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Engineer Srinivasa Ramanuja took a Php. 354702 job to install a private compaction machine but failed to comply with the work on time. Provisions on the contract stated that the following:
- For the first 13 days of delay, the contractor is obligated to pay a daily penalty equivalent to 0.02 of 1.5% per day.
- For the second 13 days of delay, the contractor is obliged to pay a daily penalty equivalent to 0.47 of 1.5% per day.
- For the consequent days, the contractor is obliged to pay 0.66 of 1.5% per day.
Explain how the fiscal policy can be used to influence government objectives
If demand function is given as the following:
Qz = 230 -2.75 Pz + 0.5 I + 1.2 Pm + 0.6A
Where Qz is quantity of Good z sold, Pz is price of Good z per unit, I is per capita income, Pm is price of competitor and A is the amount of advertising spent.
Current values: Pz= RM 55 I= RM 9000 Pm= RM 50 A =RM 12,000
Calculate price elasticity of demand for Good z.
If demand function is given as the following:
Qz = 230 -2.75 Pz + 0.5 I + 1.2 Pm + 0.6A
Where Qz is quantity of Good z sold, Pz is price of Good z per unit, I is per capita income, Pm is price of competitor and A is the amount of advertising spent.
Current values: Pz= RM 55 I= RM 9000 Pm= RM 50 A =RM 12,000
Please Determine the total revenue maximizing price and quantity
Azree an accountant, working for a foreign consultant firm and earning RM 78,000 per year is contemplating giving up his job and set up his own tax consultant firm. He estimates that renting an office would cost RM 780 per month, hiring a secretary with salary RM 1,500 per month and purchasing for required supplies would cost him RM 10,000 per annum. He estimated that his total revenues for the year would be RM 120,000.
Explain briefly whether Azree should practice his own tax consultant firm or not.
Azree an accountant, working for a foreign consultant firm and earning RM 78,000 per year is contemplating giving up his job and set up his own tax consultant firm. He estimates that renting an office would cost RM 780 per month, hiring a secretary with salary RM 1,500 per month and purchasing for required supplies would cost him RM 10,000 per annum. He estimated that his total revenues for the year would be RM 120,000. Calculate explicit cost, implicit cost, accounting profit & economic profit.
Suppose the household's preferences are given the following forms: u(c) = log(c), v(e) = log(e), that ß = 2/3, and that the production functions are given by: F₁(L) L and F₂(K) = K.
(a) (2 points) Derive the equilibrium conditions.
(b) (2 points) Find the equilibrium quantities.
Write 1 goal that you want to achieve. Follow the SMART way of goal-setting.
Consider a model of voluntary incentive mechanism design for protecting endangered species on private land. After a regulator has identified endangered species on private land, she wants private landowners to retire the land from production. The landowners suffer a monetary loss when they retire land for species protection. They would voluntarily participate in the program of species protection if they received monetary compensation from the regulator to offset their loss. The regulator designs a contract to maximize social welfare from species protection subject to the landowner’s participation constraint. Social welfare is the utility of the individual landowner and social benefits from species protection, minus the monetary compensation scaled by the social value of public funds.
A barber charges $10 for a haircut and he serves 20 people a day. He raises his prices to $12 for a haircut and only 14 people come in to get a haircut. Are haircuts elastic or inelastic?
