourists traveling to Florida by air rent automobiles.
An owner can lease her building for $100,000 per year for three years. The explicit cost of maintaining the building is $35,000, and the implicit cost is $50,000. All revenues are received, and costs are borne, at the end of each year. If the inte..
In your 1st position as a Finance manager you have been given responsibility for decreasing use of residential heating fuel in state. Choose one of three legislative proposals to accomplish this target
The industry demand function for bulk plastics is represented by the following equation: P=800-20Q Where Q represents millions of pounds of plastic. The total cost function for the industry, exclusive of a required return on invested capital, is TC=3..
If the local government can enforce a rent control law that sets the maximum monthly rent at $1500, will there be a surplus or a shortage, of how many units and how many units will actually be rented each month
Assume the industry demand for a product is P = 1,000 - 20Q. Assume that the marginal cost of product is $10 per unit. A. What price and output will occur under pure competition What price and output will occur under pure monopoly
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