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Firms often face the problem of allocating an input in fixed supply among different products. Find the optimal crude oil allocation for the following example if the profit associated with square foot of fiber is cut to $0.375, while the profit associated with per gallon of gasoline stayed at $0.50.
• What is gasoline marginal profit, given gasoline production function of ? QG = 72MG – 1.5 MG2,
• What is fiber marginal profit, given fiber production function of ? QF = 80MF – 2MF2,
• Determine the maximize profit.
• Determine total input availability.
Suppose labor productivity differences are the only determinants of comparative advantage, and Brazil and Chile both produce only coffee and sugar. In Chile, either 5 units of coffee or 2 units of sugar can be produced in one day. In Brazil, a day of..
How should the manufacurer respond to this competitive threat? Suggest at least two alternatives.
There is an ongoing debate over the use of arbitration clauses in consumer contracts. Differences between arbitration and litigation include the costs charged to the parties, the speed of resolution, Give an example of a company that uses consumer ar..
Calculate the present worth of the equipment described in question 4 given a 10% discount rate. An entrepreneur has found a way to turn straw into gold, but he needs $5 million to create the necessary machinery. He wants to earn a 25% rate of return ..
Producing a product and/or service has to involve a lot of strategic planning for the producer. It is not logical for a producer to just pick how much they want to produce without analyzing several key figures.
What are the three questions that must be answered in order to determine the consumers' willingness to pay in a mixed market of cars with both Lemons and plums?
From your personal experience, discuss a situation you have faced that would require one of the six elements of moral judgment. Identify the element of moral judgment you chose and justify your response.
If consumption and government purchases go up, what happens to GDP in the long run. Show this graphically.
Based on Figure 1, at equilibrium with free international trade in the market for calculators the price per calculator in Mexico is the world price P = $3.50. When the price is P=$3.50 what is the quantity supplied by Mexician producers, Qs and what ..
Two identical fishermen, Jill and Kevin, fish from the same lake. Since they are only two small producers, they cannot effect the price paid for their fish (P = 100), but they do influence each other’s costs. Write down the profit function for each f..
Suppose that Taher's pizza business operates under competitive conditions and that his short-run production function is q=20^E. Once again assume w = $6 but suppose the government imposes a tax of 25% on each dollar he pays his workers, to cover thei..
Assume you want to test the null hypothesis that the mean value of the bill in the box is 9 against the alternative that it is less than 9.
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