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Alpha Company is a competitive price-taker firm that is currently producing 100 units of output (Q=100). At the current level of production, the firm has Marginal Revenue of (MR=) $20, Average Variable Cost of (AVC=) $12, Marginal Cost of (MC=) $15, and Average Total Cost of (ATC=) $18. Use this information in responding to the following two requests. Each part is worth four.
Calculate the firm's Total Fixed Cost (TFC). At the current level of output (Q), calculate the dollar value of the firm's profit (or loss). Defend/Explain how you calculated that amount.
In the past, some people believed that the Federal Reserve routinely expanded the money supply during presidential election years in order to stimulate the economy and help the incumbent president. For this question, assume that the Fed increases inf..
European Commission’s preference for a common competition policy is given by the following function: P=1−X, where P denotes price, and X denotes the level of spending allocated to such policy. Draw a diagram in which you illustrate the preferences of..
In 2005, conditions in Iraq led to a sharp drop in consumer confidence and a drop in consumption. Assume that the Fed holds the money supply constant, tell a story and predict the effects on the equilibrium levels of aggregate output (Y) and the inte..
Izaak likes to eat pizza and to fish. The more fishing he does the happier he is, up to 8 hours a day. If he fishes longer than 8 hours he gets a sore back and is less happy than if he hadn’t fished at all. For y less than or equal to 8, his utility ..
Suppose you had the opportunity to organize the perfect health care system. Explain how you would organize the financing method, reimbursement scheme, mode of production, and physician referral procedure. What are the basic differences between conven..
Owing to the rising cost of copper, in 1982 the U.S. Mint changed the composition of pennies from 95% copper (and 5% zinc) to 2.5% copper (and 97.5% zinc) to save money. If it cost the U.S. Mint $0,017 to produce a penny in 2012, is it time to elimin..
Which of the following statements best captures the concept of deadweight loss?
The Utah Mining Corporation is set to open a gold mine near Provo, Utah. According to the treasurer, Monty Goldstein, “This is a golden opportunity.” The mine will cost $3,600,000 to open and will have an economic life of 11 years. What is the IRR fo..
The ABC Corporation is contemplating purchasing a new computer system that would yield a before-tax return.
Suppose that we have a standard real intertemporal model with investment with two twists. First, the effect of the real interest rate r on current consumption C is assumed to be zero. Graphically derive the aggregate output demand curve Yd under thes..
What is represented in the price of a good or service?
A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for t..
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