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Suppose a country can produce a maximum of 10,000 jumbo airliners or 2,000 aircraft carriers.
a. What is the opportunity cost of an aircraft carrier?
b. If another country offers to trade six planes for one aircraft carrier, should the offer be accepted?
c. What is the implied price of the carrier in trade?
However, when the commissioner granted the 10 percent increase, revenues increased by only about 5 percent. What can you infer about the elasticity of demand for taxicab rides. What were taxicab drivers assuming about the elasticity of demand.
Suppose that market demand is given by Q = 10 - 0.01P in which Q is the quanity of a good given in million units, and P is the price of the good given in $ per unit. In the long-run, a typical producer faces average cost AC = 9 + 2Q and marginal c..
Just The Fax, Inc. (JTF) has hired you as a consultant to analyze the demand for its line of telecommunications devices in 35 different market areas. The available data set includes observations on the number of thousands of units sold by JTF per ..
Firm XYZ measured its MP of labor curve. XYZ produces gadgets that are sold for $20 each and is able to hire workers for $10 per hour. How many hours of labor should XYZ hire each day to maximize its profits.
Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the official unemploymen..
Cars arrive at Carla's Muffler shop for repair work at an average of 3 per hour, following an exponential distribution. (a) What is the expected time between arrivals? (b) What is the variance of the time between arrivals?
On a diagram, draw the marginal cost curves for the two factories, the average and marginal revenue curves, and the total marginal cost curve (i.e., the marginal cost of producing Q = Q1 + Q2). Indicate the profit-maximizing output for each factor..
Suppose that fixed costs increase by $50 but the prevailing market price remains unchanged. Using algebra determine the effects of this change in cost on the profit maximizing output and the optimal profit. Do you see any change from your answer t..
if demand is unit elastic (the elasticity is 1), a 1% price cut increases the quantity sold by 1% and total revenue does not change. the question is: Assume the initial price is 1 and the initial quantity demanded is 1, thus the total revenue is 1..
Suppose the marginal benefit of writing a contract is $100, independent of its length. Find the optimal contract length when the marginal cost of writing a contract of length L is: a. MC(L) = 30 + 4L. b. MC(L) = 40 + 5L.
A businessman wants to donate the funds to establish a new academic support program for student athletes. He is prepared to donate $10 million today (Feb. 16, 2012), one year hence (Feb. 16, 2013), and two years hence (Feb. 16, 2014) to establish
Compute the opportunity cost in forgone tanks for each additional truck produced: Truck output 0 1 2 3 4 5 Tank output 5 4.5 3.8 3.0 2.0 ..
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