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- You decide to sell pairs of running shoes. Assume that the quantity demanded is alinear function of the price. It is known that if you charge $40 per pair of shoes, thenyou will be able to sell 400 pairs of shoes in a month. If you charge $60 per pair ofrunning shos, then you can sell 300 pairs of shoes in a month. It is also known thatyour monthly fixed cost is $100 and pairs of shoes cost $20 per shoe to produce. Findwhat price you should charge for a pair of shoes in order to maximize profit in amonth1. A firm is said to be earning normal profit whenever:A. Accounting profit is zero.B. Economic profit is positive.C. Accounting profit is positive.D. Total revenue equals explicit and implicit costs.2. If a 10% increase in inputs results in a 20% increase in output, then the firm is said to exhibit:A. Diseconomies of scaleB. Diminishing marginal returns to scaleC. Constant returns to scaleD. Economies of scale3. Economists have traditionally attempted to avoid the trap of:A. Thinking in terms of total utility.B. Computing marginal utilityC. Making interpersonal utility comparisons.D. None of the above.4. According to the water-diamond paradoxA. Water has a lower MU than Diamond.B. Water has a higher TU than Diamond.C. Prices reflect MU and not TUD. All of the above.when samsung reallocates its resources to produce 3.75 million tablets instead of 2 million tablets the opporunity cost a. 1.75 million tablet b 1.75 million phone c. 7 million phone d.7 million tablet
- A firm face the production function:Q=120L+200K-L2-2K2It can buy L at N5 a unit and K at N8 a unit with a budget of N70. Use any method ofyour choice to find the maximum output the firm can produce.It is estimated that a grocer’s daily profit from the sale of two brands of cherry juice is given by thefunction:P(x,y) = (x - 30)(70 - 5x + 4y) + (y – 40)(80 + 6x – 7y) centswhere x is the price per can of Brand V Juice and y is the price per can of Brand Triple V Juice. CurrentlyBrand V Juice sells for 50 cents per can and Brand Triple V Juice sells for 52 cents per can.i. Use marginal analysis to estimate the change in the daily profit that will result if the grocer raises theprice of Brand Triple V by one cent per can while keeping the price of Brand V unchanged.ii. Find a stationary point of the daily profit function. Classify this stationary point.Give atleast short definition about the statement of the problem given below.
- 1. Consumers are attracted with products that offer discounts on price, buy-one-take-one scheme and goods with freebies. Why? 2. Why is the point of isoquant tangent to the isocost called the optimal combination?A firm has the production function F(L, K) = L^1/2 + K^1/2The price of labor is $10 and the price of capital is $15. The firm has a production goal of Q = 100 units ofoutput.a) Neatly specify this firm’s cost minimization problem, using the particulars associated with this problem.b) Give two equations that an interior solution satisfies, tailoring your equations to the particulars of thisproblem.c) Solve the two equations for the firm’s optimal choice. Show your work.What is the Economic theory behind the decision at the end of the case Start with "Near Empty restaurant.
- You were promoted as the manager of a new Clean-Well Sanitary Store that sell cleaning andsanitation products wholesale. You recently read in an article that there the price of vitamins isexpected to increase by 20 percent. How will this affect your store’s sales of sanitationproducts?Suppose Alphonsos town raises the price of bus tickets from 0.50 to 1 and file price of burgers rises from 2 to 4. Why is file opportunity cost of bus tickets unchanged? Suppose Alphonsns weekly spending money increases from 10 to 20. How is his budget constraint affected from all three changes? Explain.It is known that the indifference curve is convex. What does this tell you about the relationship between the goods? 2. Using examples, does an increase in income affect a consumer’s budget line? Does it impact their total utility. 3.You are interested in starting a coffee shop at the University of the West Indies. Provide examples with explanations of explicit costs, implicit cost and sunk costs related to this business.
