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Merlin is like all other managers in a perfectly competitive industry except in one respect: Because of his great sense of humor, people are willing to work for him for half the going wage rate. All firms in the industry have short-run total cost curves given by TC = M + 10Q + wQ2, where M is the salary paid to managers and w is the wage rate. This total cost curve has a marginal cost curve of MC= 10 + 2wQ. All firms in the industry have the same short run economic profits, and face a market price of $28. If the wage rate for all other firms is w = 2, how much more will Merlin be paid than the other managers in the industry?
The Hawaii Department of Transportation has planned a bypass loop that is expected to cost $9,000,000 and save motorists $820,000 per year in gasoline and other automobile related expenses.
If the per-unit price of college education rises and the prices of all other items fall, is it possible for the consumer to end up on the same indifference curve as before the price change If so, will the consumer be purchasing the same market bas..
In 1993 Mattel proposed merging Fisher value for $1.2 billion. In toy industry Mattel is a major player with 11% of the market. Fisher-Price has 4%.
assume thata. the u.s. is relatively capital abundant.b. india is relatively abundant in skilled labor.c. tractors
Why would a chain such as Marriott tend to own its hotels in resort areas, such as national parks, where there is little repeat business, and franchise hotels in down-town areas, where there is a lot of repeat business.
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution and price elasticity of demand.
Based on the data provided, what is the opportunity cost of producing pastries and sandwiches in Northland? What is the opportunity cost of producing pastries and sandwiches in West Coast?
Assume a market is characterized by a unionized and a non unionized sector. Both sections initially have supply given through Q=10,000+25w, and demand by Q=20,000-10w, where w is weekly salary.
What is the total fixed cost for the El Dorado Star? If the total fixed cost increases to $5,000, how many papers should be sold daily for profit maximization?
Suppose the price of housing stays at 2 and the price of food stays at 10. What will happen to her budget constraint if her income increase to 100? What happens to her budget constraint when her income decreases to $20.
Ethical behavior in business paper.
While studying for the engineering economy final exam, you and friends discover yourself craving a fresh pizza. You can't spare the time to pick up the pizza and must have it delivered. Pick Up Sticks offers a 1.25 inch thick (including toppings), 15..
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