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1. Suppose you are a discus hurler and your goal is to maximize the distance you achieve. You "produce" discus hurls by practicing. The total benefit of practice is distance achieved, and the input that achieves this distance is hours of practice. Describe the total benefit curve of practice. What point on the curve would you select?
Show what the consumer's indifference curves look like and determine both graphically and algebraically what consumption bundle (C,L) the consumer chooses. Show that optimal consumption bundle depends on the relationship between a/b and w, and expl..
Transportation costs per 1000 units 800 1,100 950 Which location would minimize the total costs, given an annual production of 50,000 unit for what levels of manufacture and distribution would each ..
Suppose you are designed a new computer and want to make sure it is optimal for your needs. Random Access Memory can be added to your computer at a cost of $100 per gigabyte. For you the benefit of the first gigabyte of RAM is $800, and the benefi..
Solve the following linear programming model graphically. In addition, write the problem in standard form and do a constraint analysis for the optimal solution. Minimize 10x + 15y Subject to 5x + 2y ? 40 x + 2y 0
In the model of monopolistic competition, we say that there is product differentiation. What does this mean, and how does it differ from the assumption of homogeneous goods in perfect competition?
If Jacob receives by consuming ice-cream cone (X) and hamburger (Y) at Burger King is represented by the utility function U(X;Y) = XY. In addition, the per-unit prices of ice-cream cone and hamburger are $1 and $3 respectively
Andre walks Julia's dog once a day for $50 per week. Julia values this service at $60 per week, while the op-portunity cost of Andre's time is $30 per week. The government places a tax of $35 per week on dog walkers. After the tax, what is total s..
NA Forest Resources purchased forest acreage for $500,000 from which an estimated 200 million board feet is recoverable. In its first year of operation, the company recovered 24 million board feet. Find the cost depletion allowance the company c..
Year Units of Output Price Per Unit 1 3 3 2 4 4 3 6 5 4 7 7 5 8 8 1. Refer to the above data. If year 3 is chosen as the base year, what is the price index for year 2. Refer to the above data. What is the nominal GDP for year 4
A cell phone company is considering investing in additional cell phone towers. It estimates that if it builds K towers, its benefit in terms of increased profits will be: B(K)=500K-K^2 in millions. Assume each tower costs $20 million to build.
what allows companies to distribute the same prescirption drug for two different prices Why dont competitiors under cut their price in the Western countries (i.e. United States)
Briefly describe the trade-offs involved in each of the following decisions. Specifically, list some of the opportunity costs associatedwith each decision, paying particular attention to the tradeoffs between present and future consumption.
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