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Pack-Em-In Real Estate is building a new housing development. The more houses it builds, the less people will be willing to pay, due to the crowding and smaller lot sizes. In fact, if it builds 20 houses in this particular development, it can sell them for $320,000 each, but if it builds 70 houses, it will only be able to get $120,000 each. Obtain a linear demand equation. (Let p be the price of a house and q the number of houses.)
q(p) =
Determine how many houses Pack-Em-In should build to get the largest revenue. houses
What is the largest possible revenue? $
Suppose K = 1,000; L = 200 workers; and M = value of all materials use at 450. Derive the total product or output. Find the Marginal products of capital, labor, and materials (individually).
If all firms, existing and potential new entrants, face decreasing industry costs in the long run under perfect competition, the industry supply curve will: Necessarily be upward sloping
Discuss the role of risk and return in the pharmaceutical industry. In the U.S. health expenditures on drugs amount to about 10% of total health expenditures. In Japan, where physicians are legally permitted to sell pharmaceuticals, national expendit..
Suppose a gardener produces both tomatoes and squash in his garden. If he must give 8 bushels of squash to get 5 bushels of tomatoes, then his opportunity cost of 1 bushel of tomatoes is a) 0.62 bushels of squash b) 1.6 bushels of squash c) 3 bushels..
If the fed decides to use open market operations to raise the interest rate what will it do? Be specific about who within the federal reserve system makes the decision, and who else is involved in the process.
The inflation rate of Price land is at 3%. It is predicted to stay at 3% for the next 5 years, and drop to (and stay at) 2% after 5 years. What is the PW of a cash flow that pays $1000 per year forever if the real rate of return is 5%?
We have two individuals, A and B, who works 40 hours per week each. They each consume food and clothing. It takes each person 10 hours to set up the production of food, and thereafter it takes 1 hour per production of 1 unit of food. How many units o..
What market structure is used to benchmark allocative efficiency and why do we use it?Illustrate and explain using a diagram.Why and how do monopolistically competitive firms fail to achieve allocative efficiency? Illustrate and explain using a diagr..
In July, 2013, in the economy of Sandy Island, 10,000 people were employed and 1,000 were unemployed. During August, 2012, 80 people lost their jobs and did not look for new ones, 20 people quit their jobs and retired, 150 people were hired or recall..
For a perfectly competitive firm, the price of its product is $3.50. If an additional unit of a resource yields a value of the marginal product (or MRP) equal to $24.50, what is the value of the marginal-physical product? A firm's objective in busine..
Which of the following would not cause any kind of an outward shift of an nation's production possibilities frontier (PPF)?
Assume that your preference relation \succeq can be represented by a utility function. Show that your preference relation must then be rational, i.e. complete, transitive, and reflexive.
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