Reference no: EM13157127
Question 1. Suppose you are working as a consultant for a perfectly competitive firm that is worried about its policies in the short run. What would you recommend in terms of quantity changes (raise, cut, shut down or stay put) and price changes (raise, cut, stay put) in each of the following two situations:
a) P = $20; MC = $5; TVC = 1250; AFC = $10; TFC = $500.
b) AVC is at its minimum; AFC = $5; ATC = $9; TC = $90; TR = $50
[P = price; Q = quantity; AVC = average variable cost; ATC = average total cost; TC = total cost; MC = marginal cost]
Question 2. Suppose you are working as a consultant for a firm that is a monopoly and is worried about its policies in the short run. What would you recommend in terms of quantity changes (raise, cut, shut down or stay put) and price changes (raise, cut, stay put) in each of the following situations (a through c):
a. MR = $248 P = $268 MC = $198 AVC = $208
b. MR = $298 MC = $348 AVC = $288
c. P = $269 MC = $319 AVC = $289
[P = price; MR = marginal revenue; AVC = average variable cost; MC = marginal cost]
Question 3. Libertyville has two optometrists, Dr. Jones (J) and Dr. Smith (S). Each optometrist can choose to advertise his service or not. The net revenue to each optometrist, in thousands of dollars, is listed on the payoff matrix below. Answer questions a through c:
a. Does Dr. Jones have a dominant strategy?
b. Does Dr. Smith have a dominant strategy?
c. Does a Nash equilibrium exist for this game?
|
What effect does glutamate produce on a postsynaptic neuron
: What effect does glutamate produce on a postsynaptic neuron.
|
|
Discuss the means of gas exchange for lophophora
: discuss the means of gas exchange for lophophora.
|
|
How many moles of acetylene (c2h2) will be produced
: If 5.40 mol calcium carbide (CaC2) reacts with an excess of water, how many moles of acetylene (C2H2) will be produced?
|
|
Information to calculate the break-even volume
: The Lovely Gum Company has the following information regarding its costs of operations: Selling price $.40 per pack, variable costs 40% of sales, fixed costs $30,000 and target profit $15,000. Use this information to calculate the Break-even volum..
|
|
What would you recommend in terms of quantity changes
: Libertyville has two optometrists, Dr. Jones (J) and Dr. Smith (S). Each optometrist can choose to advertise his service or not. The net revenue to each optometrist, in thousands of dollars, is listed on the payoff matrix below
|
|
Which specific gene would most likely be mutated
: If lactose metabolism enzymes are produced whether or not lactose is present, this is most likely a result of a mutation. Which specific gene would most likely be mutated? explain your answer.
|
|
Conclude that die is fair if frequency distribution is given
: A six-sided die is rolled 30 times and the numbers 1 through 6 appear as shown in the following frequency distribution. At the .10 significance level, can we conclude that the die is fair?
|
|
Appreciating cultural differences-outside intervention
: Many cultures practice FGM as a cultural rite and argue that it is no different that male circumcision. Do they have a point? How far do we go in recognizing and appreciating cultural differences before outside intervention is needed?
|
|
Does intracellular receptors bind to water-soluble
: Does intracellular receptors bind to water-soluble or large molecular weight compounds/molecules?
|