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A production process using two inputs, labor and capital, can be written as: Q=5KL MPL=5K and MPK=5L. The price of a unit of labor is $150 and the price of a unit of capital is $1000. Write the equation showing procedure for the firm's long-run cost curve
Elucidate why there is a relationship between price elasticity of demand and the effects on total sales revenue.
What are the distinguishing characteristics of public goods? Give two examples of a public good. Why are public goods difficult for markets to allocate efficiently?
Assume the firm does enter the market and that, over time, increasing competition causes the price of telephones to fall to $35. Under these circumstances, what would be the firms optimal output, price and profit (or loss).
In the short run, information about perfectly competitive firm's fixed costs are needed to determine both, the profit maximizing level of output and the amount of profit earned when producing that level of output.
Suppose the price elasticity of demand for heating oil is 0.2. If the price of heating oil rises from $1.80 to $2.20 per gallon, what happens to the quantity of the heating oil demanded? use the mid-point method.
How much is she actually paying the credit card company, including interest, when her credit card is paid off?
The Position Paper will deal with a specific aspect of managerial economics on a topic approved by the instructor. An example is: Mergers and acquisition in the automobile industry. Students should give a critical summary of sources/papers on that to..
GM is opening a dealership in the Germany, they want to make sure they can make a rate of 20% rate of return that is promised by an alternative investment. The initial $600K investment in mechanic shop materials has an economic life of 4 years, and w..
Given an initial deposit of $500,000, and a required reserve ratio of 15%: Calculate the simple money multiplier: Calculate the total change in the money supple from the deposit based on the new RRR: Is the decrease of the required reserve ratio fro..
Suppose that the government decides to impose a tax on the producers of potato chips. How will the tax affect the potato chips prices and the quantities sold? Explain using demand and supply curves.
The firm manufactures a global positioning system (GPS) that sells for $2,000, with cost of goods sold (hardware 30% and software 70%) of 55% of sales. Compared to the United States, China offers a 7% cost reduction in electronics manufacturing hardw..
Illustrate what role does Macroeconomics play in your personal financial decisions and that of your place of work or firm you are familiar with.
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