individually. How many tons should firm 1 and firm 2 abate to minimize total abatement cost? Blank #1: Firm 1's amount of abatement Blank #2 : Firm 2's amount of abatement
Q: Suppose you are the manager of a watchmaking firm operating in a competitive market. Your cost of…
A: The firm is operating in a competitive market.The cost of production is given by C = 400 + 2q2The…
Q: Assume now that education is provided by public schools fixing the level of education for all agents…
A: a) Derive the desired number of children under the assumption that education is provided by public…
Q: QUESTION 1 If the nominal wages of carpenters rose by 5 percent and the price level increased by 3…
A: Since you have posted multiple questions, we will provide the solution to only the first question as…
Q: The following graph shows a hypothetical economy in long-run equilibrium at an expected price level…
A: AD(aggregate demand) is the sum of C(consumption), I( investment), G(government spending) and net…
Q: In period t, a parental household (indexed by i) equipped with human capital hi earns a labour…
A: Utility FunctionBudget ConstraintHousehold Income - Cost of educating children =
Q: MAINE Fen 43 pon Tarieved by Large Cry 550 Onder 03125,54 OFREIH Hum 50 55 parti Tons of Sted Ap www…
A: Free trade is a situation of trade between two countries, where imports and exports happen at world…
Q: Consider the following information about a closed economy: GDP is $1,200 million, taxes are $125…
A: Estimates of national income provide informed perspectives on a country's economic health,…
Q: O The demand curve for a product is given by Qo= 400-20P and the supply curve for a product is given…
A: Demand and supply are fundamental economic concepts that describe the relationship between the…
Q: Statement refers to partial equilibrium model of monopoly and oligopoly. In an industry with a…
A: IntroductionA monopoly is a market structure in which there is only one seller of a good or service.…
Q: • A beekeeper lives adjacent to an apple orchard. • The orchard owner benefits from the bees because…
A: When a firm produces a good sometimes it creates cost or benefits for other firms. If it is creating…
Q: Sandra owns a copying business. She rents copy machines from a local supplier and has the following…
A: This can be defined as a concept that helps an individual or organisation calculate how much revenue…
Q: Consider the following simultaneous-move game that represents the payoffs from different advertising…
A: The dominant strategy is the best course of action, irrespective of the rival firm's strategy. It is…
Q: As the price of cookies increases, firms that produce cookies will: Multiple Choice O O O increase…
A: With regards to the market for treats, the law of supply recommends that makers, like treat…
Q: Instead of reacting to the negative supply shock, policymakers choose not to respond and continue…
A: In economics, long-run equilibrium is the situation where the long-run aggregate supply curve( which…
Q: Given the data above, which of the following methods of calculating Gross Domestic Product (GDP) may…
A: The GDP is a comprehensive indicator of a nation's overall economic production during a given time…
Q: Ching-Chang Kuo is considering opening a new foundry in Denton, Texas; Edwardsville, Illinois; or…
A: Total cost lines refer to graphical representations that depict the total cost incurred by a…
Q: Refer to the data for a nondiscriminating monopolist. At its profit-maximizing output, this firm's…
A: This can be defined as a cost that shows the type of cost that an individual, business, or any other…
Q: True or False? When the population variance is unknown and the size of a random sample is 20, then…
A: The objective of the question is to verify the value of the Student's t-distribution for a 90%…
Q: The cost, C, to produce a product as a function of the quantity, q, is given by…
A: The objective of the question is to find the quantity that minimizes the cost of production. This is…
Q: 1) In period t, a parental household (indexed by i) equipped with human capital h earns a labour…
A: Utility FunctionBudget ConstraintHousehold Income - Cost of educating children =
Q: hat is the total cost and marginal cost when fixed cost is 25, average cost is 57, total revenue is…
A: The marginal cost refers to change in total cost when one additional unit of output is produced. The…
Q: The accompanying table shows a car manufacturer’s total cost of producing cars. a) What is this…
A: In economics, cost is the value of resources that are used to produce a good or service. This…
Q: 800 300 100 Price (S) 0 2 8 SM 20 SM (with subsidy) World price DM Tons of Tomatoes Refer to the…
A: Every economy tries to perform at an equilibrium where both the producer and consumer can maximize…
Q: What is M1 in Ironmania? $ million b. What is M2 in Ironmania? $ million
A: The two halves of the money supply, M1 and M2, represent the various forms of money that are used in…
Q: The balance sheet for the newly formed ACME Bank is shown below. Reserves listed on the balance…
A: Banks foster a mutually advantageous relationship between persons saving money and those investing…
Q: What will be the Trade balance if the Exports are 280888 and the Imports are 1799002.
A: Trade Balance is an generally and merely an alternative economic model to free value of the trade…
Q: Refer to the accompanying figure. Price ($) 10 8 6 4 2 00 4 S D 8 12 16 20 Quantity If this market…
A: A market on most occasion finds itself in a position where the government undertakes most decisions.…
Q: Mort consumes only beer and sausages. His income is $100. Beer costs him $0.50 per can and sausages…
A: Utility maximization refers to the process where individuals aim to allocate their resources in a…
Q: 1. Compare the GDP per capita ranking and HDI ranking between Bhutan and Thailand in 2022. Which…
A: A society that is more rich and economically developed is indicated by a higher GDP per capita…
Q: The following graph gives the demand (D) curve for 5G LTE services in the fictional town of…
A: A monopoly firm is a single firm in the market. In this market structure, there exists barriers to…
Q: The graph below shows supply and demand curves before tax Price $65 $60 $55 $50 $45 $40 $35 $30 $25…
A: The demand curve is the downward sloping curve. Supply curve is the upward sloping curve.…
Q: Tea Shoppe More Advertising Less Advertising Coffee. Co. More Advertising $2,500 $2,500 $1,000…
A: Dominant strategy is an expression in game theory that implies the optimal option for a player among…
Q: Required information A process for producing the mosquito repellant Deet has an initial investment…
A: Breakeven production happens when total revenue equals total costs, bringing about neither profit…
Q: Check all that apply The firm is breaking even when it produces its profit maximizing outpu The…
A: The perfectly competitive market refers to a market where many buyers and sellers exist. All sellers…
Q: Refer to the figure below. Price LRAS Level 1 SAAS, SAAS, ADI Quantity of Output Suppose the economy…
A: Macroeconomic equilibrium is a state of the economy in which aggregate demand equals aggregate…
Q: 1. Suppose that the long-run real interest rate is 1% and the Fed has an inflation target of 2% (a)…
A: Nominal interest rate is one kind of interest which is levied on any kind of loan or investment. But…
Q: With property rights assigned to the polluter, what level of abatement can we expect before any…
A: According to Coase's theorem, if property rights are adequately defined and delimited,…
Q: Consider a market with two firms, Hewlett-Packard (HP) and Dell, that sell printers. Both companies…
A: Pure strategy Nash Equilibrium: Nash equilibrium with 2 players is the strategy profile where both…
Q: Review the recent economic shock in China’s real estate sector and analyse the effects on the…
A: The Asian economy distinguishes out due to its rapid expansion, intellectual discoveries, and…
Q: You have the opportunity to get a VEGGIE Café franchise (this specializes in BOCA veggie Burgers and…
A: Economic Profit: Economic profit is the total revenue of a business minus both explicit and implicit…
Q: Read the following statement and answer questions 9 and 10: "Earlier this year, the South African…
A: This can be described as the central authority of the banking system of that particular nation. The…
Q: $200 is not the correct answer.
A: Monopolistic competition is a market structure characterized by a large number of firms selling…
Q: Suppose firms become very optimistic about future business conditions and invest heavily in new…
A: Investment expenditure, also referred to as gross private domestic investment, encompasses the…
Q: You have the opportunity to get a VEGGIE Café franchise (this specializes in BOCA veggie Burgers and…
A: Explicit costs are the actual out of the pocket expenses which are associated with the overall…
Q: The marginal revenue and marginal cost functions of a food importer are given by MR=400-0.5Q and MC…
A: The marginal revenue for the food importer is The marginal cost for the food importer is At quantity…
Q: Determine the rate of return per year for the cash flow series shown below. Year Cash Flow, $ 1 2 3…
A: Cash flow:The net amount of cash or cash equivalents that enters and exits a business or financial…
Q: Given a demand curve of P = 190-7Qd and supply of P = 4 +5Qs, find the PROFIT of the firm at the…
A: The demand curve represents the quantity demanded by consumers at different price levels. The supply…
Q: Lucy quits her psychiatrist job that pays $200 an hour and opens lemonade business. At the same…
A: Opportunity cost basically refers to the cost of next best forgone. It is the cost of something that…
Q: (a) output (Q): (1) € integral for the following marginal MR = f(Q) = Q³-50² + √Q MR = f(Q) = (Q+1)²…
A: Since you have posted two independent questions, according to the guidelines, only the first…
Q: Maya is doing her undergrad at Queen's University. She loves donuts and chocolate chip cookies…
A: a) When the price of CCC (chocolate chip cookies) is $1, which is the same as the price of donuts,…
Trending now
This is a popular solution!
Step by step
Solved in 6 steps
- The FIA Formula 1 World Championship to be held next Sunday, November 7, during the 2021 Mexico City Grand Prix, has a total cost function equal to CT = Q^3/3 + 3Q^2 + 125Q and an inverse demand function of P = 200−2Q . The profits or losses obtained from the celebration of this event will be: A. 1200 B. -1200 C. -1916.666 D. 1216.666A4 1. Two chemical companies, A and B, operate in a small New England town. Every week A releases 40 gallons of dioxin into the town’s aquifer, while B releases 30 gallons during the same time frame. It would cost A $800 per gallon to clean up its production, while B can clean up its waste at a cost of $500 per gallon. After this issue is raised at a town hall meeting, the town’s residents vote to reduce total dioxin pollution to 20 gallons per week. a. What would be the total cost of pollution reduction if each company were limited to 10 gallons of waste per week? b. What would the total costs be if each company received 10 gallons worth of tradable pollution credits? 2. A wheat farmer and a cattle rancher occupy adjacent parcels of land. Every year the farmer builds a fence to keep the cattle out of his field, and every year the rancher tears the fence down so that the cattle can roam free. The farmer values the wheat that gets destroyed at $300, while the rancher values having a…One way that damage can be reduced is for either the farmer or the rancher to install a fence. The farmer could build and maintain a fence that would keep out the cattle for an annual cost of $80. The cattle rancher could build and maintain a fence between the properties that would keep his cattle out of the farm for an annual cost of $60. If there is no fence, then marauding cattle will reduce the farmer's profit from grain-growing by $70 per year. Assume that the costs of bargaining between the farmer and the rancher are zero. This also implies costless litigation. If we are operating under Farmer's rights: Would the farmer build a fence? Would the rancher build a fence? What if we are operating under Rancher's rights: Would the farmer build a fence? Would the rancher build a fence? Reminder of definitions... Farmers' rights: if a farmer suffers damage from cattle wondering on to his property, he is entitled to be compensated for that damage--in other words, the rancher is…
- Alyssa’s Custom Cakes currently sells 4 birthday, 3 wedding,and 2 specialty cakes each month for $45, $155, and $105each, respectively. The cost of labor is $50 per hour (includ-ing benefits) and it takes 90 minutes to produce a birthdaycake, 240 minutes to produce a wedding cake, and 60 min-utes to produce a specialty cake. Alyssa’s current multifactorproductivity ratio is 1.30.a. Use the multifactor productivity ratio provided to calcu-late the average cost of the cakes produced.b. Calculate Alyssa’s labor productivity ratio in dollars perhour for each type of cake c. Based solely on the labor productivity ratio, which cakeshould Alyssa try to sell the most?d. Based on your answer in part (a), is there a type of cakeAlyssa should stop selling?The concert promoters of a heavy metal band, WeR2Loud, know that there are two types of concert - goers: die - hard fans and casual fans. For a particular WeR2Loud concert, there are 1.000 die - hard fans who will pay $150 for a ticket and 500 casual fans who will pay $50 for a ticket. There are 1,500 seats available at the concert venue. Suppose the cost of putting on the concert is $50,000, which includes the cost of the band, lighting, security, etc. Refer to Scenario 15-6. How much additional profit can the concert promoters earn by charging each customer their willingness to pay relative to charging a flat price of $150 per ticket? Group of answer choices $25,000 $50,000 $ 75,000 $100,000A small manufacturing plant makes three types of inflatable boats: one person, two-person,and four-person models. Each boat requires the services of three departments, as listed in thetable. The cutting, assembly, and packaging departments have available a maximum of 380,330, and 120 labor-hours per week, respectively.Department One-PersonBoatTwo-PersonBoatFour-PersonBoatCutting 0.5 hr 1.0 hr 1.5 hrAssembly 0.6 hr 0.9 hr 1.2 hrPackaging 0.2 hr 0.3 hr 0.5 hra) Calculate how many boats of each type must be produced each week for the plant tooperate at full capacity.b) Calculate how is the production schedule in part (a) affected if the packagingdepartment is no longer used.c) Calculate how is the production schedule in part (a) affected if the four-person boat isno longer produced
- 1) John is operating an internation business in the United Stateds of American and is focused on the limitation or short-term impact of an issue. It can be said that John has a ............. 2) The grestest good for the greatest number of persons is known as the ............... approach. 3) this theorgy states that a country's wealth was deternmined by the amount of its gold and silver holding. It is ...........?Brad is an old mechanic on the street, and he can make Cars and Trucks. He gets paid by the hour, but he has a set number of hours available for work when he is building Cars and/or Trucks. In this case, Brad has 5 total hours of work. Each hour of working can produce either 3 Cars or 1 Truck. With that said, Brad has attained quite a great age, and as a result, he has a constraint in his CAR production abilities. Specifically, Brad has to sit down and take his arthritis medication and relax for 1 hour (rest period) after he spends/allocates the first 2 hours producing CARS. This break of rest for his medication is included as a part of Brad's 5-hour workday. As a result, if Brad chooses to work more than 2 hours for the production of CARS (because he loves his work so much), he has to allocate/spend 1 of his total 5 working hours to taking a break to sit down and take his medication. Additionally, Brad trades his Cars and Trucks with outside market merchants so he can earn money to…Suppose that there are two fancy hotels on the online booking platform, say W hotel and Ritz Carlton hotel. Each hotel has the capacity of 20 rooms on the New Year Eve. There are 20 families who are planning to stay at Bay Areas. Suppose that you are the manager and you set the price to maximize the hotel profit. The marginal cost of each hotel room = 500 RMB The largest valuation on the hotel room = 2000 RMB valuation decrease by 100RMS. In total, there are 20 families. Discuss with your peers how many rooms you will offer in the market.
- Respond to the question with a concise and accurate answer, along with a clear explanation and step-by-step solution, or risk receiving a downvote. n the table below are the marginal abatement costs of two firms. Note that an entry in the table indicates the cost of reducing emissions by one unit from the previous level. For example, $104 is the additional abatement cost for Firm 1 to reduce its emissions from 3 tons to 2 tons, and $40 is the cost for Firm 2 to reduce its emissions from 7 tons to 6 tons. 1.In an unregulated environment each firm produces 10 tons of emissions (20 tons total). Using the table above, what emissions levels (i.e., emissions standards) would you assign if you wanted to limit aggregate emissions to 7 tons in a cost-effective manner? Firm 1’s emissions level ________________ Firm 2’s emissions level ________________ 2.Given the emissions levels from Question 1, calculate the total abatement cost for each firm? Firm 1’s total abatement cost ________________…1. It is 1908 and you are the CEO of Ford Motor Company. General Motors startedproducing cars this year and has quickly become your chief rival. Their recent entrance, as wellas your assembly line methods, allows you the advantage of producing cars faster and choosingyour output levels first. Assume the 1908 inverse demand function for cars is P = 3900 - Q(customers view cars as identical products at this point in time) and production costs are C(qi) =100qi. a. What is Ford’s profit-maximizing output level? GM's?b. What is the market equilibrium price?c. How much profit does each firm earn?d. As the assembly line is used by other firms, the first-mover advantage disappears (fast forward100 years to present day), and more firms have entered the market (e.g. FCA, Tesla, Hyundai,Toyota, Honda, etc.), what do you expect to happen to Ford’s profit (assume demand andcosts are the same)? Explain.e. From 1908 into the 1920s, Ford offered customers one car: the Model T. Further, Henry isfamous…3. Suppose we have three factories: factory 1 produces paper, factory 2 produces plastic and factory 3 produces metal. We have the following input coefficient matrix and the demand vector: 5 13 12] A = 34 61 26 d=825 1s7 46 37 [502] 1332 Find the output levels for each factory to meet the demands using a. Matrix Inversion,