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Suppose the daily demand function for pizza in Berkeley is Q = 1,525 – 5P. The variable cost of making Q pizzas per day is C(Q) = 3Q + 0.01Q2, there is a $100 fixed cost (which is avoidable in the long run), and the marginal cost is MC = 3 + 0.02Q. There is free entry in the long run. What is the long-run market equilibrium in this market? [HINT: Again, the trick is to find the minAC(Q), as you did in Q.1.]
Show what happens to one or both curves for the given scenarios. If the scenario does not change either curve, leave them in their original positions.
The Red Cross and WIC (Women, Infants, and Children program) both provide emergency food packages and first-aid kits to New York City home-less shelters. Table 2P-1 shows their weekly production possibilities in providing emergency goods to NYC homel..
Given the production function between nurse hours and patient visits per day to a community clinic, how will each of the following shift the function. A change in nurse remuneration from salary to fee for service. A change in case mix of patients, wi..
Can you find a Nash equilibrium in pure strategies that is not efficient. Find the sub game perfect equilibrium as a function.
What is the role of models in economic analysis? How can it be determined if the assumptions underlying the design of an economic model are overly simplified or overly limiting? At what point do the assumptions invalidate the model? Why?
Upjohn Company purchased new packaging equipment with an estimated useful life of five years. The cost of the equipment was $35,000 and the salvage value was estimated to be $5,000 at the end of year 5. Straight-line method. Double-declining-balance ..
Give an example of a product you consume for which your marginal utility increases with the amount of your consumption
Dennis is only interested in two things, eating food and playing the online multiplayer game Globe of Gratuitous Violence (GoGV) – a close competitor to world of war craft. Dennis’s utility is given by the function € U(q f , qg ) = 0.25ln(qf ) + 0.75..
Mike finds a Coke machine in an abandoned part of town and is extremely thirsty. The Coke machine requires exact change - two quarters and a dime. No other combination of coins will make anything come out of the machine. Draw a graph that illustrates..
To explore the implications of this view, suppose that an economy consumes all wage income and saves all capital income. Show that if the factors of production earn their marginal product, this economy reaches the Golden Rule level of capital.
Elucidate how the solow growth model differs from models of endogenous growth with respect to the sources of technological progress and returns to capital.
Consider a closed economy which can be characterized by the following equations: C = 400 + 0.8YD I = 600 + 0.1y- 1000r G = 300 T = 125 (M/P)d = 0.2Y-6000r (M/P)= 400 a. Solve for the goods market equilibrium and state the equation for the AD and IScu..
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