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A calculator company produces a scientific calculator and a graphing calculator. Because of limitations on production capacity, no more than 220 scientific and 180 graphing calculators can be made daily. To satisfy a shipping contract, a total of at least 200 calculators much be shipped each day. If each scientific calculator sold results in a $2 profit, and each graphing calculator produces a $5 profit, how many of each type should be made daily to maximize net profits?
Decreasing returns to scale imply that. When average cost is falling, marginal cost is ____________ and when average cost is rising, marginal cost is _________________. If the price of an input changes, there will be a new expansion path. As long a..
Using the theory of symbolic interactions, how do sociologists explain the uniqueness of each individual human being?
Suppose that you are in the short-run and the production function for your firm is given as: F(L,K)=K1/2L1/2 Also, in the short-run capital is fixed at K=16. You also know that the wage rate for workers is w=10, the price of capital r=20 and that the..
The conventional wisdom has been that inflation is bad for the economy. If our inflation is running higher than our trading partners' inflation, according to this argument, our growth slows and jobs are lost. Explain how the mechanism described here ..
Explain the difference between the Industry (external) view and the Resource (internal) view of sustainable competitive advantage. Make sure you explain Porter’s Five Forces model and the resources and capabilities emphasized by the Resource Based Vi..
Martha has the utility function U(x, y) = min {4x,2y}. Write down her demand for x and y as functions of the variables m, px, and py, where m is income, px is the price of x, and py is the price of y.
Discuss the effect of the following public policies on the supply of labor. If there is a difference, discuss how the effect varies over time (e.g., now versus in the future) or across different groups of people. Allowing a tax credit for childcare e..
You borrow $42,000 and repay the loan with 6 equal annual payments. The first payment occurs one year after receipt of the $42,000 and you pay 8% annual compound interest. What is the payment size when interest is 8% compounded monthly, and monthly p..
What is current process capability as measured by Cp. What is current process capability as measured by Cpk.
Let the inverse demand curve for tennis classes is: P = 90 - 1.5Q. If the equilibrium price is $15, calculate the optimal quantity and the consumer surplus. If price increase to $30, calculate the optimal quantity and the new consumer surplus.
A sample that does not over represent any portion of the population also whose responses can therefore be safely generalized
What are transfer payments, and how do they make their way into the GDP calculation? If one added up the value of all intermediate goods that went into the production of real GDP, the total value of intermediate goods would be
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