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Problem Solving
Reliable packaging is a perfectly competitive firm. Its output is 20,000 units a day; its daily total revenue is $750,000; its average total cost is $37.50; and its average variable cost is $27.50. It is operating at the output level where average total cost is at a minimum. What is each of the following?
1. Price
2. Total Cost
3. Total fixed cost
4. Total profit
5. Marginal Cost
d. Perform an annual equivalence analysis for the two options, and state which is the better option and why. Calculate the present worth of the incremental system (1 - 2), and state which option is better and why.
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A firm has a production function given by q=2 sqrt(KL) In the short run, the firm’s amount of capital equipment is fixed at K=100. The rental rate for K is v=$1, and the wage rate for L is w=$4. Find the firm’s short-run total cost function (STC). Ca..
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Assume that the central bank of an economy contracts the money supply.
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Explain what the political motives are behind more third world countries joining the international market. What is/are the motivational factors?
Dr. Dolittle decides to sell his current home and move to a larger home. He estimates that he can sell his current home for $100,000 and can buy a larger home for $175,000. He plans to use the entire $100,000 sale proceeds as a down payment on the ne..
Which of the following factors are typically omitted from the quantitative analysis of wages but can help explain otherwise unaccounted for disparities?
What is the effect of the corporate income tax on the investment level of a perfectly competitive corporation that finances its investment by debt (with deductible interest) and has no adjustment cost of investment?
Illustrate car production is capital intense relative to textiles. The US is capital abundant and China is labor abundant. Under trade, both countries produce both goods. If the labor endowment were to increase in the US, this would.
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