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Suppose that the Acme Gumball Company has a fixed proportions production function that requires it to use two gumball presses and one worker to produce 1000 gumballs per hour. a) Explain why the cost/hour of producing 1000 gumballs is 2v+w (where v is the hourly rent for gumball presses and w is the hourly wage). b) Assume Acme can produce any number of gumballs they want using this technology. Explain why the cost function in this case would be TC=q(2v+w), where q is output of gumballs per hour, measured in thousands of gumballs. c) What is the average and marginal cost of gumball production? d) Graph the marginal and average cost curves for gumballs assuming v=3 and w=5.
The marginal cost to X Co. of supplying an additional tractor to a customer is $300. X Co. sues Mr. Y for breach of contract. How much damages should be awarded to X Co
What is a perfect (pure) price competition model and what are its assumptions? Explain in detail how the price competition model is supposed to work, its process and the outcome (this includes many components relating to the quality of goods, the typ..
If the aggregate-demand curve is given by the equation P = 400 - (2 ´ Y), and long-run aggregate supply = 100, the long-run equilibrium price level equals
A young couple is purchasing a new sport utility vehicle. The price of the new vehicle is $28,300, sales tax is 7.5%, title and registration will cost $105. The dealer is offering a special finance rate of 1.9% APR for 36 months (compounded monthly)...
Player 1 (the “hider”) and player 2 (the “seeker”) play the following game. There are four boxes with lids, arranged in a straight line. For convenience, the boxes are labeled A, B, C, and D. The administrator of the game gives player 1 a $100 bill, ..
Consider a firm that uses two inputs: skilled workers and computers. Explain what it means if skilled workers and computers are complements in production. Specifically, if the price of computers falls, and skilled workers and computers are complement..
Define Absolute convergence in the Solow Growth Model. Define Conditional Convergence in the Solow Model.
Answer the same questions as in the previous problem if TC = .5m + 10Q. In which problem are economies of scale more important? Explain how this affects your outsourcing decision.
A manufacturing company is considering investing in a new cutting machine that will cost $140,000 and has an annual maintenance cost of $15,000. There is also an additional overhauling cost of $30,000 for the equipment at the end of every four years...
Many goods and services are illegally sold or legally sold but not reported to the government. How would increased efforts to count those goods and services affect our calculation of GDP?
The economy is made up of C and I and is currently at full employment. If consumption is $5 trillion while savings is $1 trillion, what is current investment according to the Classical economists? Suppose consumption falls by $500 billion what will h..
An investor has an opportunity to buy a parcel of land for $100,000. He plans to sell it in two years. What will the sale price have to be for the investor to get a 25% constant dollar before-tax ROR with inflation averaging 10% annually? What escala..
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