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The marginal revenue curve of a monopoly crosses its marginal cost curve at $30 per unit and an output of 2 million units. The price that consumers are willing and able to pay for this outputis $40 per unit. If it priduces this output, the firms average total cost is $43 per unit, and its average fixed cost is $8 per unit. What is this producers profit-maximizing(loss-minimizing) output level and what are the firms economic profits (or economic-losses)?
Suppose that the current price of oil is $60 per barrel and the quantity sold is 90 million barrels per day. Assume that the supply and demand curves for oil are linear. The current estimates of the price elasticity of supply and demand in the U.S..
Your company is considering purchase of a new DNA analyzer for $250,000. This should open up a new business revenue stream for product testing which will produce $80,000 per year in revenue. Annual operating costs are estimated at $10,000 per ye..
Suppose two firms 1 and 2 compete in quantities and face a demand curve p = 100 - q. Suppose firm 1 has a constant marginal cost of 10 while firm 2 has a constant marginal cost of 40. Suppose they produce quantities simultaneously. a.Find quantity..
The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP, and indicate in each calculation whether you are inflating or deflating the nominal GDP data.
Let X denote the reaction time, in seconds, to a certain stimulus and Y denote the temperature (F) at which a certain reaction starts to take place. Suppose that the two random variables X and Y have a joint density function f(x,y)= y, 0
Calculate the standard error of estimate and the standard error of Coefficient Standard error of estimate = Standard error of Coefficient = 4. Make a prediction of Y when X = 64. Prediction y= 5. Calculate a 95% prediction interval when X = 64. Pre..
There is a belief that a person's performance on the GMAT (entrance exam to get into graduate school) can be predicted by their undergraduate GPA. Based on regression analysis what are the following values, (Round to three decimal places; put it ..
As a dentist you find that a person's annual demand curve for appointments are P=500-50Q. The marginal cost for your service is $50 There are three ways you could charge for your services -Charge $50 each time someone makes an appointment -Sell an an..
A typical 2,000 sq. ft. home using standard concrete forms costs $120 per square foot to construct and uses $300 per month average to heat and cool. Calculate the IRR on a home using your company's insulated concrete forms on a typical 2,000 sq. f..
I have a time series set of data of workers in motor vehicle industry from 1972-2001 as well as average weekly hours of workers in motor vehicle industry
What is Shelly's marginal rate of substitution when L = 100 and she is on her budget line? (c) What is Shelly's reservation wage? (d) Find Shelly's optimal amount of consumption and leisure.
You are the manager of a monopoly. A typical consumer's inverse demand function for your firm's product is P = 250 - 40Q, and your cost function is C(Q) = 10Q. a. Determine the optimal two-part pricing strategy. Per-unit fee: $ Fixed fee: $
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