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A firm has standard shaped costs where the minimum of AVC is $15 at a quantity of 9 and the minimum of ATC is $45 at a quantity of 15. The fixed cost is $345.Draw a picture of the MC, ATC, and AVC for this firm specifically labeling the values for each of these costs at q = 15 and q = 9. Round any decimal answers to 2 places.
PA = 9.6 - 0.08QA PCS = 4 - 0.05QCS where PA is the adult prices, PCS is the child/senior citizen price, QA is the adult quantity and QCS is the child/senior citizen quantity. Crowding is not a problem at the museum, and so managers consider a mar..
Calculate Lorie's profit-maximizing output, price, and economic profit. B) Do you expect other firms to enter the singing lesson business and compete with Lorie C) What happens to the demand for Lorie's lessons in the long run
Factory workers at each plant have the same characteristics (e.g., skills, alternative employment opportunities, level of income, risk aversion, etc.). The quality of a toothbrush produced is easy to supervise but the effort exerted by a worker is..
Discuss the difference between real GDP and nominal GDP and does GDP accurately reflect our country's productivity?
Building on (b), suppose that the worker can earn overtime for each hour above 40 hours worked per week. Her base pay remains at $10/hour, but she earns one and one-half time for each hour beyond 40 hours.
indicate that the short run price elasticity of demand for tires is 0.9. If an increase in the price of petroleum /used in producing tires) causes the market prices of tires to rise from $50 to $60
The consumption bundle and prices for years 0 and 1 for Sam are shown below: Item Q0 P0 Q1 P1 Wine 45 $5.00 60 $3.50 Bread 120 $2.00 90 $2.50 a. Using the market basket in year 0 and setting the CPI for year 0 = 1.00, calculate the CPI for year 1
Consider an economy in which the marginal labor MPN is MPN= 309-2N, where N is the amount of labour used. The amount of labor supplied, NS, is given by NS=22+12w+2T, where w is the real wage and T is a lump-sump tax levied on individuals.
Your credit card has a current balance of $4965.20. This Balance is accruing interest at a nominal rate of 9.0% compounded monthly. Assuming you didnt spend any more on this card, what uniform monthly payment over the next 36 months would be requi..
A monopsonist's demand curve for labor is given by w = 12 - 2L, where w is the hourly wage rate and L is the number of person-hours hired. a. If the monopsonist's supply (AFC) curve is given by w = 2L, which gives rise to a marginal factor cost cur..
Suppose that the two years have elapsed since you purchased the security, and you hve recieved the first two payments of $600 each. Now suppose the market interest rate suddenly jumps to 10%. How much would another investor be willing to pay for y..
What is the expected value and variance of R b. You are considering investing $150 in this asset. After 1 year, the value will be $150(1+R). What is the expected value and standard deviation of the value of your asset in 1 year
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