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The short run optimal cost of Ohio Bag Company is 2Q. Price is $100. The company operates in a competitive industry. Currently, the company is producing 40 units per period. What is the optimal short run output. Calculate the profits that Ohio Bag Company is losing through sub-optimal output.
An Economics section at a large university keeps track of its majors beginning salaries. We address the question of the value of taking econometrics
a multiple regression analysis based on a data set that consists of 30 observations yielded the following estimated demand equation: Q=120 - 1.1P + 0.04I + .90A where P is the price, I is Income, and A is advertising. If price is equal to $1000, i..
Tina hires Jeff to do odd jobs around her home and agrees to pay him $5 per hour. Tina further agrees to guarantee Jeff at least 40 hours of work per week, and to pay him 1.5 times his base pay for any hours worked beyond 40. If Jeff works 45 hour..
a price change causes the quantity demanded of a good to decrease by 30percent , while the total revenue of that good increases by 15 percent . is the demand curve elastic or inelastic explain.
Suppose nominal GDP in 2005 was $15 trillion, and in 2006 it was $16 trillion. The general price index in 2005 was 100, and in 2006 it was 103. Between 2005 and 2006, real GDP rose by what percent
Calculate the standard error of estimate and the standard error of Coefficient Standard error of estimate = Standard error of Coefficient = 4. Make a prediction of Y when X = 64. Prediction y= 5. Calculate a 95% prediction interval when X = 64. Pre..
At its current short-run level of production, a firm's average variable costs equal $20, and its average fixed costs equal $70. Its total costs at its current production level equal $200,000. a. What is the firm's current output level
Consider an exchange economy with two goods, 1 and 2, and two consumers, A and B. The consumers are initially endowed with a total of unit of each good, i.e. w1 = w1A + w1B = 1 and w2 = w1B + w2B = 1. Their preferences are represented by UA(x1, x2..
An auto dealership estimates that its demand curve has an elasticity of 2.78. If it wishes to increase sales by 12%, by how much should it decrease price What will happen to revenue (rise or fall) If instead it raises price by 20%, what is the per..
A multiplicative demand function form: Qd= a*P^b1*Y^b2*Po^b3 is determine using cross sectional data and 224 observations. The regression results were given below:
"Financial crises, such as the recent ‘sub-prime' credit crisis, have significant disruptive effects on the flow of funds in the financial system". With the aid of examples, show how the Reserve Bank of Australia has dealt with the 2008 Global Fin..
A contractor purchases a piece of equipment for $26,000. The equipment requires an average expenditure of $9.25 per hour for fuel and maintenance, and the operator is paid $15.50 per hour to operate the machinery. Find the average cost function.
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