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Suppose a firm faces the following demand for its output q: q = 100 – 10p, where p represents the price it receives per unit sold. Assume this firm marginal cost is MC = 4. What is the absolute value of the price elasticity of demand at this firm’s profit maximizing level of output? NOTE: write your answer in number format, with 2 decimal places of precision level. Show all steps.
Tangents as a trigonometric function will be applied in our conversion of the Consumption Function in the Macro section of this course.
The fed fights inflation by. Lowering the long term real interest rate, which increase investment and spurs economic growth? Decreasing the monetary base, which raises the interest rate and increases saving?
Analysis on price ceilings and floors. Talk about a product that you use that has or had been placed into a price control (floor or ceiling). Now that the economic impact of controls have been explained to you do you think the controls are necessary ..
Two incinerators are being considered by a waste management company. Design A has an initial cost of $2,625,000, has annual operating and maintenance costs of $950,000, and requires overhauls every 5 years at a cost of $1,650,000. Using a 8.0 %/year ..
If the price increases by 10 percent, by how much does the quantity of household (a) natural gas and (b) electricity change in the short run and in the long run?
Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the size of the labor force..
Suppose the current equilibrium price of a quarter-pound hamburger is $5 and 10 million quarter-pound hamburgers are sold per month. After the federal government imposes a tax of $.50 per hamburger, the equilibrium price of hamburgers rises to $5.20 ..
What will be the CS, PS, tax revenues and deadweight loss? Suppose the government increases the tax to $4 per unit. What will be the new CS, PS, tax revenues and deadweight loss?
A price-taking firm selling in a market with a price greater than the firm’s average total cost should:
What is the output level where marginal cost is at minimum? What is output level where average variable cost is a minimum? What is the value of average variable cost and marginal cost at the output specified in the answer to part b?
The factory operation creates smoke that affects nearby homeowners, causing respiratory ailments and similar problems.
The International Parcel Service has installed a new radio frequency identification system to help reduce the number of packages that are incorrectly delivered. What is the FW of this investment? b) What is the IRR of the system? c) What is the disco..
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