Andy enters in a futures contract, allowing him to sell 5,000 troy ounces of gold at $1,000 per ounce in 36 months. After that time passes, the market price of gold is $950 per troy ounce. How much does Andy make or lose?
•Determine how a perfectly competitive firm can maximize its profit by producing the output at which average cost is minimized. Determine how a perfectly competitive firm can maximize its profit by producing the output atwhich average cost is minimizedAnswer:Two approaches for profit maximization:1. Total revenue and…
People over the age of sixty-five are eligible for Medicare which offers subsidized healthcare as long as the doctor involved agrees to accept the relatively lower fees paid by Medicare. Some people over sixty-five choose instead to pay out-of-pocket for so-called “con- cierge” physicians, who provide medical services on a cash or credit card only basis. Can you explain why patients would turn their backs […]
The demand for football tickets is Q=360-10P and the supply of football tickets is Q=20P. Calculate the gross price paid by consumers after a per-ticket tax of $4. Calculate the after-tax price received by ticket sellers.
(a.) Third National Bank is fully loaned up with reserves of $30,000 and demand deposits equal to $100,000. The reserve ratio is 5%. Households deposit $20,000 in currency into the bank. How much excess reserves does the bank now have, and what is the maximum amount of new money that can be created in the banking system as a result of this deposit? Show all […]
9. I run a burger joint. My marginal cost per burger is $1, and all of my customers share exactly the sameinverse demand function, which is p = 11 − 2x, where p is the price and x is the number of burgersthey consume. I realize that instead of charging a uniform price for each burger, I can increase myprofits by offering each consumer an […]
Which of the following shifts the short-run aggregate supply curve to the right? a.a decrease in the actual price level b.an increase in the actual price level c.a decrease in the expected price level d.an increase in the expected price level
12) Assume that a perfectly competitive firm owns or rents a higher-quality resource that results in lower average total costs and higher economic profits in the short run. What will happen in the long-run? The price of the higher-quality resource will be bid upward resulting in economic rents and equalizing costs across firms. New firms will enter and compete any excess profits away. None of […]
Answer is needed in Excell format pleaseHomework ExercisesQ1. Thirty data points on Y and X are employed to estimate the parameters in the linearrelation Y = a + bX. The computer output from the regression analysis isDEPENDENT VARIABLE: Y R-SQUARE F-RATIO P-VALUE ON FOBSERVATIONS: 30 0.3301 13.79 0.0009VARIABLEPARAMETERESTIMATESTANDARDERRORT-RATIOP-VALUEINTERCEPT 93.54 46.210 2.02 0.0526X –3.25 0.875 –3.71 0.0009a. The equation of the sample regression line is Yˆ[…]
Review the following scenario: You work for a formal organization in the United States that has an open, flexible organizational structure as described in Figure 5-5 on p. 126 of Society. You have a relative, Micah, who works for a formal organization with a conventional, bureaucratic organizational structure. Micah is interested in working for your organization, but he does not have the education or skill […]
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