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Assume the price of large gulf shrimp is dollar 18 per pound and that the price of hard shell Maine lobster tails is dollar 36 per pound. Your professor uses 1/2 pound of lobster or 1/2 pound of shrimp with various pasta dishes. In a typical month he cooks 4 shrimp/pasta dinners and 1 lobster pasta dinner. Is his marginal utility of a lobster based dinner equal to the marginal utility of a shrimp dinner for him? If so, explain. If not, what is the approximate difference in MU of shrimp vs. lobster?
Holdt Inc. produces and sells a single product. The selling price of the product is $110.00 per unit and its variable cost is $70 per unit. The fixed expense is $160,000 per month. The break-even sales (units) are:
An incumbent firm, Firm 1, faces a potential entrant, Firm 2 that has a lower marginal cost. The market demand curve is P = 120 – Q. First 1 has a marginal cost of $20, while Firm 2’s is $10. What are the Nash-Cournot equilibrium price, quantities, a..
Calculate and compare the profit under each flight. Should the airline replace its night flight from Los Angeles with a morning flight?
The production function for Hamburger Heaven (HH) is q=10KL. Given that the marignal product of labor, MPL = 10K, marginal product of capital, MPK = 10L, and marginal rate of technical substitution (MRTS = MPL MPK ). How much labor HH should employ t..
The name of the government agency that insures commercial bank deposits is the:
What is the equation of the supply curve if input prices are $10 and the price of Z is $20? Graph the supply curve that you found in part a) showing intercepts and slope. What is the minimum price at which the firm will supply any of good X at all?
Elucidate why a currency depreciation leads to an improvement in a countries balance of trade.
When evaluating potential distribution partners, what are the most important attributes to evaluate? Discuss their relevance for different product categories.
Use your knowledge about price-searching firms and two-part pricing to advise the company below. A company has a bar and is trying to decide on the cover charge (if any) and price for each drink. It has done a modest regression study in which it aske..
How could war stimulate the economy? Explain in detail, making sure to mention the impact government purchases have on Gross Domestic Product (GDP). Also, make sure you make mention of how government purchases affect the private sector. Finally, desc..
What happens if the price floor is above the equilibrium? and what happens when price ceiling is below the equilibrium?
Based on the analysis of the bubble policy given in this chapter, discuss why transaction costs are so important in explaining the success or failure of the EPA's bubble program. How would you devise a program that minimized the transaction costs of ..
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