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Each month, a gas station sells 4,000 gallons of gasoline.
Each time the parent company refills the station's tanks, it charges the station $50 plus 70¢, per gallon. The annual cost of holding a gallon of gasoline is 30¢.
a)How large should the station's orders be?b)How many orders per year will be placed?c)How long will it be between orders?d)Would the EOQ assumptions be satisfied in this situation? Why or why not?e) If the lead time is two weeks, what is the reorder point? If the lead time is ten weeks, what is the reorder point? Assume 1 week=1/52 year
Explain why a monopolist, such as Media Cable, faces a downward-sloping demand curve Explain why the marginal revenue from an additional sale is less than the price of the service Suppose Media Cable currently charges $70 for its service. If it lo..
(a) Calculate the opportunity cost of an increase in the number of hours spent studying in order to earn a 3.0 grade point average(GPA) rather than a 2.0 GPA. (b) Is the opportunity cost the same for a move from a 0.0 GPA to a 1.0 GPA as it is for ..
Suppose the following data describe output in two different years. Item Year 1 Year 2 Apples Bicycles Movie Rentals 20,000 @ 25¢ each 700 @ $800 each 6,000@ $1.00 each 30,000 @ 30¢ each 650 @ $900 each 8,000 @ $1.50 each (a) Compute nominal GDP in ..
Labor Supply a. Ann's utility can be represented by the function: U (C,L) = ln (C-10) + 3/5 ln(L). She has 16 hours/day to divide into work (H) and leisure (L). She has no unearned income. Derive the formula for her Marginal Rate of Substitution a..
A retailer has offered you two options to purchase kitchen and laundry appliances: A. $3598.88 cash today; or B. a down payment of $912.50 plus three additional identical payments 80 days, 160 days, and 320 days from today.
Assume an open, mixed economy. That is, foreign trade is part of the economy, and the economy includes both a public (government) and a private (consumers and businesses) sector. Given this, aggregate demand is expressed as (C + I + G + X). Assume..
If the monopolist is left unregulated, what are the market price and quantity, the monopolists profit, consumer surplus, producer surplus, total surplus, and dead weight loss. If the monopolist is forced to produce where P = MC, what are the eq..
Product X is traded on the international market at a price p = 0.5. Consider a small open economy where there are two firms, A and B, producing product X. The two firms have a production function q^A = 10l^1/2k^1/2 and q^B = 10 min{l, k}
Suppose that an investor purchases 100 shares of IBM stock at a price of 100 dollars on december 31, 2004. During the year 2005, IBM paid dividends of 2$ per share, and at the end of the year, the investor stold the stock at a price of $115.
A firm is a monopoly with demand p+120-y and cost TC=y^2-4y+1000. suppose the government imposes a price ceiling of $90. what is the monoploist's profit maximizing quantity when the price ceiling is in place what if the price ceiling is $80
A group of venture investors is considering putting money into Lemma Books, which wants to produce a new reader for electronic books. The variable cost per unit is estimated at $250, the sales price would be set at twice the VC/unit, or $500
Professor Moore forgets to set his alarm with a probability of .10. If he sets the alarm, it will wake him on time to make his first class with a probability of .95. If he forgets to set the alarm, he wakes up in time for his first class with a pr..
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