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Third Problem Professor Bong has just written the first textbook in Punk Economics. It is called Up Your Isoquant. Market research suggests that the demand curve for this book will be Q = 2, 000 − 100P, where P is its price. It will cost $1,000 to set the book in type. This setup cost is necessary before any copies can be printed. In addition to the setup cost, there is a marginal cost of $4 per book for every book printed. 1. What is the total revenue function for Professor Bong’s book? 2. What is the total cost function for producing Professor Bongs book? 3. What is the profit-maximizing quantity of books for professor Bong to sell?
CAFTA (Central American Free Trade Agreement) will lead to free-trade between U.S. and Central America. Suppose there are two factors: skilled and unskilled labor and U.S. is skilled-labor abundant. There are two goods: apparel and computers, and app..
Draw the pre-intervention optimized supply and demand equilibrium. Explain and show what effect it has on the polis.
a company makes a decision to expand its production line that requires initial investment of 100000. the company
Identify one product in your home that is made elsewhere. Why was this product imported? (Hint: think comparative advantage and mutual gains from trade) Some oppose free trade. What are their reasons and how does this apply to the product you identif..
Did you know that many large countries utilize a national sales tax, or value added tax, to raise revenues? What if, -in an effort to FIX THE ECONOMY, the U.S. decided to do this? What other countries are doing this and to what degree of success?
If there are no fixed costs of production, in the long run, the perfectly-competitive firm will produce
A new Fed governor argues during FOMC meetings that the Fed has not sufficiently achieved the goal of helping the economy reach its potential level of output. She asks the committee to be more aggressive, using expansionary monetary policy to increas..
Explain how do you think which these individuals would rank the utility of these similar expenses for themselves.
The first national bank received 3,000 inquiries following the latest advertisement decribing its 30-month IRA accounts in the Boston World, a local newspaper. The most recent as in similar advertising campaign in Massachusetts Business, a regional b..
The production function is Y = A ´ Ka ´ L1-a. If a = 0.3, and over the past year total factor productivity (TFP) grew 2.3 percent, capital grew 2 percent, and labor grew 3 percent, what was the growth rate of output?
Confidence on the demand for money is log M=14.666+.021logC-.036log r m- real money balance c consumer confidence r is interest rate paid on bank deposit. Based on this study How 5% increase impact the demand for money a .Increase or decrease 1.8%, d..
What are the three basic social dimensions (also referred to as the three dimensions of inequality)? How would you describe each of them? What specific examples of each of the dimensions can you describe other than those given in the lesson?
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