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For the vacuum cleaner producer in the preceding question:
(a) Draw the MC curve.
(b) Next, draw her AFC and her AVC curves.
(c) Finally, draw her ATC curve.
(d) In order for this cost structure to be compatible with a perfectly competitive industry, what must happen to her MC curve at some output level?
In the derivation of the Solow growth model, we assumed that government spending and taxes less transfers were both zero. Relax that assumption and assume that both are constant graction of GDP, say T = G = gammaY. What is the steady state level o..
The EPA tests vehicles for gasoline mileage under stringent testing conditions. The testing for a particular make and model of mid-sized SUV involved 35 vehicles submitted by the manufacturer. Assume the vehicles submitted for testing constitute a..
To evaluate the two projects, you decide to use the company's weighted average cost of capital (WACC) for the less risky project (12 percent) and the WACC plus two points (14 percent) for the more risky project.
You have 8 midgets (M) and 12 dwarves (D). The price of midgets is $10 each, and the price of dwarves is $11 each. If your utility function for midgets and dwarves is given by U(M,D)=.5M + .6D, what will your optimal consumption of MIDGETS be.
Consider Good E, which, when sold in a particular country, has anequilibrium price = $10.00. The government of that country decidedthat it doesn't like that equilibrium price, and so passes alaw which prevents the product from selling for $10.00.
There are two types of consumers of ice cream: 10 are rich and 50 are poor. Every rich consumer has a demand of 0 for a price of $500/ton; and his/her demand decreases by 1 ton each time the price increases by $1/ton. Every poor consumer has a dem..
How much cloth and food will the economy produce after this increase in its capital supply? Describe how the allocation of machine-hours and work-hours between the cloth and food sectors changes. Do those changes conform with the changes described ..
Firm 1 has a single retail location at the left hand extreme point of a mile-long Main Street while firm 2 is located at the right hand extreme. There are 100 consumers who are evenly distributed over this market. The value of the product sold is ..
If the local government can enforce a rent-control law that sets the maximum monthly rent at $1000, will there be a surplus or a shortage? Of how many units? Explain how the market can adjust?
Evren wants to go into the donut business. For $500 per month he can rent a bakery complete with all the equipment he needs to make a dozen different kinds of donuts (K = 1; r = 500). He must pay unionized donut bakers a monthly salary of $400 eac..
Sarah is awake for 100 hours per week. Using one diagram, show Sarah's budget constraints if she earns $6 per hour, $8 per hour, and $10 per hour. Now draw indifference curves such that Sarah's labor supply curve is upward sloping
A firm has undertaken a project in which the firm has the option to invest in additional manufacturing and distribution resources (or scale up). The project's current value is V0 = $25M. Anytime over the next three years, the firm can invest an add..
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