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A firm has decided through regression analysis that its sales (S) are a function of the amount of advertising (measured in units) in two different media,
television (x) and magazines (y): S(x, y) = 100 - x^2 + 30x - y^2 + 40y
(a) Find the level of TV and magazine advertising units that maximizes the firm's sales.
(b) Suppose that the advertising budget is restricted to 31 units. Determine the level of advertising (in units) that maximizes sales subject to this budget constraint.
(c) Give an economic interpretation for the value of the Lagrangian Multiplier obtained in part (b) above.
(d) The marketing department of the firm is lobbying to have the advertising budget increased to 40. Do you agree with the marketing department? If not, what advertising budget would you recommend and why?
Suppose the income of buyers (Y) increases by 10 percent (calculated as change in Y/average Y) and, as a result, the quantity demanded of the good increases by 2 percent (calculated as change in Qd/average Qd). Check the correct statement(s): A. T..
A new drill press was purchased for $148,000 by trading in a similar machine that had a book value of $46,220, Assuming that trade-in allowance is $9,000 and the book value of assetraded in is $9,000 and Book value of asset traded
Both SmithCo and Jones Inc. sell widgets. SmithCo's sales last month equaled 1000 units and it charged a price of $2. This month Jones Inc. reduced the price it sells its brand of widgets from $2.10 to $2, and SmithCo saw a reduction in the quanti..
The information in the table given below are the results of a random sample of current home sales in your neighborhood that your boss has asked you to use to estimate relationship in selling price of house and number of square feet in it.
Suppose a car wash firm that has 3 workers is able to wash 120 cars per day. When it adds one more worker, it is able to wash 152 cars per day in total. Suppose each car wash costs $15. Then the marginal revenue product for the 4th worker is
A. If the interest rate is 35%, what is the maximum you can spend in the current period B. If the interest rate was lower, you probably would be able to spend more than that. What would be the maximum interest rate that would allow you to spend $2..
Identify on your diagram the set of all Pareto efficient allocations. (c) Suppose each good has a market price of 1. Illustrate on yourdiagram the bundles demanded by each consumer. Is this a competitive equilibrium
Peter Minuit bought an island from the Manhattoes Indians in 1626 for $24 worth of beads and trinkets. The 1991 estimate of the value of the land on this island was $12 billion (1 billion = 109). What rate of return would the Indians have received
Assume the government cuts its purchases by $150billion. As a result, the budget deficit is reduced by $40 billion,private domestic saving decreases by $10 billion, disposablepersonal income decreases by $80 billion
Suppose a production possibilities frontier includes the following combinatinos: Cars Washing Machines 0 1,000 100 600 200 0 a)graph the PPF, assuming that is has no curved segments b)what is the cost of producing..
Julia can fix a meal in 1 hour, and her opportunity cost of one hour is $50. Jacque can fix the same kind of meal in 2 hours, and his opportunity cost of one hour is $20. Will both Julia and Jacque be better off if she pays him $45 per meal to fix..
Compute the discount factor 1/(1+r)^t for r=1, 5, or 10 perent interest rates and t=30 and 50 years. remember that 1 percent is .01. based on your computation, is teh choice of discount factor important for deciding whether to do somehtinga bout g..
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