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A firm faces uncertain revenues and uncertain costs. Its revenues may be $120,000, $160,000, or $175,000, with probabilities .2, .3, and .5, respectively. Its costs are $150,000 or $170,000 with chances .6 and .4, respectively. (Revenues and costs are independent.)
a. How many possible profit outcomes exist? Draw a decision tree listing these profit outcomes at the branch tips. Compute the firm's expected profit by folding back the tree. (It does not matter which uncertainty, demand or cost, is resolved first in the tree.)
The market for lemonade in a town consists of two lemonade stands (i.e., firms), 1 and 2. An agricultural economist estimates the following market demand for lemonade in this town: Q = 250 - P, where Q is the market quantity and P is the market price..
A business produces 4,000 units per month which it sells at $20/unit. Costs include: $10,000 on raw materials, $15,000 in wages for operators and $10,000 in wages to sales people. If the business is just breaking even, what are its fixed costs: A fir..
The “winner’s curse” is a situation when the winning bidder for an asset of uncertain value usually overestimates the asset’s true value. Can you describe a business situation that resulted in the “winner’s curse”? What could the company have done to..
Include a supply-demand graph relevant to a perfectly competitive firm.
How does the work of anthropological linguists differ from that of linguists in other fields? How can learning the native language of a people benefit the research of a cultural anthropologist who plans to study them?
There is difficulty in confronting trade-offs between environmental preservation and other economic and social activities. The longer we defer decisions, the more stark the trade-offs. Would these resources continue to exist if we continue our curren..
Starting at the demand price $3.00 the demand quantities are 60,70,80,90,100. At what price is the euilibrium price? At what price does suplus occur? at how many large?
What are the various causes/types of unemployment? What does it mean to be unemployed, i.e. what are the social, economic and political effects of unemployment? Should the government's number one goal be low unemployment and how' do unemployment and ..
The following demand function has been estimated for Fantasy Pinball machines: Qd = 3500- 40P + 17.5Px + 670U + 0.0090A + 6500N. Where P = monthly rental price of fantasy pinball machines, Px = Monthly rental price of old Chicago pinball machines. Th..
In order to earn some extra money to pay for college, you have decided to open your own tattoo parlor one block from campus. You come up with a business plan and realize that you will need financing to get your business off the ground. You fill out a..
Explain Gary Becker's tastes for discrimination model with regard to employee discrimination and show how a firm that indulges its male employees is not profit.
Explain why a person starting up a small business probably stands a better chance of raising money by applying for a bank loan than by issuing bonds. Banks now control only about half as much of the total financial intermediary assets as they did abo..
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