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Suppose that a perfectly competitive firm faces a 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. If the firm produces 1,500 units, its average variable costs (AVC) equal $5.50 per unit, and its average fixed costs (AFC) equal 50 cents per unit. What is the firm's profit-maximizing (or loss minimizing) output (Q) level? What is the amount of its economic profits (or losses) at this output level? What would be the firm's decision at this price/output level?
In particular, you love vanilla ice cream, and you love chocolate ice cream, but you love vanilla just a little bit more. Your ice cream utility function is given by U(V,C)=1.5V+C. Assume vanilla ice cream costs $2/gallon.
Suppose a consumer's income is M= $1,200 per month, all of which he spends on some combination of rent and restaurant meals. If restaurant meals cost $12 each and if the monthly rent for an apartment is $3 per square foot.
A company is considering the purchase of a large stamping machine that will cost $190,000, plus $4,500 transportation and $9,000 installation charges. It is estimated that, at the end of five years, the MV of the machine will be $30,000.
a. Fill in the column of marginal products. What patent do you see? How might you explain it? b. A worker costs $100 that day, and the firm has fixed cost of $200. Use this information to fill in the column the total cost. c. Fill in the column for a..
You borrowed $12,000 to buy a new car from a bank at an interest rate of 9% compounded monthly. This loan will be repaid in 48 equal monthly installments over four years. Immediately after the 20 th payment, you desire to pay the remainder of the ..
A baker is considering expanding her busines by adding an additional oven to her kitchen. The new oven would cost $14,000. The baker expects the new oven to bring in additional profits of $15,800 after taking out the cost of running the oven.
Consider an economy in which the marginal labor MPN is MPN= 309-2N, where N is the amount of labour used. The amount of labor supplied, NS, is given by NS=22+12w+2T, where w is the real wage and T is a lump-sump tax levied on individuals.
A -$2500 746 746 746 746 746 B -$6000 1664 1664 1664 1664 1664 The minimum attractive rate of return is 8%. After calculation we can find that the internal rates of return: for A, IRRA = 15%, for B, IRRB = 12% and for B-A, IRRB-A = 9.8%.
You are choosing between two goods, X and Y, and your marginal utility from each is as shown below. Units of X MUx Units of Y MUy 1 10 1 8 2 8 2 7 3 6 3 6 4 4 4 5 5 3 5 4 6 2 6 3 If your income is $9 and the prices of X and Y are $2 and $1
Assume that the threatened default on the government debtdescribed in the problem on page 233 of the text has no immediateeffects on any of the "fundamentals" in the economy (C, G, T, andY). However, suppose that international investors
Economists refer to consumer satisfaction as utility and use "utils" to measure consumer utility. Jill enjoys cookies and milk as a snack. Below is a table showing Jill's utility from consuming cookies and milk: Total Utility (Utils) 0, 1, 2, 3, 4..
An automobile is priced at $ 7,000. A buyer may purchase the car for $ 6,500 now, or alternatively, the buyer can make a down payment of $ 1,000 now and pay the remaining $ 6,000 in eight equal quarterly payments ( over 2 years)
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