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Based on the best available econometric estimates, the market elasticity of demand for your firm’s product is -1.5. The marginal cost of producing the product is constant at $75, while average total cost at current production levels is $200.
An interest rate of 10% compounded continuously is desired on an investment of $15,000. How many years will be required to recover the capital with the desired interest if $2,030 is received each year?
A firm’s total cost function is TC = 2q^2 + 5q +10 . The firm is a price taker and the market price for its product is $25. How many should it produce to maximize profit? How much profit?
A company earns an annual profit of $50 million. There are 100 million share of stock outstanding. People expect a 9% return on stock. What is a share of stock in this company worth?
An economy has 110,000,000 people employed 8,000,000 unemployed, and 4,000,000 discourage workers. The conventional measure of the unemployment rate is what percent?
Individuals A and B are the only consumers of good X. Individual A demand for good X is given by: Q = 4 – P and individual B demand for good X is given by: Q = 8 – 2P. The supply for good X is given by MC = 3. Assume good X is a (pure) public good. G..
In multiple regression analysis, explain why the typical hypothesis that analysts want to test is whether a particular regression coefficient ( B) is equal to zero ( H0: B 0) versus whether that coefficient is not equal to zero ( H1: B 0).
Derive the simple bid-rent function for a model with only firms. Illustrate what factors can cause the city to grow larger.
Tom Reardon and his next door neighbor, Rich O’Donnell were carpooling to work one morning when the engine of Tom’s car started to sputter. This started a chain of events that eventually led Tom to decide that he needed a new car. Why do dealerships ..
For the price function p(x) = 10 − sqrt 3x where p is in dollars and x is the number sold in hundreds (0 ≤ x ≤ 30), use R(12) and MR(12) to approximate the revenue when 1240 items are sold. [Hint: Revenue is price times quantity.] $ How much will the..
Over a period of two years, average income in Collegetown increased from $1,000 to $1,400. During the same period, the quantity of pizza demanded increased from 6,000 per month to 10,000 per month. Assuming everything else constant, use the midpoint ..
There is persistent fear that there will be a high level of deflation. Many economists warn that it may be worse for the economy than if there is high inflation. Let\'s work through one example. What is the real interest rate that Herb expected to p..
Suppose that output is $2.2, the natural rate is 4.5%, potential GDP is $2.32, inflation was 3% last year expectations arc adaptive, and the phillips curve equation is pi = pi + 0.5(Y - Y*)/Y*. What will the inflation rate be this year?
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