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You are the project executive of a monopolistically competitive firm. The present demand curve is P=100- 4 Q. Your total cost equation is C(Q)=50+8.5Q^2 , and MC = 17Q.
a. What level of output should you set to maximize profits?
b. What price would you charge?
c. What will happen in your market in the long run? Explain.
A few years ago, a construction manager earning $70,000/ year working for a regional home builder decided to open his own home building company.
Use supply and demand curves to help you determine the impact that each of the following events has on the market for beef. New genetic engineering technology enables ranchers to raise healthier, heavier cattle, significantly reducing costs.
What is the discount rate in the banking system? Explain how the Fed manipulates this rate to achieve macroeconomic objectives.
The firm’s production function is Y = min {A/4; 2B} + 5C. Suppose that the price per unit of input A is 2 euros, the price per unit of input B is 6 euros, the price per unit of input C is 30 euros. What is this firm’s minimum cost of producing 40 uni..
Suppose a firm uses both labor L and capital K as inputs to production. Its production function is of the Cobb-Douglas form, i.e. F(K, L) = K^(1/3) L^(2/3) The firm charges a price P for every good it sells, pays a nominal rental rate R to every unit..
Suppose the Bank of Japan (BOJ) and the Federal Reserve Bank decide to coordinate policy in an effort to lower the dollar exchange rate (that is, to reduce the number of Japanese yen needed to purchase one dollar). The policy coordination needed to r..
How can an event such as the terrorist attacks of September 2001 affect consumer and business confidence and the economy?
A machine with a useful 10 year life is to be depreciated by the MACRS method over 7 years. The machine has a first cost of $35,000 with a $5,000 salvage value. Its annual operating cost is $7,000 per year. The depreciation charge in year three is ne..
Combinations of goods on the production possibilities frontier
The Sunshine Corporation finds that its costs are $40 when it produces no output. Its total variable costs (TVC) change with output as shown in the accompanying table.
You purchased an immediate annuity which pays you $3,000 each year from next year for 15 years. Assuming interest rate is 5%, how much is the equivalent present value of these payments? The future value of $1,000 saved for 20 years at 5% interest is:
A company bought a machine with an initial value of $120,000 with life time of 8 years and a salvage value of $12,000, assuming ? =0.60 find the book value at year six using the declining method.
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