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Mac Rowe doesn't sweat the petty stuff. In fact, he just cannot detect small differences. He consumes two goods, x and y. He prefers the bundle (x,y) to the bundle (x',y') if and only if (xy - x'y' > 1) . Otherwise he is indifferent between the two bundles.
a. Show that the relation of indifference is not transitive for Mac. (Hint: Give an numerical example.)
b. Show that the preferred relation is transitive for Mac.
On a tropical island there are 100 potential boat builders, numbered 1 through 100. Each can build up to20 boats a year, but anyone who goes into the boatbuilding business has to pay a fixed cost of $19. Marginal costs differ from person to person..
In the long-run, outsiders enter the market since they have observed the existing firms are profitable. As more and more firms in the market, the market price is reduce to P = 12. Assuming the MC = 3 + 3Q, what is the new optimal quantity for the ..
A new machine is to be purchased for $150,000. The company believes it will generate $60,000 annually in revenue due to the purchase of this machine. The company will have to train an operator to run this machine.
Boris Borrower and Lynn Lender agree that Lynnwill lend Boris $10,000 and that Boris will repay the $10,000 withinterest in one year. They agree to a nominal interest rate of 8%,reflecting a real interest rate of 3% on the loan
The market for qbits is initially competitive and the market demand is: P = 400 - 0.4QD . The combined marginal costs of the firms in the qbit industry are:MC =50 + 0.6Q. Calculate and show how much these firms will sell and what they will charge.
An engineering firm wants to sponsor a new lab at the local university. This requires $2.5 Million to construct the lab, $1.2 Million to equip it, and $600,000 every 5 years for new equipment. What is the required endowment if the university will ..
On hot, sunny, summer days, Jane rents inner tubes by the river that runs through her town. Based on her past experience, she has assigned the following probability distribution to the number of tubes she will rent on a randomly selected day.
(a) What would be the monthly payment (b) If the person accepted the terms of the loan on Oct. 1, 2008 (the first payment was due November 1, 2008), what is the balance of the loan at the end of 2010
Suppose that an auto company owned entirely by german citizens opens a new factory in south carolina. What sort of foreign investment would this represent Would the effect pm the U.S. GDP be larger or smaller
A monopolist can produce its output at a constant average and constant marginal cost of: ATC = MC = 5 The monopoly faces a demand curve given by the following function: Q= 53-P And a marginal revenue curve that is given by the function: MR = 53 - ..
The total costs for Morris Industries are summarized in the following table. Based on this information, fill in the missing entries in the table for fixed cost, variable cost, average fixed cost, average variable cost, average total cost, and marg..
Mark owns ABC Karate . He has a 2-yr lease and those monthly payments are fixed over that time period. Mark wants to increase his revenues and is trying to decide to raise or lower the monthly fees he charges each student.
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