Other Economics Answers

1. A company has a linear total cost function and has determined that over the next three months

it can produce 2,000 units at a total cost of $700,000. This same manufacturer can produce 3,000

units at a total cost of $960,000. The units sell for $225 each.

a) Determine the revenue, cost, and profit functions using q for a number unit.

b) What is the fixed cost?

c) What is the marginal cost?

d) Find the break-even quantity.

e) What is the break-even dollar volume of sales.

In a perfect market structure, if a given firm faces average variable cost (AVC); AVC = 1/3Q²- 9/2Q² + 20

A. Determine the level of output at the minimum level AVC

B. what is the minimum price the firm willing to supply?

c. What is the loss of the firm at the minimum price level if the total fixed cost Is 50blrr?

D. If the price level Is 3.5blrr does the firm shut down the business or continue production?

The production function of given firm Is given by Q =200\sqrtLK  and the.

associated cost function is given by 2L + 5K = 1000

A. Calculate the level of labor and capital input at the optimum level of production

B. Calculate the MRTS_L,_K and MRTS_k, _L

c. What is the level of output at the least cost combination of labor and capital inputs?

Given the total cost function; Q = 0.1Q³- 3Q²+ 60Q + 5400

A. Calculate each average cost function and show it graphically

B. What is the level output at the minimum level of average variable cost?

c. What is the level of output a1 the minimum point of average total cost and

what is the trend or average variable cost at this point?

D. What is the fixed cost and what does it mean?

The full "accounting cycle" which culminates in closing the books and producing financial statements. Discuss the differences between Permanent "real" accounts and Temporary ¨nominal¨ accounts:

·        What type of information is contained in nominal accounts, and what type of information is contained in real accounts? 

·        Which financial statement contains the information from nominal accounts and which contains the information from real accounts?

·        Provide an example of real accounts and an example of nominal accounts.

1. An Individual consumes products X and Y and spends 500birr per time period. The prices of the two goods are 60birr per unit for X and 40blrr per unit for Y.The consumer in this case has a utility function expressed as: U(X,Y) = 10XY

A.  Express the budget equation mathematically.

B.  Determine the values of X and Y that will maximize utility in the consumption of X and Y.

C. Determine the total utility that will be generated per unit of time for this individual.