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The demand function for a firm’s product is Q = P^(-3). The firm’s marginal cost of production is constant at MC(Q) = 12.
(a) Calculate the elasticity of demand, as a function of Q.
(b) Does the firm’s profit maximization problem satisfy the global SOC?
(c) Using your answers to (a) and (b), what is the firm’s profit-maximizing markup? (Justify your answer carefully. Do not forget about the possibility of a boundary solution.)
(d) Based on your answer to (c), what is the firm’s profit-maximizing price?
(e) Based on your answer to (d), what is the firm’s profit-maximizing quantity?
Illustrate how do these two relate to each other in the Circular Flow Economy and to the Government and Foreign Sector components? How does all this fit on a Wheel of Income.
Adam and Eve live in the Garden of Eden and can trade only with each other. Adam is endowed with 60 units of Pleasures of the Spirit and 80 units of Pleasures of the Flesh. Eve is endowed with 40 units of Pleasures of the Spirit and 120 units of Plea..
Illustrate what are elements of Circular-Flow Diagram. Illustrate what concepts does diagram illustrate.
The first audit of the books of Bruce Gingrich Company was made for the year ended December 31, 2015. At the beginning of 2013, the company purchased a machine for $494,300 (salvage value of $52,600) that had a useful life of 6 years. The bookkeeper ..
The monthly market demand curve for calculators among economics students is given by P=100-2Q, where P is the price per calculator in dollars and Q is the number of calculators purchased per month. Find the price/quantity combination that would maxim..
The market basket utilized to calculate the CPI in Aquilonia is 4 loaves of bread, 6 gallons of milk, 2 shirts also 2 pairs of pants.
How much should it raise government spending, if the government looks to raise income to 3000.
What is the equation of the supply curve if input prices are $10 and the price of Z is $20? Graph the supply curve that you found in part a) showing intercepts and slope. What is the minimum price at which the firm will supply any of good X at all?
Suppose stocks A, B and C have the same expected return and standard devieation. The correlations of return are given as follows Corr(A,B)=0.7, Corr(B,C)=-0.3 and Corr(A,C)=0.2.Find the weights on each of these stocks.
Suppose the production function for coffee (C) is C = min(B,W) where B = beans in pounds and W = water in gallons and the price of water is $.10 per gallon and the price of beans is $10 per pound. The expansion path is
The loss to consumers can be decomposed into three pieces: a transfer to domestic producers, a transfer to the government, and a deadweight loss. Use your diagram to identify these three pieces.
International trade has many tradeoffs for each country. Overall, what has been the global trend in trade policies from 1950 to 2000?
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