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What happens to the price and the quantity bought and sold in the cocoa market if countries producing cocoa experience a drought and a new study is released demonstrating the health benefits of cocoa? Illustrate your answer with a demand and supply graph.
Gail Dribble is analyzing the shares of Petscan Radiology. Petscan's stock pays a dividend once each year and it just distributed this year's $0.85 dividend. The market price of the stock is $12.14. Gail estimates that Petscan will increase it div..
The production function for product y is given by y = min {l; 2k}. The price of capital is r = 120 per day and the price of labour is w = 30 per day. Determine the (daily) total cost C(y) and marginal cost MC(y) of manufacturing this product.
Suppose that there is an increase in the demand for personal computer systems. Explain the likely effects on marginal revenue product, marginal factor cost, and the number of workers hired by the firm.
What generalization can you make from this exercise?
Treating the marginal cost curve as the "supply curve" and using the given demand curve, what price and quantity would a competitive market give. Now, calculate the price and quantity for the monopolist.
Marginal revenue product is defined as the change in total revenue that results from the employment of an additional unit of a resource. A widget producer wishes to determine how the addition of pounds of rubber will affect its MRP
Jeff holds $50,000 wealth which has a utility of 7.07 utils (assuming utility is the square root of wealth in thousand dollars). He considers investing this in a gamble which has a 0.6 probability of increasing his total wealth to $100,000 and 0.4..
If the owner earns 5% interest on her investments, determine the equivalent annual cost of owning a car with the following costs (EOY=end of year). Initial down payment=$2200 Annual payments=$5500, EOY1-EOY4
Assume that Milk is perfectly elastically. If there is a $.20 tax on milk, who will bear the burden of the tax Assume producers have the legal incidence. Graphically depict and describe. Shade the loss in consumer's surplus. and deadweight loss.
a firm faces a demand cure, p=80-3q, and has a cost equation c=200+20q Find the optimal quantity and price for the firm, now suppose that demand changes to p=1103Q. find the new optimal and quantity. has there been an increase or a decrease in dema..
Jason's utility from consuming apricots and bananas is given byU(a,b)=2a+3b. Suppose Jason will spend $10 on fruit. If the pricesare pA=1 and pB=2, what is his optimal consumption of apricots and bananas
You are choosing between two goods, X and Y, and your marginal utility from each is as shown below. Units of X MUx Units of Y MUy 1 10 1 8 2 8 2 7 3 6 3 6 4 4 4 5 5 3 5 4 6 2 6 3 If your income is $9 and the prices of X and Y are $2 and $1
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