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The purchase price for the diesel is $97,995, the engine size is 300 hp, the average speed is 21.4, the fuel consumption is 17 gallons per hour and fuel capacity is 300 gallons. Insurance premiums are $500 more per year for gasoline powered boats. The higher speed of the gasoline powered boats valued at only $50 per day. Annual cost for the units are $9000 for the diesel powered and $6000 for the gasoline powered. Oil changes are $25 for gasoline units and $57 for diesel units. Oil changes occur every 100 hours of engine use. Diesel runs at $2.95 per gallon and gasoline runs at 3.15 per gallon. Nightly refueling stops cost $15, but if refueling is done during the day it cost $55. The units will cover 200 nautical miles in the course of a day. Crews are charged ever six hours. Delivery services operate 18 hours per day 7 days a week. Diesel units will be kept in service for 4 years before being sold for $48000 each. Gasoline units will be sold for $38000 and the MARR is 18%.
What is the cost function, marginal cost function, and average cost function for each plant? b) What is the efficient scale and minimum average cost for each plant? c) What is the cost function for the firm?
Consider the "Odd Couple" game. Felix and Oscar share an apartment, the state of cleanliness of which is a public good. It takes 12 hours of work per week to make the apartment spotlessly clean, 9 hours to be livable, and anything less leaves the ..
QD = 140,000- 25,000P QS = 20,000 + 75,000P, where Q = daily sales in 6 packs of beer, and P = price per 6 pack. The city has hired you to provide the following information regarding the beer market and the proposed tax.
Calculate the price elasticity of demand in summer for transit services and the cross-price elasticity of demand for transit with respect to the level of business activity.
Suppose that the production function is Y= 9K^0.5 N^0.5 With this production function, the marginal product of labor is MPN= 4.5K^0.5 N^-0.5. The capital stock is K= 25. The labor supply curve is NS= 100(1-t)w]^2, where w is the real wage rate, t ..
The following data represent the daily demand (y in thousands of units) and the unit price (x in dollars) for a product. Daily Demand (y) Unit Price (x) a. Compute and interpret the sample covariance for the above data. b. Compute and interpret the s..
Abby consumes only apples. In year 1, red apples cost 1$ each, green apples 2$ each, and Abby buys ten red apples. In year 2, red apples cost $2, green apples cost $1, and Abby buys 10 green apples.
Simple linear regression predicting the change in performance (in seconds taken to run a race) for 800m runners by the average hours of training undertaken per week during the pre-season.
In what kind of market structure does the firm sell its output How can you tell b. In what kind of market structure does the firm rent robots? How can you tell c. Calculate the marginal product and the value of the marginal product for each additiona..
A single producer of both products controls the entire market for beverages in this city and is considering strategies to bundle one bottle of health drink with one bottle of fruit juice. Assume that the marginal cost of supplying both varieties i..
Suppose that there is an adverse oil supply shock. Show the impact that this has on the production function, the labor market (i.e. on equilibrium wage and labor), and on the actual amount of output. SHOW a diagram and DISCUSS your findings.
Suppose you are designed a new computer and want to make sure it is optimal for your needs. Random Access Memory can be added to your computer at a cost of $100 per gigabyte. For you the benefit of the first gigabyte of RAM is $800, and the benefi..
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