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Casey’s Sprocket, Inc.’s short-run cost curve is C= ((25q^2)/K) +15K where q is the number of sprockets produced and K is the number of robot hours Casey hires. Currently, Casey hires 10 robot hours. The short-run marginal cost curve is MC=50(q/k) Suppose the sprocket market is perfectly competitive. Answer the following questions:
If the market price for a sprocket is $250, what is the profit-maximizing output level for Casey’s firm?
Assume all fixed costs are sunk. If the market price for a sprocket drops to $50, will Casey shut down the firm? Why or why not?
Specific identification, because it correctly identifies the actual item sold and so the actual cost is recorded on the income statement.
Define the concepts of interconnectedness and complexity as it relates to urban planning. Why are these two concepts so important to urban planning? Explain what Woodrow Wilson (1887) meant when he claimed that politics and administration should be c..
What do you need to do to handle crisis. SLook at mistaken assumptions described. Why do such assumptions arise, and what can be done to overcome se biases.
Toys are produced by a competitive industry. Santa Claus gives away one million free toys each year. It costs Santa nothing to produce these toys. Illustrate Santa’s effect on consumer’s surplus and the producer surplus earned by commercial toy manuf..
Suppose the money supply is currently $500 billion and the Fed wishes to increase it by $100 billion. Given a required reserve ratio of 0.25, what should it do?
Explain the calculation and interpretation of the cost of capital. In your response, consider how this cost impacts a health care managers decision on expansion of services, etc.
Compute both Burton Cummings's explicit costs every month also his implicit costs every month. Compute the opportunity cost of the resources utilized by Burton Cummings each month.
Dan and Neil are playing Settlers of Catan. Dan has rolled a seven and just put the stopper on a Field which touches one of Neil’s Settlements. Since Dan is a real jerk store, he decides to steal one of Neil’s two cards. Does Dan have a dominant stra..
Elucidate how a 20% decline in the cost of business travel would impact this company's budget if the price of business travel was initially $1,000 per trip and the price of electronic media was $500 per hour.
A 4-year annuity of eight $8,200 semiannual payments will begin 9 years from now, with the first payment coming 9.5 years from now. a) If the discount rate is 14 percent compounded monthly, what is the value of this annuity five years from now? If th..
After the September 11th attacks, one division of the Pentagon began to set up a Policy Analysis Market (PAM), a prediction market for political events in the Middle East. Suppose Chad believes that the price of oil will be higher in the future and b..
First suppose that there is no tax in the country Randland. A resident, Dagny, has an hourly wage of $50. Now, suppose that a new leader takes over Randland and he implements the following income tax (with respect to daily income for consistency): H..
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