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Mehnaz has already made arrangements for her birthday celebration: she is inviting her 7 friends to a dinner party at a famous Montreal restaurant (Mehnaz will pay for everything). The estimated cost of this dinner includes $55 per person for the 3 course meal, as well as 4 bottles of wine at $120 per bottle. However, she has second thoughts now! She is thinking of inviting her friends to her house. Doing so, she needs to hire a catering company that asks for $500 flat fee for a buffet. Wine is not included. She can buy 4 bottles of wine from SAQ at $70 per bottle. Moreover, she will have to cancel reservations at the restaurant and pay a fine of $100 (for late cancelation). What is the marginal cost of her changing her decision?
Suppose the price of widgets falls from $7 to $5 and consumption of widgets rises from 15 widgets a month to 25 widgets. Calculate your price elasticity of demand of widgets. What can you say about your price elasticity of demand of widgets Is it ..
a. What is the real value of output (Q) Now assume that the Fed increases the money supply by 10 percent and velocity remains unchanged. b. If the price level remains constant, by how much will real output increase.
Assume that the firm's marginal cost is given by MC = 0.2q + 3. What is the level of output q that maximizes profit? b) Assume the total cost is given by TC = 0.1q^2 + 3q + 10. Calculate the firm's profit. c) Graph these results and label firm's s..
One hundred compressors of 200 H.P. rating are being considered for purchase by the state highway department. The consumer price index was 400 five years ago and is 520 today. The cost of 150 H.P. compressors bought five years ago is as follows
Does the firm have constant, increasing, or decreasing returns to scale? Why? If wages are $20,000 per person per operating period and capital units for $3,000 per unit per operating period, calculate the average cost of producing 12,000 units and..
You need $100,000 in equity, which you can withdraw from your bank account that is currently paying 2% per year in interest, and a $400,000 loan with a 15% interest rate. What is your expected pretax accounting profit from your proposed agency.
where a > 1. In addition assume that the firms target own profit maximization, compete (simultaneously) in quantities and have marginal costs equal to c1 = c2 = c. Assume that 1 > c > or equal to 0. Describing the necessary mathematical steps, and..
A large profitable corporation is considering two mutually exclusive capital investments: Alt A. Initial Cost: 11,000Uniform Annual Benefit: 3,000 End of depreciable life salvage value: 2,000 Depreciation method: SL End of useful life salvage value
Online Educators (OE), a not-for-profit firm exempt from taxes, is considering replacement of some electronic equipment associated with its distance learning (DL) facility. They spent $100,000 on the equipment 3 years ago and have depreciated it t..
S&B Manufacturing Inc., a manufacturer of packaging products is attempting to select a short run strategy which maximizes the long run value of expected future profits. Their long run value will depend upon their competitor's response. The control..
The widget industry is perfectly competitive. The industry demand and supply functions for widgets are given below.Qd = 424 - 40P Qs = 40 + 8P What is the equilibrium price and quantity for the industry?
The second largest public utility in the nation is the sole provider of electricity in 32 counties of southern Florida. To meet the monthly demand for electricity in these counties, which is given by the inverse demand function P = 1,200 - 4Q, the..
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