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The owner of an Italian restaurant has just been notified by her landlord that the monthly lease on the building in which the restaurant operates will increase by 20 percent at the beginning of the year. Her current prices are competitive with nearby restaurants of similar quality.However, she is now considering raising her prices by 20 percent to offset the increase in her monthly rent. Would you recommend that she raise prices?
Helen purchases a new Ford Focus. She negotiates a price of $18400, trades in her 1993 Contour for $1700, puts down an additional $1000, and borrows the remainder for 3 years at 6% interest. How large will her monthly payments be
Suppose that you are on a desert island and possess exactly 20 coconuts. Your neighbor, Friday, is a fisherman, and he is willing to trade 2 fish for every 1 coconut that you are willing to give him. Another neighbor, Kwame, is also a fisherman
The market demand and supply functions for milk are: QD = 58 - 30.4P and QS = 16 + 3.2P. If a price floor of $1.75 is implemented, calculate the change in producer surplus. How many surplus units of milk are being produced.
Fixed Assets Property, plant, and equipment $2,200 $1,870 $1,814 $1,422 $1,400 Less: Accumulated depreciation $400 $200 $180 $80 $75 Net property, plant, and equipment $1,800 $1,670 $1,634 $1,342 $1,325 Intangible assets $300 $240 $220 $210 $205
Global Investment Group operatesin a perfectly competitive industry with the following Cost andRevenue data: Average Total Cost = $2.50; Quantity sold =9000 Units; Price Per Unit = $3.50; Marginal Revenue = $3.50;Marginal Cost = $3.50:
Suppose you are the production manager for Widgets, Inc. Your job is to produce a fixed amount of output at the lowest cost possible. When you take over the position, you find that the price paid for a unit of labor is $20 (W = $20)
A firm faces the following average revenue (demand) curve P = 120 - 0.02Q where Q is weekly production and P is price, measured in cents per unit. The firm's cost function is given by C = 60Q + 25,000. Assume that the firm maximizes profits.
Suppose that they have decided to accept a custom-style order that has sufficient volume to exceed break-even and have already set up for production. The customer now indicates that they are only willing to pay $31.99 per pair of shoes.
For each of the following utility functions, find the marginal utilities (MUx and MUy) and the marginal rate of substitutional between x and y (MRSxy) and explain whether MRSxy is diminishing or not.
Suppose that, instead of a minimum wage of $4, the government is providing a subsidy to employers to raise the equilibrium wage to $4. How much will this subsidy have to be and what will the new equilibrium level of employment be
Jim Duggan made an investment of $10,000 in a savings account 10 years ago. This account paid interest of 5 1/2% for the first 4 years and 6 1/2% interest for the remaining 6 years. The interest charges were compounded quarterly. How much is this ..
A civil engineering consulting firm is evaluating its cash flow requirements for the next 7 years. The company expects to replace computer equipment and furniture at various times over the 7-year planning period. Specifically, the company expects ..
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