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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 year.
If doctors make $40,000 a year, what do nurses make?
Suppose that the inverse demand for shale gas is given by p = 400 - 2q. The private marginal cost of producing shale gas is PMC = 100 + q. Suppose that in order to produce shale gas at the PMC given above, the oil and gas (O&G) companies (that pro..
The parents of a young child decide to make equal annual payments into a savingsaccount, with the first payment being made on the child's fifth birthday and the last payment being made on the fifteenth birthday. Then a rotal of four withdrawals of..
Discounting is examined. Suppose that individual demand for a product is given by QD=1000-5P. Marginal revenue is MR=200-0.4Q, and marginal cost is constant at $20. There are no fixed costs. a) The firm is considering a quantity discount. The firs..
Howard Bowen is a large cotton farmer. The land and machinery he owns has a current market value of $4,000,000. Bowen owes his local bank $3,000,000. Last year Bowen sold $5,000,000 worth of cotton. His variable operating costs were $4,500,000 and..
What combination of the two goods below allows you to maximize your utility with a budget constraint of $14? Show how you arrived at your conclusion in the space provided below. Place your final answers on the lines at the bottom of this page. ..
demand and supply schedules for rental apartment in the city of Gotham are given below Monthly Rent $2500 $2000 $1500 $1000 $500 Apartment Demanded 10,000 12,500 15,000 17,500 20,000 Apartment Supplied 15,000 12,500 10,000 7,500 5,000 Suppose a ne..
Wilpen Corporation, a price-setting form, manufactures nearly 80% of all tennis balls purchased in the United States. Wilpen estimates the U.S. demand for its tennis balls by using the linear specifications:
The football coach at Midwestern university was given a 5 year employment contract that paid $225,000 the first year, and increased 8% uniform rate in each subsequent year. At the end of the first year the alumni demanded that he be fired.
At a student café, there are equal numbers of two types of customers with the following values. The café owner cannot distinguish between the two types of students because many students without early classes arrive early anyway (i.e., she cannot p..
A company's marketing dept. obtained information from 10 of the firm's outlets. The information consists of the qty. and price of the products sold at each outlet from the distribution center.
The cup is placed over the pill and as the cup is pressed down, the pill is split into pieces which are contained inside the cup. Because the cup is above the pill, persons can see how the pill is cut and keep the pieces contained.
suppose that a gambler plays a $1 game 7 times. in each game, his probability of winning is 20 percent. if he wins, he gets $4 prize. he gets nothing if he loses. to profit on the games, he must win at least twice. what is his probability of winni..
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