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An individual contributes $100/month into a retirement account. The interest rate is 6% compounded monthly. What is the value after 15 years? Solve by hand as the tables do not go that high.
Compute a range of possible values for total gain with a Illustrate what is meant by the term 'utility,' and how does it relate to purposeful behavior.
Imagine that it is the year 2199. Technology has progressed at an incredible pace. The latest discovery is the plutonium engine, which is capable of converting plutonium, a by-product of nuclear fission, Describe the economic outcome of this single-p..
Explain fully how a tax or subsidy affects the market. Explain how higher taxes do not necessarily raise more revenue as demonstrated by the Laffer curve.
Use this information to predict the annual number of VCRs sold if increasing competition from Asia causes VCR prices to fall by 10% with income and the price of DVDs is unchanged. 4.35 million 5.65 million 5.85 million 4.58 millio..
You are a perfectly competitive firm and P = $5 . Your cost function is: C(Y )= Y2 + Y + 4. What are your firm’s variable costs? Fixed costs? Write down your firm’s profit function. Write down the firms first order condition for profit maximization a..
Compare Country Alpha with Country Omega. Which country would you expect to have a higher unemployment rate in each of the following situations? Alpha has a larger share of its population under age 25; Omega has a larger share of its population betwe..
Suppose that the output can be sold for $10 per unit. Further assume that the firm can obtain as much of the variable input (L) as it needs at $20 per unit. Determine the marginal revenue function. Determine the value of L that maximizes profits
Suppose the government decreases taxes by 20 percent. Describe the effects to the equilibrium price level and GDP. Make sure to address consumption, disposable income, and aggregate demand in your answer.
Saddam Toaster Co. is contemplating a modernization of its antiquated plant. It now sells its toasters for $20 each; the variable cost per unit is $8, and fixed costs are $840,000 per year. Calculate the break-even quantity. What will be the break-ev..
What are the characteristics of perfect competition? Why does this type of fast-food restaurant tend to display characteristics of perfect competition? Imagine you are running a firm with the characteristics of a perfectly competitive firm. Describe ..
Describe a nonverbal communication technique that you will use to persuade your co-owner that your proposal is a win-win proposition.
Economic formulas are available to compute annual payments for loans. Suppose that you borrow an amount of money P and agree to repay it in n annual payments at an interest rate of i. Write an M-file to compute A. Test it with P=$100,000 and an inter..
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