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For each of the following decision-making problems, determine whether the problem involves constrained or unconstrained optimization; what the objective function is and, for each constrained problem, what the constraint is; and what the choice variables are.
a. We have received a foundation grant to purchase new PCs for the staff. You decide what PCs to buy.
b. We aren’t earning enough profits. Your job is to redesign our advertising program and decide how much TV, direct-mail, and magazine advertising to use. Whatever we are doing now isn’t working very well.
c. We have to meet a production quota but think we are going to spend too much doing so. Your job is to reallocate the machinery, the number of workers, and the raw materials needed to meet the quota.
Elucidate how the construction of tanks can be increased.
Elucidate why the equilibria found in part (a) are only short-run equilibria. What will happen in the long run.
If the price of good A decreases by 5% and the quantity demanded of good B increases 10.2%, find the cross price elasticity of demand. Are the goods substitutes or complements? Why?
During the summer, there are several hot dog stands spread around downtown Boston. They sell very similar products, have little leverage over their market's price, earn little long-run profit, and are not protected from entry and exit by laws and reg..
Price will increase; quantity cannot be determined. (Assume CD players are normal goods.) Which of following will happen to equilibrium price and equilibrium quantity for CD players
The payment to resource owners has to be equal to ____ in order to keep the resources in their current use. The term price maker
Assume that each firm is free to set its production level, but each firm can communicate (via the business press) what they plan to do first. Using an economic model, show that it might be difficult to sustain a cooperative (high-profit) outcome. Wha..
There are a number of measures of aggregate economic activity, such as GDP, GNP, national income, personal income, and disposable personal income. Each of these measures can be a good indicator depending on the issue under consideration. the relative..
Firms that can identify two types of consumers can price-discriminate perfectly. Firms can price-discriminate only if there is zero competition in the market. Firms that price-discriminate will not reach higher profits.
Suppose your firm produces electricity by burning coal. Currently it buys central Appalachia 12,500 BTU per ton coal at the market price of $52 per ton.
When the marginal-cost curve lies below the marginal-revenue curve. Assume that for a perfectly competitive firm marginal revenue equals rising marginal cost at 100 units of output. At this output level, the firm's total fixed cost is $600 and its to..
q1. from a random sample of 500 registered voters in la 400 indicated that they would vote in favor of a proposed
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