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Ernie and Burt both make pizzas for a living. Making a pizza consists of two tasks: making the crust and applying toppings. Ernie can make crusts at the rate of 30 crusts per hour. He can apply toppings at the rate of 15 toppings per hour. Burt can make crusts at the rate of 15 crusts per hour. He can apply toppings at the rate of 30 toppings per hour. After years of operating separate, one-man shops, they realize they can produce more efficiently by combining operations and dividing the tasks between them. How many more pizzas per hour can they make if they work together and allocate tasks efficiently than they made when they worked separately?
A man wishes to set aside some money for his daughter's college education. His goal is to have a bank savings account containing an amount equivalent to $20,000 in today's dollars at the girl's 18th birthday. The estimated inflation rate is 8%.
Explain the economics of the substitution of ATMs for human tellers. Some banks are beginning to assess transaction fees when customers use human tellers rather than ATMs. What are these banks trying to accomplish?
Bob is proud of the film and wants as many people as possible to download it. Which price would he choose? How many downloads would be sold?
Comparing and contrasting three of the economists and their philosophies. In your summary, articulate only one economist you believe is most representative in today's U.S. economy and defend your position with persuasion
Briefly summarize the impact of an oil import tax by explaining who is helped and who is hurt among the following groups: domestic oil consumers, domestic oil producers, foreign oil producers, and the US government.
a. Find the profit maximizing price and quantity. b. Assume that ATC = $35 at the profit maximizing quantity. Calculate the monopolist's total profit. A monopolist's Demand, MR and MC curves ar
The following table provides the total input requirements for each of five different total output levels: Q = 1 Q = 2 Q = 3 Q = 4 Q = 5 TECH. K L K L K L K L K L A 2 5 1 10 5 14 6 18 8 20 B 5 2 8 3 11 4 14 5 16 6 a.
Suppose that an individual consumes three goods -- food, clothing, automobiles. Denote the quantities of these goods consumed by X, Y, and Z respectively. Suppose the individual utility function is given by U = 5 ln x + 4 ln y = ln (1+z)
a) If pizzas sell for $14, what is Pat's profit-maximizing output per hour What is her profit (or loss b) What is Pat's shutdown point (Hint: how low can Pat's price get before is shuts down) c) Graph Pat's MR, MC, ATC on the same diagram.
A professor's rule of thumb is that students should spend 2 hours studying for each 1 hour spent in class. Professor Bob teaches a class that meets 3 hours per week. He randomly selects 8 students and finds that they study the following amounts pe..
A woman made 10 annual end-of-year purchases of $1000 worth of common stock. The stock paid no dividends. Then for 4 years she held the stock. At the end of the 4 years she sold all the stock for $28,000.
Cisco Systems is purchasing a new bar code scanning device for its service center in San Francisco. The table that follows lists the relevant cost items for this purchase. The operating expenses for the new system are $10,000 per year, and the use..
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