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Suppose a firm's inverse demand curve is given by P = 120 - 0.5Q and its cost equation is C = 420 + 60Q + Q2a. Find the firm's optimal quantity (Q), price, and profit (1) by using the profit and marginal profit equations and (2) by setting MR = MC.b. Suppose instead that the firm can sell any and all of its output at the fixed market price of P = 120. Find the firms optimal output.
Market research at Apple Corporation has shown that the demand function for its new iPhone is as follows: QA = 3 - 0.02PA + 0.0002I + 0.01PS where QA is the quantity demanded (in thousands) of iPhones, PA is the price of an iPh..
A farmer uses M units of machinery and L hours of labor to produce C tons of corn. A) Suppose the production function is C = L(0.5) x M(0.75), does the production function exhibits increasing returns to scale, decreasing returns to scale or consta..
Suppose the tax rate on the first $10K income is 0: 10% on the next $20K; 20% on the next $20,000; 30% on the next $30K; and 40% on any income over $80K. Family A has income of $40K and Family B has income of $100K.
You have the chance to buy either one of two bonds. The first is a tax-free municipal with a coupon yield of 6.5%. The second is a corporate bond with a yield of 8.5%. Both bonds are rated AA. Your tax rate is 28%.
A painter and the price of a gallon of paint increases from $3.00 a gallon to $3.50 a gallon. Your useage of paint drops from 35 gallons a month to 20 gallons a month. Compute the price elasticity of demand for paint and show calculations.
The mayor decides how long each fireworks show will last each year. This year, she has a new plan: each of the 20 town citizens will send in their marginal utility of a minute of fireworks to the mayor who will then compute the optimal amount of fi..
A bauxite mine can be purchased for $20,000,000 and is expected to yield $5,300,000 annually for the next 20 years. After that, the mine is closed and $4,000,000 will be required to restore the site to original environmental conditions
Consider a labour market in which the supply curve is given by: w= 10 + Ls (where w is the wage rate and Ls is the quantity of labour supplied). Further, assume that the demand for labour is given by w = 100 - Ld (where w is the wage rate and Ld i..
A depository institution holds $150 million in Required Reserve and $10 million in Excess Reserves. Its remaining assets include $440 million in Loans and $150 million in Securities. If the institution's only liabilities are transaction deposits, ..
A monopolistically competitive firm produces a level of output at which price equals $80, marginal revenue equals $40, average total cost equals $100, marginal cost equals $40, and average fixed costs equals $10.
The purchasing manager for a firm is trying to determine what the safety stock should be for a particular product. She has developed the following table, which gives the distribution of demand during the lead-time and the probabilities.The carryin..
A certain area has 7500 workers who are willing to work at any salary. The area has two places of employment, A and B. At A, the value of the marginal production of the workers is w = 1800-0.1L At B, it is w = 1800-0.2L
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