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The Licorice industry is competitive. Each firm produces 2 million strings of licorice per year. The strings have an average total cost of .20 cents each and they sell for .30 cents.
What is the marginal cost of a string?
Is this industry in long-run equilibrium? Why or Why not?
In solving the problem,when your taxable income lies exactly on the border of the 22% bracket ( so that adding one dollar takes it to the beginning of the net bracket), choose the next bracket i.e. 26% as the marginal rate for your federal tax, t..
In the long-run, outsiders enter the market since they have observed the existing firms are profitable. As more and more firms in the market, the market price is reduce to P = 12. Assuming the MC = 3 + 3Q, what is the new optimal quantity for the ..
What is the multiplier? How is it calculated? Why is the multiplier related only to consumption spending?
Explain why this firm would not try to sell more output by undercutting the market price. A calculation is not necessary but you may choose to use it as your explanation. What will happen in this industry in the long run
If an alternative has an advance payment of $100,000 upon contract award and then quarterly payments of $25,000 for the next 3 years, what would the cash flow diagram look like
A few years ago, when residential electricity in the state of Washington cost about half as much as in nearby Montana, the average household in Washington used about 1,200 kilowatt-hours per month, whereas Montana used about half that much per hou..
at a price of $1 each, 200 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es = 1). In the long run, a price increase from $1 to..
Consider an exchange economy with two goods, 1 and 2, and two consumers, A and B. The consumers are initially endowed with a total of unit of each good, i.e. w1 = w1A + w1B = 1 and w2 = w1B + w2B = 1. Their preferences are represented by UA(x1, x2..
An airport needs a modern material handling system for facilitating access to and from a busy maintenance hanger. A second-hand system will cost $75,000. A new system with improved technology can decrease labor hours by 20% compared to the used sy..
An asset has an initial cost of $200,000, a salvage value of $25,000, and a recovery period of seven years. a. Find its book value after six years using the MACRS method. b. Find its book value after six years using the double declining balance metho..
For the last 4 months, a contract generated a net $6000 per month. Julian sold the equipment yesterday for $3000 to a friend.For the net cash flows experienced, what could Julian have paid for the equipment 8 months ago to have payback plus a retur..
Because of a legal settlement over state health care claims, in 1999 the U.S. tobacco companies had to raise the average price of a pack of cigarettes from $1.95 to $2.45. The decline in cigarette sales was estimated at 8 percent.
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