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Suppose the microchip producer faces demand and cost equations given by Q= 8.5 - 0.5P and C = 100 = 38Q. Choosing to treat price as its main decision variable, it writes profit as: f= R- C = [P(8.5-.05P)] - [100+(38)(8.5 - .05P)] = -423 +10.4P - .05P^2. Derive an expression for M=df/dP. Then set M = 0 to find the firm's optimal price.
Assume the point elasticity method. A 10 percent increase in income brings about a 15 percent decrease in the demand for a good. What is the income elasticity of demand and is the good a normal good or an inferior good
Ten years ago a machine cost $800,000. Now, the same machine costs $1,200,000. Calculate the average rate of inflation per year.2) An investor bought a tax-free provincial bond, at a cost of $1000 which will pay $50 interest each year for 20 years...
What is the marginal cost of producing a 301s unit A 401st unit If you are comfortable doing so, you may answer this question by writing down the marginal cost function directly, rather than recalculating total cost for q = 301 and q = 401.
A concert is scheduled to perform at a theater with seating capacity 80. All tickets for this concert are to be sold in advance at a single uniform price per seat. Because too many empty seats can make the concert less enjoyable, the demand curve ..
Suppose the demand for a product is given by P = 40 - 4Q. Also, the supply is given by P = 10 + Q. If a $10 per-unit excise tax is lecied on the buyers of a good, then after the tax buyers will pay how much for each unit of the good.
Under patent protection, a firm has a monopoly in the production of a high-tech component. Market demand is estimated to be: P = 100 - 0.2Q. The firm's economic costs are given by: AC = MC = $60 per component.
If the regulators of LWE want to make sure that there is no deadweight loss in this market, what price will they force LWE to charge? What will output be in that case. Calculate consumer surplus and LWE's profit with that price.
According to U.S. Census Bureau data (2004), average monthly income for a person with a degree in engineering was $5296 versus $3443 for a degree in liberal arts. What is the future value in 40 years of the income difference at an interest rate of..
Consider the following data set on the price and quantity of various commodities for 2008 and 2013. Calculate the GDP deflator. What are the values for the Laspeyres and Paasche indices? Is any of the price indices clearly better?
Suppose the price of a Cup O' Soup now rises to $2. Using your diagram from part (a), show the consequences of this change in price. Assume that our student now spends only 30 percent of his income on dining hall meals. Label the new optimum as po..
For a particular good that is monopolized, the monopolist faces the following demand and cost conditions: P= 12 - 2 qd MR= 12-4qd MC= 2 q a) What price will the firm charge its customers b) Will the firm earn positive economic profits
A woman deposit $3500 dollars in a retirement account every year. If her account pays an average of 6% interest and she makes 38 deposits before she retires, how much money can she withdraw in 20 equal payments beginning one year after her last de..
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