Econometrics

1. Given Equilibrium Price of A = $20 Price of B = $80 What is the Marginal Utility of product A divided by the Marginal Utility of product B? 2. Given: Total Revenue = $3000 Quantity Sold = 50 Quantity Produced = 75 What was the price? 3. Given: At $20 a hat 100 hats were sold. At $21 a hat 95 hats were sold. Wha ...continues

Calculate total cost using Average Total Cost

I am supposed to use the following information to answer What is the total cost of 3,000,000 pairs I'm not sure if my answer is correct or not. 3,000,000 * $20.00 = $60,000,000 Is this correct? If not could you show your work so that I can understand how to do it? Athletic Shoe Production Normal Profit $6.00 Leather ...continues

Calculate Average Variable Cost using Average Total cost

Find average variable cost of 3,000,000 pairs of shoes Is the answer $16.00? I got that answer by multipling the ATC ($20.00) by the percent of variable cost (80%) Athletic Shoe Production Normal Profit $6.00 Leather costs $2.00 Rubber costs $3.50 Metal costs $ .50 Cotton costs $3.00 Assembly $5.00 Total: $20 ...continues

Calculate total fixed costs with given information

Find Total Fixed Cost of 3,000,000 pairs of shoes Is my answer $12,000,000 correct? If not can you so your work so that I can understand the problem? I got the answer by multiplying ATC ($20.00) by fixed costs (plant and equiptment) which is 20% $4.00 * 3,000,000 = $12,000,000 Athletic Shoe Production Normal Profit ...continues

Many economists believe that an increase in the minimum wage leads to unemployment

Many economists believe that an increase in the minimum wage leads to unemployment. Critics point out that the last time the minimum wage went up the same dire predictions from economists were made, the fact is that there are more people employed today than before the minimum wage increase. Using isoquant-isocost analysis, grap ...continues

Monopolist selling a non-durable good

Please see attachment

What is required for the price not to be set by the equilibrium price?

What is required for the price not to be set by the equilibrium price?

Equilibrium price

If the demand curve shifts out what happens to the equilibrium price and quantity? If the supply curve shifts to the left, what happens to the equilibrium price and quantity? What is required for price to not be set by the equilibrium price?

elasticity estimation

Elasticity Estimation. Breakaway Tours, Inc., has estimated the following multiplicative demand function for packaged holiday tours in the Flushing, NY, market using quarterly data covering the past five years (20 observations). (ss) = subscript (SS) = superscript Q(ssy) = 5P(ssy)(SS-2.5)P(ssx)(SS1)A(ssy)(SS2)A(ssx)(SS1)I ...continues

3945-constrained optimization

Enpar manufactures engine parts for an automotive manufacturer. It operates two plants which have the following production functions: Plant A: Qa = 30 Sa - 0.25 Sa^2 Plant B: Qb = 40Sb - 0.50Sb^2 where Qa is the unit output from plant A, Qb is the unit output from plant B and Sa and Sb are the units of the variable factor ...continues