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Two things enter each citizen's utility function; fireworks, and money left over to spend on things like food, shelter, etc. The mayor decides how long each fireworks show will last each year. This year, she has a new plan: each of the 20 town citizens will send in their marginal utility of a minute of fireworks to the mayor, who will then compute the optimal amount of fireworks and later bill each citizen for their share based on how much they enjoyed the show as measured by their reported marginal utility. Each citizen (i) has the following utility function:
U (sub-i) = (f,m) = i(sqrt(f)) + m i= 1...20
where f is the length of the fireworks show in minutes, and m represents the dollars left over. The marginal cost of a minute of fireworks show is $15. What is the socially optimal length of the fireworks show?
In an examination of purchasing patterns of shoppers, a sample of 16 shoppers revealed that they spent, on average, $54 per hour of shopping. Based on previous years, the population standard deviation is thought to be $21 per hour of shopping.
Machine A costs $15,000, has $1,600 in annual operating costs, produces an annual benefit of $8,000, has a useful life of 7 years, and can be sold for salvage at the end of its useful life for $3,000. Machine B costs $25,00..
Calculate a 5-year weighted moving average to forecast the number of mergers for 2012. Use weights of 0.10, 0.15, 0.20, 0.25, and 0.30, with the most recent year weighted being the largest. Use regression analysis to forecast the number of mergers..
Many states offer drivers an opportunity to customize their license plates for the price of a small premium paid to each state; these plates are known as vanity plates. When vanity plates were originally introduced in Texas they could be acquired ..
Determine which of the following refers to a relatively high correlation among independent variables of a regression equation?
The demand for life insurance, Executive Insurers, Corporation is planning the factors that affect the amount of life insurance held by executives. The following information on the amount of insurance and annual incomes of a random sample of twelve e..
Some time ago you put $500 into a bank account for a "rainy day". Since then, the bank has been paying you 1% per month, compounded monthly. Today, you checked the balance and found it to be $708.31. How long ago did you deposit the $500
What is the cost function, marginal cost function, and average cost function for each plant? b) What is the efficient scale and minimum average cost for each plant? c) What is the cost function for the firm?
Susan is considering buying a 2011 Smart ForTwo costing $21,635 and finds that the retaining values of the vehicle over next five years are as follows: Percent of the total value retained after 36 months: 28% Percent of the total value retained aft..
Suppose the daily demand for coffee in Seattle is Q^d=100,000(3-P)^2 A. What is the elasticity of demand (Ed) at a price of $2.(Please show exactly which equation is needed to find Ed here) B. At what price would the total expenditure on coffee be la..
You currently pay $10,000 per year in a rent to a landlord for a $100,000 house, which you are considering purchasing. you can wualify for a loan of $80,000 at 9% if you put $20,000 down on the house. To raise money for your own downpayment, you w..
Use the rule for determining optimal purchases to decide how many hours you should study each subject. Treat each point on an exam as 1 unit of utility and assume that you consider an extra point on an economics exam to have the same value as an e..
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