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If a market is perfectly competitive and is in long-run equilibrium, which of the following conditions does not hold?
Price is equal to the minimum long-run average cost of production.
Economic profit equals zero.
The value of the last unit of output produced is equal to the value of the resources used to produce it.
There is an incentive for additional firms to enter the market because existing firms are earning revenues in excess of the explicit costs of production.
Consider a firm using labor and capital as its only inputs. The price of capital is $40 where the price of labor (wage) is $60. Using 500 units of labor and 500 units of capital the firm is producing 1200 units of output. At this mix of input the fir..
Describe the tragedy of the commons. What problems are presented by the tragedy of the commons for moral evaluation of technological development? How would you address these problems?
Consider the following mutually exclusive alternatives: Each alternative has a 5-year useful life and no salvage value. The MARR is 10%. Which alternative should be selected if one uses?
A heat exchanger cost $7500 in 2005 and must be replaced soon with a larger unit. The present unit has an effective area of 250 feet and its replacement should have an area of 350 feet. Replacement is anticipated in 2015 when the price index is estim..
If the dollar is devalued against gold and the pegged rate is changed to $40 per ounce, illustrate what does this imply for the exchange value of the pound. Explain your answer.
Suppose that the demand curve for a product is given by P=36-Q where P is in thousands of dollars per auto and quantity is in millions of cars per year. What other things are held constant when one moves along a demand curve?
Suppose that the total revenue function of a firm is given by TR(q) = 120q - 2q^2, where q is the level of output. Find the level of output q that will maximize the firm’s total revenue. Also, compute the maximum amount of total revenue received by t..
Tweedledum and Tweedledee live along the Gulf Coast, where there is a risk of hurricanes but insurance providing either full or partial coverage is available at its actuarially fair price. Tweedledum is risk averse, whereas Tweedledee is risk seeking..
At the beginning of the year, an audio engineer quit his job and gave up a salary of $ 175,000 per year in order to start his own business, Sound Devices, Inc. The new company builds, installs, and maintains custom audio equipment for businesses that..
Consider a static (one-period), closed economy with one representative consumer, one representative firm, and a government. The level of capital K and government expenditures G in the economy are both fixed exogenously. Formally define a competitive ..
In which market will a company arrange to receive currency for a transaction at a future date? The forward market, the currency futures market, the arbitrage market, the forward spot market.
How much must be deposited each month for 9 months at an interest rate of 6.9% per month to allow for a single withdrawal of $50,854.48 at the same time as the last deposit?
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