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A one-day ticket to visit the Screaming Coasters theme park costs $36, but you can also get a two-consecutive-day ticket for $40. What is the average cost per day for the two-day ticket? What is the marginal cost of the second consecutive day?
Determine the equation of the tangent line to the curve at the x-intercept found in (b) and determine the x-intercept of this tangent line.
Given the choice, would you prefer a system of redistribution of income that lies somewhere between these two extremes?
Draw an iso-cost line for this firm, showing combinations of L and K that cost $6 and another iso-cost line showing combinations that cost $12. What are the slopes of these iso-cost lines Sketch the production isoquant depicting 10 units of output.
Suppose that the demand for bentonite is given by Q = 40 - 0.5P, where Q is in tons of bentonite per day and P is the price per ton. Bentonite is produced by a monopolist at a constant marginal and average total cost of $10 per ton.
What variables would you consider in developing such a model? See if your modelmatches the one developed by the Nobel laureate economist Gary Becker.
Draw two figures, one above the other. In the top figure, plot the total, variable, and fixed cost curves. In the bottom figure, show the average and marginal cost curves. Use Excel and plot for enough values of q between 0 and 20 such that the va..
The Santa Barbara Bowl (SBB) holds outdoor music events (M), earning $3 of revenue from each concert and with total costs of cM(M) = M2=8 for M concerts. Ursula is a writer who lives right next to the SBB and who sells her novels on the competitiv..
What does the president and congress do to stimulate the economy? What does the president and congress do to contract the economy?
Kim deposits her annual bonus into a saving account that pays 8% interest compounded annually. The size of her bonus increases by $2,000 each year, and the initial bonus amount is $5,000.
A chi-square "goodness-of-fit" analysis of arrival rates for the past months indicates a Poisson distribution. Data on unloading times for this period may be assumed to follow a negative exponential distribution.
The ticket cost Dave $600. To attend the concert Tim will have to take 3 days off from work where his daily compensation is $250. In addition Tim expects travel expenses to be $175 and the cost of a hotel for 2 days to be $275. What is the economi..
Suppose the long-run supply curves in the two countries have the same slope. Show the long-run effects of the increase in demand.
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