Economics Answers

An engineering consulting firm measures its output in a standard service hour unit. The variable cost is $62 per standard service hour. The selling price is $85.56 per hour. The maximum output of the firm is 160,000 hours per year, and its fixed cost is $2,024,000 per year. What is the breakeven point in standard service hours and in percentage of total

capacity?

Find the derivatives of the following functions.

• y=(4x+3)/ln[2x^2+3x-5]

calculate the mean median from the following data and find out mode using relation among mean,median and mode. Class; 0-10 10-20 20-30 30-40 40-50 50-60 60-70 Frequency; 10 20 30 40 50 60 70

Suggest how the problems of price control can be resolved without having the government to intervene in the market and actions that can be taken by both consumers and producers.

1)In Australia a consumer of electricity would save, on average, AUS$1000 by switching from the most expensive to the least expensive electricity supplier. However, 30% of consumers do not switch because of the effort required and 22% do not switch because they lack the necessary information. Evaluate possible reasons why consumers may behave irrationally.

2)Between Q4 2016 and Q4 2019 the global price of gold increased from $1275 to $1481 per ounce. Over the same period, the global supply of gold increased from 888.8 tonnes to 889.5 tones. Only 10 countries mine 62% of global output. Evaluate reasons why the supply of gold is price inelastic.

Select a business organisation closer to your household and identify the relevant fixed costs and variables costs, current production levels of the selected organisation. (The selected organisation maybe a small business located in your neighborhood). Develop a small write up (800 – 1500 words) on the cost behaviors for your selected organisation highlighting aspects such as average costs and marginal costs. (Present required graphical analysis wherever necessary). Considering the theoretical backgrounds on profit maximization of a firm, comment on whether the given organisation is operating/ producing at its profit maximizing quantity. (Your comments should be supported by an appropriate analysis).

13. Following are different algebraic expressions of the production function. Decide whether

each one has constant, increasing, or decreasing returns to scale.

a. Q = 75L0.25K0.75

b. Q = 75A0.15B0.40C0.45

c. Q = 75L0.60K0.70

d. Q = 100 + 50L + 50K

e. Q = 50L + 50K+ 50LK

f. Q = 50L2 + 50K2

Given the demand function for the two markets and total cost function that:

Q₁ = 55 – P₁; Q₂ = 70 – 2P₂ and TC=5Q + 20 where Q = Q₁ + Q₂

A.   Calculate the equilibrium price, equilibrium quantity in each market with price discrimination

B.    Calculate the maximum profit using equilibrium price and quantity with price discrimination

C.    Calculate the price elasticity of demand in each market using MR=P(1+1/Ɛ_p) 

D.   Calculate the equilibrium price and quantity without price discrimination

E.    Calculate the maximum profit without price discrimination

F.     Is the Monopolist better off with or without price discrimination

Given the following demand function and total cost function as:

Q = 250-5P and TC = 0.5Q² + 5Q + 125 

Calculate the equilibrium price, Equilibrium Quantity and the total profit

A. under perfectly competitive market structure

B. Under monopolistic competitive market

In the short-run production period, given the total cost of production as:    

TC = wL + rK, where K is fixed

Prove that w/AP and SMC=w/MP