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Tony owns a fancy Italian restaurant, Tony's Trattoria. He uses only the finest ingredients and hires the best chefs in the country. Suppose Tony's total cost function is given by the following relationship: TC =100 +10Q +Q^2 , where Q is the number of 3 course meals prepared in an hour.a. Calculate Tony's average cost curves: ATC, AFC, and AVC.
You are the manager of a Mom and Pop store that can buy milk from a supplier at $2.00 per gallon. If you believe the elasticity of demand for milk by customers at your store is -3, then your monopoly price is.
What is CEO Toback's most pressing concern and how could he go about addressing this concern?2. Do you agree or disagree with the assessment of the concern and the plan to address this concern? Why or why not?
A large profitable corporation is considering two mutually exclusive capital investments: Alt A. Initial Cost: 11,000Uniform Annual Benefit: 3,000 End of depreciable life salvage value: 2,000 Depreciation method: SL End of useful life salvage value
Suppose Ben has a utility function U(x,y)= 4 * x^(0.5) * y^(0.8) The price of x is 2 dollars and the price of y is also 2 dollars. Explain WITHOUT USING ANY MATH AT ALL, just in a few words, which good is consumed more. Does Ben buy more x than y.
A packaging company needs to know the rate of return on a process which will cost $60,000, have an income of $25,000 per year, have an operating cost of $5,600 per year, and have a salvage value of $7,000 at the end of its five year life.
Determine which of the following refers to a relatively high correlation among independent variables of a regression equation?
Use the capital-asset pricing model to predict the returns next year of the following stocks, if you expect the return to holding stocks to be 12 percent on average, and the interest rate on three-month T-bills will be two percent.
a. Graph the demand and supply curves. What is the equilibrium price and quantity in this market b. If the actual price in this market were ABOVE equilibrium price, what would drive the price toward the equilibrium
Suppose there are 2 countries, Home and Foreign, two factors of production, capital and labor and two products, food and cloth. Home has 100 units of labor and 200 units of capital, while Foreign has 300 units of labor and 150 units of capital. \(..
Consider the production function f(L;K) = L + K. a. Suppose K is fixed at 2. Find algebraic expressions for the total product of labor function TP(L), the average product of labor AP(L), and the marginal product of labor MP(L).
Consider the following data set on the price and quantity of various commodities for 2008 and 2013. Calculate the GDP deflator. What are the values for the Laspeyres and Paasche indices? Is any of the price indices clearly better?
One aspect of obtaining a college education is the prospect of improved future earnings in comparison to non-college graduates. Sharon Shay estimates that a college education has a $28,000 equivalent cost at graduation.
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