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country A has 1500 units of labor and can produce two goods, manufactures and food. A's producers take 5 units of labor to produce one unit of manufactures and 6 units to produce one unit of food. County B has 1800 units of labor and takes 3 units of labor to produce one unit of manufactures and 9 units to produce on unit of food. Draw the production possibility frontiers for the two countries.
In city A, the value of an apartment falls in direct proportion to its distance from the business center. Thus an apartment one kilometer away will lose 20 percent of its value and an apt 2 kilometers away will lose 40 percent of its value.
Consider an economy with the production function Y= L^(1/3) a) Derive the Labor demand Curve b) If Labor supply curve is L^s= (w/p) , calculate the equilibrium levels of real wage, labor and output.
You are the manager of a large automobile dealership who wants to learn more about the effectiveness of various discounts offered to customers over the past 14 months. Following are the average negotiated prices for each month and quantities sold ..
Two production lines are under evaluation. One uses waterjet cutting technology and has an initial cost of $100,000 , an annual operating cost of $10,000 , a useful life of 5years, and a salvage value of $70,000 at the end of 5years.
A firm sells its product in a perfectly competitive market where other firms charge a price of $130 per unit. The firm's total costs are C(Q) = 40 + 10Q + 2Q2. a. How much output should the firm produce in the short run?units
Joe Sabia, an assistant professor of public policy at American University in Washington, D.C., says that a 10 percent increase in minimum wage reduces retail employment by 1 percent and reduces employment among young workers by 3.4 percent.
Now suppose the firm's total and marginal cost are as follows: TC = 6800 + 20 Q (The cost function includes advertising costs.) MC = 20 Assuming the number of ads remains at 25, what price should STS charge to maximize its profit
Assume that the price of the good is $1 in both periods. Suppose that the household decides to consume 26,000 in period 1 and 32, 000 in period 2. Now suppose that the interest rate falls to 50%, and the household decides not to borrow or lend at ..
Explain difference between profit maximization and shareholder wealth maximization and determine which of these is a more comprehensive statement of a firm's economic objectives?
The marginal cost of providing 25 neighborhood street lamps is $2000. There are 3 people living in the neighborhood. Person 1 is willing to pay $800 for the 25 lamps and person 2 is willing to pay $300 for the 25 street lamps.
You are starting your own Internet business. You decide to form a company that will sell cookbooks online. Justcookbooks.com is scheduled to launch 6 months from today. You estimate that the annual cost of this business will be as follows: Technol..
a hospital emergency room needs the following numbers of nurses: Day Mon. Tue. Wed. Thur. Fri. Sat. Sun. Min no. 4 3 2 4 8 6 4Each nurse should have two consecutive days off.
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