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An economy has 2,000 people. 1,000 of them have utility functions U(x, y) = x + y and 1,000 of them have utility functions U(x, y) = min{ 2x, y}. Everybody has an initial allocation of 1 unit of x and 1 unit of y. Find the competitive equilibrium prices and consumptions for each type of person.
Beasley World Industries purchases a new computing center for $100 million. They estimate a life of 5 years and a salvage value of $20 million. Beasley World Industries is allowed by the IRS to use Sum of Year's Digits depreciation. They also e..
People like to earn money, but they don't like to work outdoors in the summer, due to the high heat. Suppose that the utility function is \(U(w,x)=w^{1/2}-0.5h\) , where w is the wage and h is a measure of the number of very hot days.
illustrate the market for theater tickets in the case of these two externalities. Again, label the demand curve, the social-value curve, the supply curve, the social-cost curve, the market equilibrium level of output, the efficient level of output..
A monopolist faces a demand curve given by: P = 220 - 3Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $40. There are no fixed costs of production.
Assume that a national restaurant firm called BBQ builds 20 new restaurants at a cost of $1 million per restaurant. It outfits each restaurant with an additional $300,000 of equipment and furnishings
Farma Inc. is working on the development of a new drug to combat Fingulesa. It has identified two strategies to pursue. Strategy one has a probability of success of 40% and strategy 2 has a probability of success of 60%.
Joe has never trusted banks and always kept his money in cash. Joe pulls out his money jar, discovers that it has $20,000 in it, and decides it is unsafe to keep that much cash. Joe stops at the Local National Bank the following day, opens a check..
Howard Bowen is a large-scale cotton farmer. The land and machinery that he owns has a current market value of $4 million. Bowen owes his local bank $3 million. Last year Bowen sold $5 million worth of cotton. His variable operating costs were $4...
the utility function (x1,x2)= (x1+1)(x2+4). The price of x2 is $1. Lee spends all his income to buy 6 units of x2 and no x1. What is the minimum level of the price of x1 compatible with these facts
ABC groundworks maintains shopping mall parking lots under a long-term 10 year contract. ABC is charging a flat-rate of $20,000 for year 1 and then it increases by $ 1,000 per year through year 10. Determine the future worth at EOY 10 of the servic..
Market supply of labor The following table shows the hours per week supplied to a particular market by three individuals at various wage rates. Calculate the total hours per week (QT) supplied to the market. Hourly Wage Hours per week
Suppose that interest rates are 6 percent in the economy and a safe bond promises to pay $3 per year in interest forever. Interest rates suddenly fall to 3 percent. What will happen to the price of the bond that pays $3 per year
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