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Alice runs a restaurant and it is only open on Wednesdays and Saturdays. Her total cost is TC=10+q2 where q is number of meals served per day. Her restaurant is a price taker. A meal is sold at $12 on Wednesday and $20 on Saturday. a. Get her average cost per day and marginal cost per day. b. How many meals does she serve on Wednesday to maximize profit? And Saturday? How much is her profit each day? Per week? c. A newspaper noticed the price difference on different days and reported it. Now to make consumers happy all restaurants in the town have to sell meals for $16 regardless of the days. Calculate Alice’s optimal number of meals to serve and her profit each day and per week. d. Still assume the meals are sold at $16 each day. Now Alice has to hand in 10% of her profit as income tax to the government. How many meals should she serve each day? How much is her profit after tax? e. Still assume the meals are sold at $16 each day. Now suppose that due to competition all restaurants serve a free dessert with each meal. This costs Alice $2 for each meal she serves. Calculate her problem and profit each day and per week
There are two types of farming tractors on the market, the FT250 and the FT500. The only difference between the two is that the FT250 is more prone to accidents than the FT500. At these prices, 2,000 of each model are purchased each year. What is the..
Although European Union is the most advanced form of regional integration, it is currently facing a challenging time. What are some of the major challenges facing the EU?
Why do people routinely stuff themselves at all you can eat buffets Explain in terms of both utility also demand theories.
Suppose that a biotech firm makes diagnostic tests and has a fixed-proportions production function in which one unit of output (diagnostic test) is produced using one worker and two units of capital (machines). Draw 3 isoquants for this production f..
In Solow model, what would happen to consumption (the difference between output and savings) if: - there is an increase in saving (investment)- there is an increasing in population.
One person using one computer can produce 11,000 typed pages per year, and the price per page for your service is $2. Depends on the costs and revenues above, which should you do. Elucidate and show any relevant calculations.
Santa Claus has preferences between milk and cookies. Draw indifference curves to represent the following types of preferences: a) Santa likes milk and cookies, and always gets the same satisfaction from 1 ounce of milk as he does 2 ounces of cookies..
Assume you want to test the null hypothesis that the mean value of the bill in the box is 9 against the alternative that it is less than 9.
In the short run, the price at which a firm's total revenues equal its total costs is?
Converse briefly its relationship to microeconomics also other related fields of study such as finance, marketplace also statistics.
In my mind it is hard to imagine any competitive advantage that technologies give to business without considering efficiencies. To me, technology is meant to either streamline business processes or automated them altogether. While many argue against ..
A portfolio has an average return of 12.4 percent, a standard deviation of 15.8 percent, and a beta of 1.35. The risk-free rate is 2.6 percent. What is the Sharpe ratio? Your portfolio has a beta of 1.17, a standard deviation of 14.3 percent, and an ..
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