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Compare one poor person, with an income of $10,000 per year, with a relatively wealthy person who has an income of $60,000 per year. Imagine that the poor person drinks 15 bottles of wine per year at an average price of $10 per bottle, while the wealthy person drinks 50 bottles of wine per year at an average price of $20 per bottle. If a tax of $1 per bottle is imposed on wine, who pays more in taxes? Who pays the greater amount as a percentage of income? If a tax equal to 10 percent of the value of the wine is imposed, who pays more in taxes? Who pays the greater amount as a percentage of income?
The economic analysis division of Mapco Industries has estimated the demand function for its lone of weed trimmers to be : Qd=18,000+0.4N-350Pm+90Ps where N=number of new homes completed in the primary market area Pm=price of the mapco trimmer.
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?
What are the three goals of Macro Economics and how are they measured and what are the components of Aggregate demand and how is it calculated?
The objective function measures profit, it is assumed that every piece stocked will be sold. constraint 2 measures time to set up the display in minutes. Constraints 3 and 4 are marketing restrictions.
given that Country X and Z both have the production function: Y=F(K,L)=(K.L)^1/2. Assume that neither countries experience population growth or technological progress, while 5% of capital depreciates each year.
A case study in the chapter describes a phone conversation between the presidents of American Airlines and Braniff Airways. Let's analyze the game between the two companies.
Suppse a consumer utility derived from consuming banana is described by the function U=10X+3X^2-(1/3)X^3. Compute marginal utility. a. Make a table showing total and marginal utility for X from 0 to 7 units. b. Would this individual ever choose to c..
From 1991 through 2001, Japan experienced a period of economic stagnation and price deflation known as "Japan's Lost Decade." While the Japanese economy outgrew this period, it did so at a pace that was much slower than other industrialized nation..
What has happened to your accounting profit?
Qt = 2.5 - 0.3 x Pt + 12 x Mt Where Qt represents the quantity of widgets sold per period t, Pt represents the price of widgets during period t, and Mt represents average household income of customers during period t.
What can you infer about the rise in unemployment rates over this period? Was it caused by a net loss in the number of jobs or by a large increase in the number of people seeking jobs?
TC= 41,000,000+0.005Q 2 MC= TC/ Q =$500 +0.01Q calculate profit maximizing activity level and optimal profit, and optimal profit as percentage of sales revenue. profit maximization problem
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