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A firm sells a product in a perfectly competitive market, at a price of $50. The firm has a fixed cost of $30. Fill in the following table and indicate the level of output that maximizes profit. How would the profit-maximizing choice of output change if the fixed cost increased from $40 to $60? More generally, explain how the level of fixed cost affects the choice of output.
Candidate A is running for president of the student government at a large university. The proportion of voters who favor the candidate is 0.8. A simple random sample of 100 voters is taken. a. What are the expected value, standard deviation, and sh..
Consider a project to supply 100 million postage stamps per year to the US postal service for the next five years you have an ideal parcel of land available that cost $2400000 five years ago; if the land were sold today it would net you 2700000 af..
Suppose unemployment is kept at this higher level. What happens to inflation in year 3? In year 4? How many years does it take to get inflation down to zero? Make a table like the one in the previous problem to show your results.
Analyze the comparative dynamics in response to the announcement at time T that at some future date T' > T the tax rate will decline to τ'
Given a sample of n observations, the investigator estimates β2 by calculating it as the average value of Y divided by the average value of X. Discuss the properties of this estimator. What difference would it make if it could be assumed that β1 is..
Show the impact of this event on the market for agricultural land in Brazil in Exhibit 2. What has happened to the marginal product of land and the rental price of land in Brazil?
Suppose xt = (1:05)t and yt = (1:02)t. Calculate the growth rate of zt in each of the following cases: a) z = xy b) z = x=y c) z = y=x d) z = x^1/2 y^1/2
Sean Bell invested $10,000 on a blue chip stock five years ago and paid a commission of $90. He sold it today for $14,192.20 and paid the same commission, exactly 5 years and 4 months since the stock was bought.
Suppose a monopolist faces the following demand curve: P = 90 - 2Q. Marginal cost of production is constant and equal to $10, and there are no fixed costs. A) What is the monopolist's profit maximizing level of output
La Yin likes brownies (B) and chocolate bars (C) and is on the indifference curve: U(B,C) = B^2C. Consider the follwing bundles for La Yin. Bundle A B = 5, C = 10 Bundle B B= 3, C= 4 Bundle C B= 2, C= 9 Bundle D B= 5, C= 5
The owner of a small car-rental service is trying to decide on the appropriate numbers of vehicles and mechanics to use in the business for the current level of operations. He recognizes that his choice represents a trade-off between the two resou..
Suppose a monopolist faces the following demand curve: P = 180 - 4Q. Marginal cost of production is constant and equal to $20, and there are no fixed costs. A) What is the monopolist's profit maximizing level of output
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