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Consider the example developed in Section 11.5, assuming this time that firm A has a MC of $4 per unit, and B has a MC of $6.
(a) Compute the level of output each will produce
(b) Compute the total output produced by both firms.
(c) Compute the profit made by each firm.
(d) Comparing their combined output with the output when the MC of each firm is $6, explain why the totals differ.
Suppose that a consumer has an income of $24and a utility function given by: U = 2*log(x) + log(y). The priceof x is $2 and the price of y is $2. A) Write down the Lagrangean for this consumer's maximization problem.
You are going to purchase a house which costs $250,000. Your annual income is currently $60,000. The bank you are going to get the mortgage from uses a 28% qualifying rate (a maximum of 28% of your gross monthly income can go to your monthly payme..
An alternative has a discounted project cost of $2,195,000 with no salvage value. The estimate was in constant dollars and the discounting used mid-year factors. While the period of analysis is 5 years, the alternative only provides benefits for t..
Hernandez Corp. uses two variable inputs, X and Y, to produce its final product, canoes. Its engineering department has estimated the marginal product functions for inputs X and Y as follows: MPx = Y/X MPy = 4 X/Y Where X and Y denote.
A clinic uses doctors and nurses optimally and is servicing the maximum number of patients given a limited annual payroll. The last doctor hired treated 1,600 extra patients in a year, while the last nurse hired treated 1,000 extra patients in a y..
Idea behind giving a project is to see if students are able to apply the theoretical concepts in real business situation .
(1) Estimate the IRR for each project shown below to within X.X%. (2) Which ones should be done if the capital budget is limited to $60,000 (3) What is the minimum attractive rate of return (MARR) (4) What is the opportunity cost
If you have to make a random guess and there are five possible answers, what is the expected value of guessing?
1. Use these combinations for parts a and b: Combination Clothes Food A 1 basket 1 pound B 1 basket 2 pounds C 1 basket 3 pounds D 2 baskets 1 pound E 2 baskets 2 pounds F 2 baskets 3 pounds G 3 baskets 1 pound H 3 baskets 2 pounds I 3 baskets 3 p..
Evaluate the overall explanatory power of the regression model. Use a 0.05 level of significance. State all your hypotheses and explain your results. Do not use rules of thumb. calculate the F statistic to answer this question.
Suppose that for the firm below, the goods market is perfectly competitive. The market price of the product the firm produces is $4 at each quantity supplied by the firm. What is the amount of labor that this profit-maximizing firm will hire
If it contracts with a private firm; its profit would be $2 million, $0.7 million, or -$0.5 million with probabilities 0.25, 0.41, and 0.34, respectively. If it contracts with the government, its profit will be $4 million or -$2.5 million with rece..
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