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Suppose that Omar's marginal utility for sups of coffee is constant at 5.5 utils per cup no matter how many cups he drinks. On the other hand, his marginal utility per doughnut is 10 for the first doughnut he eats, 9 for the second he eats, 8 for the third he eats, and so on (declining by 1 util per additional doughnut). In addition suppose that coffee costs $1 per cup, doughnuts cost $1 each and omar has a budget that he can spend only on doughnuts, coffee or both. How big would that budget have to be before he would spend a dollar buying a first cup of coffee?
Suppose that the local gym has a marginal and average cost of 10 per visit. Calculate the profits associated with the following combinations of annual fee (T) and per visit fee (P), and determine which scheme generates the highest profit.
Treating the marginal cost curve as the "supply curve" and using the given demand curve, what price and quantity would a competitive market give. Now, calculate the price and quantity for the monopolist.
What are the highest and lowest payments from the writer that the bookkeeper farmer team will accept for the 6th day Assume that the farmer can dispose of $7 from the writer as she wishes, what range of payments will the beekeeper accept
Give the amount of the change in the equilibrium level of Real GDP due to a $6 increase in spending on goods and services by households. Give the amount of the change in the equilibrium level of Real GDP due to a $6 increase in spending on goods a..
The seller, Ryan Miller's mom (who is a monopolist, at least with respect to these consumers, and can "produce" enough quantity to meet demand), has to determine her pricing strategy, and whether to sell the goods separately or as a bundle.
Suppose the price of a Cup O' Soup now rises to $2. Using your diagram from part (a), show the consequences of this change in price. Assume that our student now spends only 30 percent of his income on dining hall meals. Label the new optimum as po..
A monopolist has a linear inverse demand of: P(q) = 100 - (1/4)q and has a cost function of: C(q) = 2438 + 4q What are the monopolistic market price, quantity and prots
Suppose A through F constitute a set of feasible, mutually exclusive investment opportunities. Assume Do Nothing is not an option (i.e. must pick from A through B). Using (1) Present Worth, (2) Annual Worth (EAW), (3) Future Worth, (4) IRR, (5) B/..
Alvin's utility function is U(W) = W. Barry's utility function is U(W) = W^2. Carl's utility function is U (W )= sqrt(W) . Each has wealth of only $100. An investment of that $100 has a 10% chance of netting $1,000 and a 90% chance of netting a lo..
A competitive industry currently consists of N= 10 identical firms. An individual firm's total cost function is given by TC = 0.5q2 + 200. Market demand is given by Q = 3000-5P. In the short run, how much will each firm produce in the equilibrium
The parents of a young child decide to make equal annual payments into a savingsaccount, with the first payment being made on the child's fifth birthday and the last payment being made on the fifteenth birthday. Then a rotal of four withdrawals of..
Suppose a production possibilities frontier includes the following combinatinos: Cars Washing Machines 0 1,000 100 600 200 0 a)graph the PPF, assuming that is has no curved segments b)what is the cost of producing..
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