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Consider a consumer with the utility functionU(X,Y)=10Min(X,Y) , where Min is the minimum ofthe two values of X and Y.
If the prices of the two goods are Px=$4 andPy=$8, and the consumer income is $60, find the optimum consumption basket. What is the level of utility at the optimumbasket?
Burlington Northern is considering the elimination of a railroad grade crossing by constructing a dual-track overpass. The railroad subcontracts for maintenance of its crossing gates at $11,500 per year. Beginning 4 years from now.
Say there is a bumper crops in births for some astrological reason, and the labor force increases 10% from 320 hours to 352 hours. Amend the diagram and use similar algebra to figure out what happens again.
Suppose that the nominal rate of interest is 4 percent and the inflation premium is 2 percent. What is the real interest rate Alternatively, assume that the real interest rate is 1 percent and the nominal interest rate is 6 percent.
During the current fiscal year, Jeremiah Corp. signed a long-term noncancellable purchase commitment with its primary supplier. Jeremiah agreed to purchase $2.5 million of raw materials during the next fiscal year
Two large firms are about to enter the market for a new pain reliever. Suppose that the demand curve is given by: Q = 2600 -400 P Where Q = number of bottles And P = price per bottle This means that the marginal revenue function is given by: MR = 6.5..
Studies indicate that the price elasticity of demand for cigarettes is about -0.4.If a pack of cigarettes currently costs $2.0 and the government wants to reduce smoking by 20%, by how much should it increase the price
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, an..
The financial advisor is weekly column in the local newspaper. Assume you must answer the following question: "I recently retired at age 65, and I have a tax-free retirement annuity coming due soon.
a city is spending $20 million on a new sewage system. The expected life of the system is 40 years, and it will have no market value at the end of its life. Operating and maintenance expenses for the system are projected to average $0.6 million pe..
An electric motor is 10HP. Motor A costs $800, and is 85% efficient. Motor B costs $1200 and is 90% efficient. Both motors will operate 1,500 hours at an energy rate of 0.07 per kilowatt hour. Both motors have a 15 year life span.
Suppose a firm operates as a price taker in a perfectly competitive industry. The firm's Total Cost function is given by TC = a + bQ +cQ2. Therefore the firm's marginal cost is given by b +2cQ. Find an expression for the Breakeven Price.
Albert Einstein once noted that" compounding of interest is one of humanity's greatest inventions". to illustrate the mind-boggling effects of compounding suppose $100 is invested at the end of each year for 25 years at i=50% per year. In this cas..
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