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Some estimates for the cement industry suggest the following relationship between capacity and average cost:
Capacity (thousands of tons: 250 500 750 1000 1,250 1,500 1,750 2,000 Average Cost: 28.78 25.73 23.63 21.63 21.00 20.75 20.95 21.50
a. Assume that fixed cost is 0 so that, total cost = capacity × average cost. Derive a column of marginal cost for this industry.
b. At what production level are scale economies exhausted?
c. Calculate the scale economy index for the production levels 500, 750, 1,000, 1,500, and 1,750.
Suppose a consumer's utility function is given by U(X,Y) = X*Y. Also the consumer has $288 to spend, and the price of X, Px=16, and the price of Y, Py=1: How much X and Y should the consumer purchase in order to maximize her utility? How much total u..
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Federal excise taxes on gasoline vary widely across the developed world. The United States has the lowest taxes at USD $0.40 per gallon (or £0.07 per liter); Canada has taxes of $0.60 per gallon, Japan and much of Europe is $2.00 per gallon, while Br..
Suppose two firms sell an homogeneous product; they compete in prices. Their respective marginal costs are MC1(q) = 10 and MC2(q) = 20. Find the prices that form an equilibrium (for simplicity and reality, assume that prices are quoted in units no sm..
What is the "current macroeconomic situation" in the U.S. (e.g. is the U.S. economy currently concerned about unemployment, inflation, recession, etc.)? What fiscal policies and monetary policies would be appropriate at this time? 1. Write your indiv..
Why considering that it snows only once every ten years where Joe lives, Joe's expectations are almost always perfectly accurate." Are Joe's expectations rational.
Speculate about the behavior that could result from these transactions and propose at least two (2) strategies for dealing with them.
Let's talk about the debt ceiling. What have you heard about it? What does it mean? What was all the fuss about a few years ago? What about the government shutdown?
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In a macroeconomic equilibrium,
Management charges higher highly rates in the winter, when its average occupancy rate is 85 percent. Explain can this policy be consistent with profit maximization.
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