Will's expenditures on food for three consecutive years, along with other values, are presented in the table below. Year 2009 2010 2011 Expenditures on Food $5,000 $5,800 $6,600 Consumer Price Index 160.0 168.0 Will's 2009 food expenditures in 2010 dollars amount to: $5,500. $5,250. $4,975. $3,625.
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- P232,P5) Hey! Need help with the following macro question, thank you in advance! (chart attatched below) Suppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for $1.50. The following table shows the number of brackets that can be produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour. Find the marginal product (in brackets), and the value of the marginal product (in dollars), of each hour of labor. If the wage paid to workers in Die Cast’s plant is $25 per hour, how many hours of labor should the firm employ? How many hours will be employed if the wage increases to $35 per hour? Explain. How many hours will be employed if the wage is $35 per hour, but the price of a bracket declines to $1?2. Models of inventory systems frequently consider the relationships among openingstock, production quantity, demand or sales, and closing stock. For a givenproduction period j, let Sj – 1 = closing stock from the previous periodXj = production quantity in periodDj = demand in period jSj = closing stock for period jRequireda) Write the mathematical relationship or model that describes how these fourvariables are related.b) What constraint should be added to produce capacity for period j is given bycj?11.3 The price of crude oil during the period 2000-2010 can be approximated by P(t) = 6t + 18 dollars per barrel (0 ≤ t ≤ 10) in year t, where t = 0 represents 2000. Russia's crude oil production over the same period can be approximated by Q(t) = −0.08t2 + 1.2t + 5.5 million barrels per day (0 ≤ t ≤ 10). † Use these models to estimate Russia's daily oil revenue and also its rate of change in 2007. (Round your answers to the nearest $1 million.) daily oil revenue$ millionrate of change in 2007$ million per year
- Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period. Seafood 2000Qty. (lb) 2000Price ($/lb) 2009Price ($/lb) Halibut 75,290 2.01 2.33 Lobster 83,080 3.62 3.09 Tuna 50,779 1.87 1.97 (a) Compute a price relative for each type of seafood. (Round your answers to one decimal place.) Seafood Price Relative Halibut ? Lobster ? Tuna ? (b) Compute a weighted aggregate price index for the seafood catch. (Round your answer to one decimal place.) I2009 = ?? Comment on the change in seafood prices over the nine-year period. (Enter your percentage as a positive value. Round your answer to one decimal place.) Seafood prices have Up/down by ? % over the 9-year period according to the index.Erin quit her job, where she earned $90,000 per year, to start her own economic consulting firm. She invested $60,000 of her own funds in furniture, computers, and other assets. During the first year of operation, the firm’s costs were $50,000 for rent on the office building, $300,000 for wages and salaries of employees, and $10,000 for supplies and utilities. The market value of the firm’s assets at the end of the year was $48,000. During the year, the firm billed its clients for 2,400 hours at $200 per hour. The typical rate of return on financial investments in the economy was 5%. Erin's accounting costs were $_____ Her cost of capital was $____ Her total costs were $ ___ Her economic profit was ____ And her normal profit was $ ____Kate quit her job, where she earned $120,000 per year, to start her own financial consulting firm. She invested $80,000 of her own funds in furniture, computers, and other assets. During the first year of operation, the firm’s costs were $80,000 for rent on the office building, $420,000 for wages and salaries of employees, and $11,000 for supplies and utilities. The market value of the firm’s assets at the end of the year was $60,000. During the year, the firm billed its clients for 2,700 hours at $250 per hour. The typical rate of return on financial investments in the economy was 8%. Question 1 In the scenario above, what was Kate's explicit cost ($)? Numeric Answer: Question 2 In the scenario above, what was Kate’s cost of capital ($)? Numeric Answer: Question 3 In the scenario above, what was Kate’s economic profit ($)? Numeric Answer: Question 4 In the scenario…
- Kate quit her job, where she earned $120,000 per year, to start her own financial consulting firm. She invested $80,000 of her own funds in furniture, computers, and other assets. During the first year of operation, the firm’s costs were $70,000 for rent on the office building, $420,000 for wages and salaries of employees, and $11,000 for supplies and utilities. The market value of the firm’s assets at the end of the year was $60,000. During the year, the firm billed its clients for 2,700 hours at $240 per hour. The typical rate of return on financial investments in the economy was 8%.Quantity of Gold Bars (in thousands) Extraction Cost (in millions of dollars) User Cost (in millions of dollars) 0 $ 10 $ 5 1 15 5 2 20 5 3 25 5 4 30 5 5 35 5 The table shows the quantity of gold bars in thousands, the extraction cost for each thousand bars (in millions of dollars), and the user cost of each thousand bars (in millions of dollars) facing the OZ Mining Company this year (all costs are marginal). Suppose that a new government regulation is going to shut down OZ's mining operation one year from now. If the current price per bar of gold is $15,000, how many bars (in thousands) should OZ extract and sell this year? Multiple Choice 2 0 1 As many as possibleSuppose that in the year 2010, Celestial Electronics planned toproduce 950,000 units of its portable GPS devices. Of the950,000 it planned to produce, a total of 25,000 units wouldbe added to the inventory at its new plant in Florida. Alsoassume that these units have been selling at a price of $100each and that the price has been constant over time. Supposefurther that this year the firm built a new plant for $5 millionand acquired $2.5 million worth of equipment. It had noother investment projects, and to avoid complications,assume no depreciation.Now suppose that at the end of the year, Celestial had produced950,000 units but had only sold 900,000 units and that invento-ries now contained 50,000 units more than they had at thebeginning of the year. At $100 each, that means that the firmadded $5,000,000 in new inventory.a. How much did Celestial actually invest this year?b. How much did it plan to invest?c. Would Celestial produce more or fewer units next year? Why
- Identify and describe four major categories of variablesthat can be used to segment con-sumer markets. Giveexamples of product markets that are segmented byvariables in each categoryNadira, the owner of Company ND is contemplating to keep her shop open after 4pm and until midnight. In order to do so, she would have to hire additional workers. She estimates that the additional workers would generate the following of total output (where each unit of output refers to 100 pages duplicated). Workers Hired 0 1 2 3 4 5 6 Total Product 0 12 22 30 36 40 42 Calculate the following if the price of each unit of output is RM10 and each worker hired must be paid RM40 per day: How many workers should Nadira hire? At which point did the law of diminishing returns occur?6. Given the following Cobb-Douglas production function for Jordan Economy. Y = AK^0.7 L^0.3. What happens to the real rental price of capital (in percent) if capital stock increases by 10 percent? O. Real rental price of capital increases by 2.8 percent O. Real rental price of capital increases by A+ 2.9 percent O. Real rental price of capital increases by 6,9 percent O. Real rental price of capital decreases by 2.8 percent O. Real rental price of capital decreases by 6.9 percent O. None of the above is correct