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A friend of yours is considering two cell phone service providers. Provider A charges $120 per month for the service regardless of the number of calls made. Provider B does not have a fixed service fee but instead charges $1 per minute for calls. Your friend's monthly demand for minutes of calling is given by the equation Qd= 150-50P is the price of the minute?
How much consumer surplus would he obtain with each provider?
Suppose the production manager is told to minimize the short-run total cost of producing Q units of output. While total output Q is exogenous, the manager can choose how much to produce at plant 1 (Q1) and at plant 2 (Q2), as long as Q1 + Q2 = Q.
In a hypothetical economy, the monetary aggregate M1 equals 120,000 pesos, and M2 equals 320,000 pesos. The following information about this economy is also available: Money market deposit accounts 80,000 Amount of currency held outside of banks.
Before the income is spent, it can either be kept in money or bonds. Money yields no interest. Bonds yield a yearly interest of 4%, but a transaction fee of 18 has to be payed each time bonds are sold. Use the Baumol-Tobin model of money demand to ..
Suppose that you have just been employed as a consultant to help a company decide which of 3-options to take to maximize the value of the company over the next three years.
In addition suppose that coffee costs $1 per cup, doughnuts cost $1 each and omar has a budget that he can spend only on doughnuts, coffee or both. How big would that budget have to be before he would spend a dollar buying a first cup of coffee.
Suppose that the money demand function takes the form (M/P)^d = L(i,Y) = Y/(5i) a. If output grows at rate g, at what rate will the demand for real balances grow (assuming constant nominal interest rates) b. What is the velocity of money in this econ..
Use the information in the following table, which summarizes the payoffs (i.e., profit) to two firms that must decide between an average Firm 2 Average Quality High Quality Firm 1 Average Quality 600, 600 400, 1100High Quality 1100, 400 900, 900 a. ..
Suppose you are hired as a traffic consultant to improve traffic patterns among commuters. How should these 5000 cars be allocated over the two routes in order to minimize the total amount of time cars are commuting
Consider an economy with just one technique available for the production of each good, food and cloth: Good food Cloth labor per unit output 1 1 labor per unit output 2 1 a. if consumers insist on trading four units of food for five units of cloth, w..
a. What will $35,000 deposited today be worth in 10 years at 12% compounded annually b. What is $14,000 worth today if deposited for 5 years at 4% compounded monthly c. What will $124,000 deposited today be worth in 10 years at 10% compounded daily
A manufacturer producing ball bearings claims that the mean weight of ball bearings produced is 5 ounces. The distribution is known to be normal with standard deviation 0.1 ounces. A random sample of 16 ball bearings is taken and their mean weight..
L Q MPL APL 1 3 +3 3 2 6 +3 6 3 16 -10 -5.33 4 29 -13 -7.25 5 43 -14 -8.6 6 55 -12 -9.17 7 58 -3 -8.29 8 60 2 7.5 9 59 -1 -6.56 10 56 -3 -5.6 b). plot the (i) total product, (ii) marginal product, (iii) average product functions.
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