Economics of Enterprise Answers

Four families decided to go watch a movie on a Friday evening.The Rahmans (R) have 7 family members, the Khans (K) have 4, Sarkars (S) 5,and the Hasans (H) 2.

They buy a movie-ticket for each member.During the intermission, R goes to the concession-stand and buys 0 large popcorns.K buys 1. S and the H buy 4 and 0 respectively. Once the movie ends, the families go to an ice-cream parlour nearby. R orders 4 scoops of ice-cream and 1 coffees. K orders 3 scoops of ice-cream and 3 coffees. S orders 1 scoops of ice-cream and 1 coffees. H orders 0 scoops of ice-creams and 2 coffees.At the end of the night, the total expenditure of the families are as follows: The Rahmans have spent Tk. 6491; the Khans have spent Tk. 4565; the Sarkars have spent Tk. 4807; and the Hasans have spent Tk. 1706.Using the information above, convert the Friday night expenditures of the four families into a system of linear equations. Convert this system of equations into the matrix form.

What is the determinant of the coefficient matrix?

Let the market supply function of 2000 sellers is given as Qs = 4000 + 20Px. and the individual demand function of 5000 buyers is given as 2px = 1500 – 0.2Qd. Then compute

A.  The market clearing price. B.  The equilibrium quantity. C.  Explain graphically.

The weekly demand function for a product Z sold by a given supermarket is 30, 000 units when its price was birr 2. A 10% rise in the price of product Z results in the weekly demand to fall by 2000 units. Then drive The demand function

The weekly demand function for a product Z sold by a given supermarket is 30, 000 units when its price was birr 2. A 10% rise in the price of product Z results in the weekly demand to fall by 2000 units. Then drive The demand function

TC= 103+15q-6q^2+q^3

Find VC , MC, AVC

Value of FC + VC when out put (q )= 0.5

Your market research unit submitted the income elasticity of demand estimate for non-fed ground beef at 1.94. The economic managers reported that due to a Pandemic the economy will slide into a deep recession and incomes on average are expected to decrease by 15 percent over the next two years. As manager of a meat processing plant, what will be the effect of your purchase of non-feed cattle beef? 

Items- Selected cross-price elasticity

Transportation - 1.8

Foods - 0.08

Ground beef, non-fed - -1.94

just explain.

A person who is about to retire has accumulated $100,000 in a savings account. Suppose that the person withdraws $8,195.23 from the savings account at the end of each year for 20 years, at which time the account is totally depleted. What is the interest rate, based upon annual compounding?

7. A worker's total earnings for one day is $100. He received a $20 fixed payment and

consumes 14 hours of leisure. What is the hourly wage rate? Show solutions

(a)   The market demand and supply equations for theme park in a city are given by P = 30 – 0.005QD and P = 10 + 0.005QS, where P is the price in dollars and QD is the quantity of theme-park tickets demanded and QS is the quantity of theme park ticket supplied.

i) Solve for the equilibrium price and quantity of theme park tickets and compute the consumer surplus and producer surplus. Support your answers with a graph of the theme park tickets market.

(ii) Explain the implications of the welfare of consumers, producers and the society when the price of theme park ticket is fixed at $15. Support your answers with a graph of the theme park tickets market.

if the federal government says that fish is healthy for you the demand for fish will