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The Mineola Corporation hires a consultant to estimate the relationship between its profit and it output. The consultant reports that the relationship is
f = -10 - 6Q + 5.5Q2 - 2Q3 + 0.25Q4
a. The consultant says that the firm should set Q equal to 1 to maximize profit. Is it true that d?/dQ = 0 when Q - 1? Is ? at a maximum when Q = 1?
b. Mineola's executive vice president says that the firm's profit is a maximum when Q = 2. Is this true?
c. If you were the chief executive officer of the Mineola Corporation, would you accept the consultant's estimate of the relationship between profit and output as correct?
What is the income elasticity of demand for kitty litter when P(D)=30,P(C)=20, m=50? What is the cross-price elasticity of demand for kitty litter when P(D)=30,P(C)=20, m=50? Are kitty litter and cat food substitutes or complements?
Suppose that Saudi Arabia lets other members of OPEC sell all the oil they want at the existing price which the Saudis set and other members accept. The daily world demand for OPEC oil is given by:P = 88 2Q
Overheard at water cooler: My regression model of demand is better than one that the consultant prepared for us because it has a higher R2.
Whay is the payback period of the following investment when a) i=0% and b) i=10%/ year Initial Cost ($) 1,000,000 Annual Cost ($) 100,000 Annual income ($) 300,000 salvage Value ($) 500,000 Max Life time: 10 years
Construct and show a gross margin budget for the activity. Construct and show a whole farm budget. Advise the farmer on the current and future profitability of the farm and possible options to improve performance.
US and Canada can both grow wheat and can do mining. Use the following table to look for which country has a comparative advantage in mining. (Hint: Find the Absolute Absolute Cost in US Cost in Canada Wheat $5 C$8 Mining $10 C$12 c..
Consider an economy with population growth at rate n = :03, technological growth at rate g = :02, depreciation at rate = :05, and a savings rate of s = :30. The economy is at steady state. (a) What is the rate of growth of aggregate income Y in this..
The World of Videos operates a retail store that rents movie videos. For each of the last 10 years, World of Videos has consistently earned profits exceeding $37,000 per year. The store is located on prime real estate in a college town. World of V..
Rewrite the model to show that this is in fact a two-variable model rather than a three-variable model. Define the parameters
Discuss the signs and magnitudes of the estimated coefficients and their comparisons to predicted or theoretical signs and magnitudes. What have we learned?
A frim determines that X units of its product can be sold daily at P dollars per units per day is C(x) =120-1/2p and where the cost of producing X units per day is C(X)=10+30x A) Assuming that the production capacity is 40 units per day, determine..
Between 2009 and 2010, the poverty rate increased for non-Hispanic Whites (from 9.4 percent to 9.9 percent), for Blacks (from 25.8 percent to 27.4 percent), and for Hispanics (from 25.3 percent to 26.6 percent). For Asians, the 2010 poverty rate (..
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