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Thereare large numbers of sports industries which are producingfootballs and they are competing with each other with respect toprice as well as quality. Suppose that the marginal cost ofproducing footballs is $20 per football and each industry iscapable of producing 100 footballs a day. And the demand functionfor the footballs each day be
D(P) = 2000-50P
What is the perfectlycompetitive price of a football?
How many footballs will bedemanded by consumers per day?
A minor league baseball team is trying to predict ticket sales for the upcoming season and is considering changing ticket prices. a. The elasticity of ticket sales with respect to the size of the local population is estimated to be about 0.7.
Suppose that the political conflicts between the U.S. and oil exporting countries caused the oil exporting countries to institute an oil embargo against the U.S. Then the U.S. government started considering imposing a tax on gasoline
American Pulp Corp (APC) has entered into a contract to harvest timber for $450,000. The total estimated available harvest is 150 million board-feet. What is the depletion allowance for years 1 to 3, if 42,45.
Twin cities in order to study health care costs for a client. One of the items being tracked is the annual deductible that employees must pay. The Minnesota Department of Labor reports the mean of this distribution is $502 with a standard deviatio..
A painter and the price of a gallon of paint increases from $3.00 a gallon to $3.50 a gallon. Your useage of paint drops from 35 gallons a month to 20 gallons a month. Compute the price elasticity of demand for paint and show calculations.
People hold $400 million of bank deposits but no currency. Banks have made $380 million dollars of loans and only hold enough reserves to satisfy reserve requirements. Because of uncertainty, banks choose to hold $10 million more in reserves.
Consider a firm for which production depends on two inputs; labor and capital with prices w and r; respectively. Initially the fi?rm faces prices of w = 6 and r = 4: These prices then shifts to w = 4 and r = 2: a) In which direction will the substi..
Danny "Dimes" Donahue is a neighborhood's 9-year old entrepreneur. His most recent venture is selling homemade brownies that he bakes himself. At a price of $1.50 each, he sells 100. At a price of $1.00 each, he sells 300.
Consider three alternative policies, each with a different set of outcomes in terms of output and inflation, as shown in following table: Output Output Output Inflation Inflation Inflation Policy A Policy B Policy C Policy A Policy B Policy C
Suppose that the reserve requirement is 3% on the first 30 million of checkable deposits and 10% on the checkable deposits in excess of 30 million. (Amounts on the balance sheet are in millions of $) Assets- Reserves 15.9, Loans 150.0, Securities 3..
A truck was purchased 3 years ago for $45,000 and can be sold today for $24,000. The operating costs are $9,000 per year, and it is expected to last 4 more years with a $5,000 salvage value. A new truck, which will perform that same service.
Determine national income (NI) for 2008 and what does national income tell us? Discuss the difference between GDP and NI?
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