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The fixed cost for a steam line per meter of pipe is $450X + $50 per year. The cost for loss of heat from the pipe per meter is $4.8/X1/2 per year. Here, X represents the thickness of insulation in meters, and X is a continuous design variable. What is the optimum thickness of the insulation?(HINT: Round up to 4 decimal points, e.g., 0.1234; skip unit)
Give two conditions that are important to the efficient market theory. List one implication of the efficient market theory.
Mention two economic choices you had to make with in last week. Alfred Marshall said in 1890s, "economics is the study of man in ordinary business of life." You must examine one or two of these choices in terms of alternatives you gave up.
Demand for a managerial economics text is given by Q=20,000-300P. The book is initially priced at $30.00. Write the demand equation for which the price elasticity of demand is zero for all prices.
Suppose that perfectly competitive firm faces the market price (P) $5 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 1,500 units.
Describe the relation between marginal and average costs. Describe the relation between marginal and average fixed costs and between marginal and average variable costs and what best accounts for the saying "Too many cooks spoil the broth?"
The Fed sells bonds in the open market during a period of low unemployment and no excess industrial capacity. The economy is far below capacity and the government lowers taxes
What is the most likely component of aggregate demand to start a recession? How does the aggregate demand multiplier influence a recession?
Use demand and supply analysis to assist you, determine the effects on the exchange rate in British pound and the Japanese yen from
The marginal revenue is $3.00. What is the short-run and long-run condition for the monopolist and what output changes would you recommend?
Your firm produces two products, Q1 and Q2. An economic consulting firm has estimated your cost function to be C (Q1, Q2) = 100 + Q1Q2 + (Q1)^2 + (Q2)^2. Are there economies of scope?
Compute the unit price if the ventor sold 200 CDs. Compute the demand curve for CD. Calculate the fixed and variable costs. Calculate the break even quantities (number of CDS).
Assume you can only consume good X and Y out of abudget of $120. Your utility function is U = ln(X)+ln(Y ).
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