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"The growth of consumer information organizations, legal requirements, and warranty requirements has caused significant increases in the cost of customer satisfaction. Thus, it is no longer useful to talk about profit maximization as a company objective." Comment on this quote.
Does the firm have constant, increasing, or decreasing returns to scale? Why? If wages are $20,000 per person per operating period and capital units for $3,000 per unit per operating period, calculate the average cost of producing 12,000 units and..
Regis hungry for a snack. Here is the value he places on a cupcake: Value of first cupcake 5dollars Value of second cupcake 4dollars Value of third cupcake 3dollars Value of fourth cupcake 2dollars From this schedule, derive regi's demand schedule. G..
Assume we observe the following: Qt = 5; pc = 2; pt = 2. If the price of textbooks doubles, by how much does the income have to increase to keep the textbook consumption constant What happens to chocolate consumption Explain.
The price of basketballs is $90, the wage rate is $5, and the rental rate for capital is $10. What is the short-run profit maximizing level of labor demand if capital is fixed at 40 units What are the long-run profit maximizing levels.
US Output: 100 units Labor: 20 workers Wages: $3 Exports:$90 UK Output: 50 units Labor: 20 workers Wages:$2 Exports: $45 1.) Compare the relative productivity with the wage ratio 2.) Then calculate the ratio of the two exports.
Suppose that a state provides subsidies for a company to build plants that contribute to air pollution. Cleaning up this pollution causes the marginal cost of air cleanliness to rise by $210,000 at each degree of air cleanliness. What is the optim..
A Man is planning to retire in 20 years. He can deposit money for his retirement at 6% compounded monthly. It is estimated that the future general inflation rate will be 5% compounded annually. What deposit must be made each month..
Assume that an individual consumes two goods, X and Y. The total utility of each good is independent of the rate of consumption of the other good. The price of X and Y are $40 and $60 respectively. Use the following table of total u..
Assume that a person's utility function is U(x,y)=x^2y^2 (yielding MRS=y/x) The price of X is $2 and the price of y is $5. Income is $100. What is the optimal choice? If a quantity tax of $0.50 is placed on good x, what is the new optimal choice
1. suppose that the economy is initially in a steady state and that some of the nations capital stock is destroyed
According to classical macroeconomic theory, monetary policy shocks are "neutral." Explain what this means. Based on that theory, how would a 5% increase in a nation's money supply affect its real wage rate (W/P), all else equal
the new mayor has pledged to reduce air pollution and the only source of air pollution in the city are two cement
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