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1. When Px=$100, MPx=10 and MRq=$5, the marginal revenue product of X equals
2. The returens to scale charcateristic of a production system, shows the relation between output and the variation in all inputs
3. Returens to a factor denotes the relation between the quantity of an individual input employed and the level of output produced.
If marginal utility is zero
For each one of the costs below, explain whether the resource cost is explicit or implicit, and give the annual opportunity cost for each one. Assume the owner of the business can invest money and earn 10 percent annually. A computer server to run th..
Constructive Eviction and the Implied Warranty of Habitability
How can government spending have a multiplied effect on the economy? Hint: Need to recall of the “income/spending multiplier” concept, seen in module five.
Quality Motors is a Japanese-owned company that produces automobiles; all of its automobiles are produced in American plants. In 2012, Quality Motors produced $20 million worth of automobiles, with $12 million in sales to Americans, $6 million in sal..
Suppose that Bill cares only about chai and bagels. Her utility function is U=CB, where C is the number of cups of chai she drinks in a day, and B is the number of bagels she eats in a day. Draw Bills in difference MAP. Set up Bills optimization prob..
Given today’s fierce global competitive environment, a decrease in mandatory payments by employer to health care companies and providers for overhead health care benefits for workers would lead to an increase in what?
Elaine is going to invest $5,000 this year, and plans on increasing her investments by 7% each year. If she invests for 20 consecutive years and earns 7% per year, the amount she deposits on the 20th year is closest to …
q.the economic analysis division of mapco enterprises has estimated the demand function for its line of weed trimmers
Consider data on U.S. Pizza Sales from 2005. The market shares of the top 4 firms was 17% for Pizza Hut, 11% for Domino’s, 6% for Papa John’s, and 2.5% for Little Caesars. Firms 5 through 25 combined summed to 14.5%, and all other independents outsid..
Suppose Mayor Emanuel proposes a project that will cost $200,000 today, $100,000 next year and 15,000 to dispose of it in ten years when the project is completed. Once finished three years from today, it is expected to generate a net income of 40,000..
A large induced-draft fan is needed for an upgraded industrial process. The motor to drive this fan is rated at 100 horsepower, and the motor will operate at full load for 8760 hours per year.
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