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The individual demand for a slice of pizza at Sam’s Pizza is given by QD = 6 – P. Assume the marginal cost of a slice is constant at $1 and the marginal revenue function is 6- 2Q. What is the profit-maximizing price and quantity if Sam’s sells all pizza slices at a single price? What profits per customer will be earned?
Illustrate what change in the economic enviJorgement led to this new equilibrium.
Consider the following Heckscher-Ohlin model. Spain and Italy produce shoes and T-shirts using capital and labor. Spain is labor abundant and Italy is capital abundant. Shoes are capital-intensive and T-shirts are labor intensive. Suppose both countr..
You are analyzing data for a research project. You have a two-sided two-sample t-test with the following hypotheses being tested: Which of the following results for the confidence interval does not provide enough evidence to reject the null hypothesi..
To extract the seller’s surplus, a buyer should design a bulk order offering the seller ________ up to the desired production.
We know that the optimal consumption point is where the Indifference Curve is tangent to the budget constraint (i.e., MRS=Relative Price). Why are points along an indifference curve that intersect the budget constraint less than optimal?
For each item in this list, please explain whether it would be considered a pure public, quasi-public or pure private good. (TIP: Think about whether the item has shared consumption and/or exclusivity to determine what type of good it is.)
Suppose you run a manufacturing business that is involved in manufacturing and selling a single product. The fixed cost to run the business is $15,000 and the constant marginal cost is $7.50 per unit. The sale price of your product is $15 per unit. F..
Suppose the demand function for a profit maximizing monopolists good is P = 160 - 0.5Q, its total cost function is TC = 20 + 10Q + 0.3Q2, and its marginal cost function is MC = 10 + 0.6Q. If the firm uses a uniform pricing strategy, then rounded to t..
Some lenders charge an up-front fee on a loan, which is subtracted from what the borrower receives. This is typically described as "points" (where one point equals 1% of the loan amount). The federal government requires that this be accounted for in ..
q.point out one product that you believe is produced by a pure monopoly firm or a firm with a high degree of monopoly
Suppose that low-skilled workers employed in clearing woodland can each clear one acre per month if each is equipped with a shovel, a machete, and a chainsaw. Clearing one acre brings in $1300 in revenue. What is the marginal revenue product of hirin..
The Short Run total cost curve of a firm in a hypothetical market is given by. What is the shut down price? What is the break-even point of the firm? What is the equation for the firm’s short run supply schedule?
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