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1.2 Soft drink advertising. (5%) The soft drink producer may use TV advertising for stimulation of sales. The cost of advertising is 20 000 euro per 30 seconds commercial, but after ten commercials per day there is a discount of 50% for all additional commercials. How much TV advertising should be bought if it is known that the first commercial increases the revenue at 100 000 euros, but every additional commercial has a 10 000 lower return that the previous one
2. 3. Optimal number of children (10%) Provide marginal analysis of the choice of number of children a person prefers to have. Explain shape of all functions you draw. (Draw your answer on paper and insert a photo of this drawing in this file, instead of my template. If you cannot do this, describe the shape of curves in all graphs by words). a) for average man b) for average woman c) for Rich family-lover man d) Rich society lioness
3. Alburg and Bewille (20%) There are two cities on the opposite sides of the river: Alburg and Bewille. The demand and supply for milk in Alburg is described by functions: Qs= 0,5P - 100 and Qd = 2000 - P. The demand and supply for Bewille is described as: Qs= 0,5P - 200 and Qd = 2800 - P. a) Find equilibrium prices and output of milk in both cities if there is no bridge or ferry service between them. b) How equilibrium will change if there is a bridge and the transportation costs are zero. c) How equilibrium will change if transportation of 1 liter of milk from one city to another costs 10. d) How equilibrium will change if the city administration of Alburg introduces 5% tax on sale (every buyer should pay 5% from every purchase to city budget)? (let us suppose that transportation costs are again zero).
4. 5. Export ban (20%) Russian government introduced the export ban for European food. List all markets which will be affected by this decision and explain how equilibrium will change in these markets (you may describe shifts of curves and change in prices and quantities by words, i.e. without graphs).
An article in Business Week warned of the dangers of deflation as the collapse of numerous Asian economies was creating worries that Asia might try to “ export its way out of trouble”.
How long will it take for your money to double? Show your calculations. You are not allowed to use any approximation formulas, such as the "rule of 70". Round your answer to 5 decimal places.
Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes
A company has issued 10-year bonds, with a face value of $1,000,000, in $1,000 units. Interest at 8% is paid quarterly. If an investor desires to earn 12% nominal interest (compounded quarterly) on $10,000 worth of these bonds, what would the pur..
Give an example of a monopoly, an oligopoly, and a cartel. Describe the welfare effects of monopolies and oligopolies.
Calculate the cross-price elasticity of demand and are the goods complements or substitutes
Describe the difference between monopoly and oligopoly, the welfare effects of monopoly, cost advantages that create monopolies, government actions which create monopolies.
Determine the total tax collected by the government on widgets. How much of this tax is paid by consumers? by producers? Show all calculations and explain your work.
Forecast the data for 2000 again in problem 1 with exponential smoothing with w=0.3 and w=0.7. Compare RMSEs for moving average and exponential smoothing forecasts to answer if this is a better forecast than the moving average?
Governmental sources (public programs) and private payers are just a few examples regarding sources of health care revenue. Medicare, Medicaid, and managed-care programs are some types of payers that make up the revenue source for health care orga..
Engineers at a national research laboratory built a prototype automobile that could be driven 180 miles on a single gallon of gasoline. They estimated that in mass production the car would cost $40,000 per unit to build.
National defense is considered a public good because there appears to be no limits to the nonrivalry-in-consumption characteristic, and exclusion of nonpayers is impossible. Are there any other goods that so perfectly meet both public goods criter..
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