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In order to determine whether time is being spent optimally, a commercial fisherman has recorded the following information over the past year: "hours spent fishing" and "quantity of fish caught." What is the marginal product of fishing for hour spent?
Hours/day Total Quantity of Fish (tons) Marginal Product0 01 102 183 244 285 306 31
Suppose that the country of Bigu has a population of 127 million, of which 83 million are in working- age population. of those, 2.5 million are not in the labor force and 52 million are employed. Calculate the labor-force participation rate.
Consider an industry in which chief executive ocers (CEOs) run rms. There are two types of CEOs: exceptinal and average. There is a fixed supply of 100 exceptional CEOs and an unlimited supply of average CEOs. Any individual capable of being a CEO..
Suppose the total benefit derived from a given decision, Q, is B(Q)=25Q-Q^2 and the corresponding total cost is C(Q) = 5 + Q^2, so that MB(Q) = 25 -2Q and MC(Q) = 2Q What is the total cost when Q=2 and when Q=10
assuming product price is $32. With $32 in place of $56, its costs us $52.50 and we sell it for $30. This does not produce in the short run. The loss-minimizing outcome would be a loss of $22.50. The economic loss would be if you take the loss of ..
Qx= 1100-30Px-40Py+30Pz+.025M, where M is income and Py and Pz are the prices of related goods. Py=$15, Pz=$50, and M=$40,000. Now assume Px=$60, and income is still $40,000. What is the price elasticity of demand
Practice with the balance of payments: Current account = Capital account + Change in official reserves a. Current account = $10, Capital account = $15 a. What is the change in reserves b. Current account = $10, Change in reserves = $3. What is the ..
Initial Cost $5,500 Uniform Annual Benefits 1,800 Useful life, in years 4 At the end of 4 years, another B may be purchased with the same cost, benefits, and so forth. A firm is considering two alternatives that have no salvage value.
the number of acres burned by forest fires and range fires each year is normally distributed with a mean of 5,300 acres. Last year 4,400 acres burned and it was reported that this acreage was 1.43 standard deviations below the mean.
An ice cream vendor sells three flavors: chocolate, strawberry, and vanilla. 45% of the sales are chocolate, while 30% are strawberry, with the rest vanilla flavored.
An industry consists of two firms, each of which have variable costs of $10 per unit but no fixed costs. The industry demand curve is P = 70 - Q. Solve for the Cournot equilibrium. In doing so, derive the reaction function of each firm (call Q1 an..
A large chemical plant is being planned with the capacity to produce 3 million pounds (lb.) of product annually. Raw-materials costs for the product are $0.45/lb. and utility costs are $0.25/lb. Overhead costs are 75 percent of the labor costs.
A high-tech company in the US can have one of the popular items made offshore at half the price of making them in the US. However, about 90% of the items made offshore will be returned within the warranty period of 1 year for repairs. The followin..
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