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Max Whitley, manager of Whitley Construction, builds new homes in a booming community in the Midwest. Although the sales have slowed down because of a national recession, it now looks as if the recession is about to end. Max wants to be ready with material, labor and foremen to meet the demand for housing. Last year, Max built and sold 40 ‘starter homes', the most popular model. With a recent recession over, Max thinks that his sales will increase to 50 units for the current year. The going market price for this model (which Max and his numerous competitors have charged) has been $105,000. In addition, Whiteley Construction's marginal cost of building this model averages $75,000. Based on these facts, suggest a course of action for Max. Suppose the economic boom raises the cost of labor and raw materials, so that the additional cost of a starter house raises to $75,000. What is Max's most profitable course of action?
Rachel utility function is given by U= I 1/2 , where I represents annual income in thousands of dollars. Assume Rachel is currently earning income of $23,000 (I =23) and can earn that income next year with certainty.
the New England Journal of Medicine (NEJM), the Journal of the American Medical Association (JAMA), and Science. In one part of the study Internet reference were classified according to the top-level domain. Here are the data Top-Level Domain NEJM..
Now suppose that the monopolist fears entry, but thinks that other firms could produce the product at a cost of $15 per unit (constant marginal and average cost) and that many firms could potentially enter. How could the monopolist list attempts t..
Elucidate the difference among the consumption of a free good and a good that is not free.
Suppose that the Fed's inflation target is 2%, potential output growth is 3.5%, and velocity is a function of how much the interest rate differs from 5%: %^V= 0.5 X (i-5). Suppose that a model of the economy suggests that the real interest rate is..
Make supply and demand diagrams for market A for each of the following. Use these diagrams to determine how each of following changes in demand or supply affect equilibrium price & equilibrium quantity.
If High-Time lowers the price, Illustrate what will be the new evel of quantity demanded. Of the new revenue
Suzy knows that she has maximized her utility, as she is on her budget constraint.
Elucidate the six costs associated with inflation and evaluate which if any of the costs are important for the average consumer.
Periodically you hear of garbage strikes. Is garbage pickup a public good? Does garbage create externalities? What should be done about it? Why does garbage collection seem to attract organized crime?
Sailright Inc. makes and sells sailboards. Management believes that the price elasticity of demand
There are two goods 1 and 2. Denote the consumption bundle consisting of x1 units of good 1 and x2 units of good 2.Write down the equation for the indierence curve that passes through the consumption bundle.
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