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1. What is the purpose of setting the first derivative equal to zero in the optimization process?
2. Suppose you are optimizing a function with the highest power of 3, describe how you would determine whether a max, min, or inflection point. Provide an example.
3. Suppose the price and quantity equilibrium is below the price and quantity which maximizes total revenue, what strategy would you use for the firm. Assume that the demand curve is downward sloping.
4. Suppose the firm is operating in the inelastic portion of its demand curve, what strategy would you use to increase the firm's total revenue.
5. Interpret the results of the Jarque-Bera Statistic for a series' descriptive statistic is 0.5140?
Suppose you have been tasked with regulating a single monopoly firm that sells 50-pound bags of concrete. The firm has fixed costs of $10 million per year and a variable cost of $2 per bag no matter how many bags are produced. If this firm kept on in..
According to the Coase Theorem, if transactions costs are low then a private market (that is, an unregulated market) is efficient.
A sample of 16 ATM transactions shows a mean transaction time of 67 seconds with a sample standard deviation of 12 seconds. When testing whether the mean transaction time is different from 60 seconds, what is the test statistic?
How much equity would she have had in the house at the time of its sale.
Expansionary monetary policy by the foreign country will lead to a _______ of the home currency, while expansionary monetary policy in the home country will lead to a _______ of the home currency.
Scarcity forces society to come up with a mechanism to determine how output is to be distributed. If society decided not to use price as an allocative mechanism (price determines who receives goods and services), then what would you suggest as an alt..
What can we say about the price elasticity of demand for nicotine products (such as cigarettes, pipes, tobacco) in the group of nicotine addicted users, versus the group of "social smokers"? Can we say whose demand is likely to be more elastic? Why?
It is generally accepted among economists that minimum wage warps the equilibrium point between the supply and demand of labor by instituting price floor and increases unemployment for unskilled laborers (while increasing the wage for the individuals..
"The Assistant Secretary for Time Travel recommends that the bureau choose the socially optimal price, the price necessary for efficient allocation of resources. Which price is required for efficient allocation of resources.
F1 & F2 are the fixed costs of Firm 1 and Firm 2. D1 & D2 are the marginal costs of each firm. What is the socially efficient quantity for monopoly? What is the NSB of the socially efficient quantity?
A free-market republican argues against the Pigouvian tax by pointing out that the conditions necessary for the Coase Theorem to produce an efficient equilibrium are present in this situation. Assuming that the republican is correct, describe two met..
Prepare a flexiable budget performance report, assuimng that the company worked 8,500 direct labor hours during the month.
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