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The second largest public utility in the nation is the sole provider of electricity in 32 counties of southern Florida. To meet the monthly demand for electricity in these counties, which is given by the inverse demand function P = 1000 - 5Q, the utility company has set up two electric generating facilities: Q1 kilo-watts are produced at facility 1, and Q2 kilo-watts are produced at facility 2 (so Q = Q1 + Q2). The costs of producing electricity at each facility are given by C1(Q1) = 10,050 + 5Q1^2 and C2(Q2) = 5,000 + 2Q2^2, respectively. Determine the profit-maximizing amounts of electricity to produce at the two facilities, the optimal price, and the utility company's profits.
Year Actual 5yr move 3yr exponential exponential demand average avg. smoothing smoothing W=0.9 W=0.3 2000 800 xxxxx xxxxx xxxxx xxxxx 2001 925 xxxxx xxxxx 2002 900 xxxxx xxxxx 2003 1025 xxxxx 2004 1150 xxxxx 2005 1160 2006 1200 2007 1150 2008 1..
Suppose economists observe that an increase in government spending of $10 billion raises the total demand for goods and services by $30 billion. If these economists ignore the possibility of crowding out, hat would they estimate the marginal prope..
Automobile companies often provide a 3-year warranty on new vehicles. Consumers must pay for extended warranties beyond the manufacturer's warranty period. Suppose that a 5-year extended warranty is offered for your new vehicle at a price of $1,31..
Weekly demand and cost relations for Sandpiper Products, Inc., are given by the equations P = $180 - $10Q (Demand) TC = $75,000 + $5Q + $7.5Q2 Where Q is the quantity produced and sold per week. a. Determine the profit maximizing price and output. (Q..
Consider a closed economy to which the Keynesian-cross analysis applies. Consumption is given by the equation C = 200 + 2/3(Y - T). Planned investment is 300, as are government spending and taxes.
Assume the point elasticity method. 1. Anna owns the Sweet Alps Chocolate store. She charges $10 per pound for her hand made chocolate. You, the economist, have calculated the elasticity of demand for chocolate in her town to be
the Marginal product of labor (measured in units of output) for a firm is:MPN = A(100 - N) Where A measures productivity and N is the number of labor hours used in production. The price of output is $2.00 per unit. if A = 1, what will demand for labo..
Gina was in a garage band when she was in high school, and the only time they could find to practice was on Saturday morning (much to the dismay of her neighbors.) Suppose the band received $49 in internal benefit (i.e., happiness) from practicing..
Consider three alternative policies, each with a different set of outcomes in terms of output and inflation, as shown in the following table: Output Policy A (1) 500.0, (2) 515.0, (3) 530.5, (4) 546.4, (5) 562.8. Output Policy B (1) 500.0, (2) 500..
TP TFC TVC 0 $45 $01 45 170 2 45 320 3 45 450 4 45 620 5 45 800 6 45 ..
Qs= 3p Qd= 100-2p a) Suppose a tax of $5 is imposed on the buyer. What will be the price paid by the buyer after this tax What will be the price received by the seller What quantity is sold Show your calculation.
Suppose you are an analyst for the Coca-Cola company. An individual's inverse demand for Coca-Cola is estimated to be P = 98 - 4Q (in cents). If Coca-Cola is produced according to the following cost function TC = 1,000 + 2Q (in cents).
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