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Consider a couple's decision about how many children to have. Assume that over a lifetime a couple has 200,000 hours of time to either work or raise children. The wage is $10 per hour. Raising a child takes 20,000 hours of time.a) Draw the budget constraint showing the trade-off between lifetime consumption and number of children. (ignoring the fact that children only come in whole numbers.) Show indifference curves and an optimum choice.
Compute the equivalent annual inflation rate, based on the US Consumer Price Index, for the period 1981 (when CPI was 90.9) to 1986 (when CPI was 109.6) estimate the Consumer Price Index in 1996, working from the 1987 CPI.
A firm makes and sells a computer for $1000. The variable costs to produce a computer, for the range of production of the firm, is $300 per unit. The total fixed costs per year to make the computer are $5.0 Million. How many computers must be made..
Suppose that Amber's demand for gasoline is given by G = 1000 - 200PG, where G stands for gallons of gas and PG represents the price of gas. a. Suppose gas sells for $2 per gallon. What is Amber's consumer surplus
Frequent moviegoers often note that movies are rarely based on original ideas. Most of them are based on a television series, a video game, or, most commonly, a book. Why a. Does a movie or a book have a higher fixed cost of production
The firm's production manager claims that the firm's average cost of production is minimized at an output of 40 units. Furthermore, she claims that 40 units is the firm's profit maximizing level of output.
The ticket cost Dave $600. To attend the concert Tim will have to take 3 days off from work where his daily compensation is $250. In addition Tim expects travel expenses to be $175 and the cost of a hotel for 2 days to be $275. What is the economi..
Jean-Pierre consumes only apples and bananas. He prefers more apples to less, but he gets tired of bananas. If he consumes fewer than 28 bananas per week, he thinks that one banana is a perfect substitute for one apple
Recently, the owner of a Trader Joe's franchise decided to change how she compensated her top manager. Last year, she paid him a fixed salary of $65,000, and her store made $120,000 in profits (not counting payment to her top manager). She suspec..
Your company owns a parcel of land in a currently undeveloped part of the county. As the neighboring city grows eastward, you believe there is a 50% chance of residential development, a 20% chance of industrial development, and a 30% chance of no ..
a. Determine the Equivalent Annual Costs of the two alternatives and recommend the economically superior system.b. Determine a Salvage Value for the Beta system such that the Beta system will have an Equivalent Uniform Annual Cost equal to the Alph..
The demand in the cake market is Qd =500 - 10p and unrestricted supply is Qs = 100 + 10p. Suppose the government imposes a baker's license that reduces cake supply to Q¢s =10p. Calculate the numerical values of the following:a. Price that cons..
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 - ..
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