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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?b. Suppose the price of gas rises to $3 per gallon. What is the change in Amber's consumer surplus?
A small country can import a good at a world price of 10 per unit. The domestic supply curve of the good is S = 50 + 5P. The domestic demand curve is D = 400 - 10P. In addition, each unit of production yields a marginal social benefit of 10. a. C..
A friend convinces you that she has a great idea for a business, and the two of you incorporate. You supply her with funds and let her make all of the executive decisions. Under the agreement you hold 30% of the firms stock and your friend holds 7..
While market-based hedging instruments can be used to offset or counter uncertainties in interest rates and exchange rates as they impact the income statement, balance sheet hedges require a different approach. Assume you are the CFO of Toyota try..
Suppose that a perfectly competitive firm faces a market price $10 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output (Q) level of 1,200 units. If the firm produ..
If Village Diner charges $200 for its breakfast club membership, find the demand inverse demand, and marginal revenue functions for Golden Inn. What is the profit maximizing price for Golden Inn given Village Diner charges a price of $200.
complete the short-run supply schedule for the firm and indicate the profit or loss incurred at each output *QS/SF= quantity supplied, single firm; *Pr. Or Loss= Profit or Loss; *QS/1500 F= quantity supplied, 1500 firms Price QS/SF Pr. Or Loss QS/..
A new machine is to be purchased for $150,000. The company believes it will generate $60,000 annually in revenue due to the purchase of this machine. The company will have to train an operator to run this machine.
John receives utility from consuming X and Y as given by the utility function U(X,Y) = XY. The price of X is $9, and the price of Y is $12. a. What is John's MRS (marginal rate of substitution) b. What is the optimal mix (ratio) between X and Y in ..
Ethel and Fred have found their "dream house" and it has a purchase price of $250,000. Assume that they make a $50,000 down payment but must finance the remainder with a mortgage. They are presented with two mortgage options. Option 1 is a 30-year..
A firm faces the following average revenue (demand) curve: P = 120 - 0.02Q where Q is weekly production and P is price, measured in cents per unit. The firm's cost function is given by C = 60Q + 25,000.
Using a method similar to the consumer price index, compute the percentage change in the overall price level. Use 2009 as the base year, and fix the basket at 1 karaoke machine and 3 CDs.
A firm has standard shaped costs where the minimum of AVC is $15 at a quantity of 9 and the minimum of ATC is $45 at a quantity of 15. The fixed cost is $345. Draw a picture of the MC, ATC, and AVC for this firm specifically labeling the values fo..
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