Economics Answers

A. Fill out the bank forms with the following transactions:

1. Issue a check payable to Yna Lim on December 15, 2021 in the amount of 43,267.95 to be signed by Rose Vasquez and Greg Roxas, company's treasurer and president respectively.

2. Deposited cash collection from customers on October 12, 2021. Account No. 15950478586.

3. Prepare a withdrawal slip from bank account no. 15950478490 for the amount 35,600 to be used for payment of salaries for October 15, 2021.

Estimated the maximum potential sales for each product in the next quarter. Finally, the

accounting department has provided some data showing the profit contributions on each product.

The decision problem is to determine the product mix, that is, to maximise Ram's Furniture

Company's profit for the quarter by choosing production quantities for the chairs, desks and

tables. The table below summarises the parameters of the problems.

Hours per Unit

Department Chairs Desks Tables Hours

Available

Fabrication 4 6 2 1,850

Assembly 3 5 7 2,400

Shipping 3 2 4 1,500

Demand

Potential 360 300 100

Profit $15 $24 $18

What would happen if the profit contribution for chairs reaches $16.00 and

subsequently when it reaches $21.00? Show tabulated results and working

Qx=200-px+2py+.03y where px=10 py=15 y=1000.

Find the PED.

hot dogs are 5 pesos for a package of 10 pieces at the grocery store. at the basketball game they cost 5 each. using the concept of the elasticity of demand, explain why hot dogs cost more at basketball game. answer key

Fill in the blanks: 

 with the correct information. Suppose you are given the monthly variable cost of a bowling alley and told the cost of leasing the space is $200 a month. The output is the number of lanes that are open. When is the marginal cost minimized?

A production function has the following form Q = 4KL. Price of labor is PL = 8 and price of capital is PK = 4. How many units of labor and capital the firm hires, if it minimizes its costs and its goal is to produce 800 units of output? Calculate total costs.

Which of the following occurs in the long-run equilibrium under perfect competition?

Question 2 options:

Firms make economic profit

Price exceeds marginal revenue

Average cost equals marginal cost

Firms makes zero accounting profit but negative economic profit

Describe the broad facts about what, how, and

for whom goods and services are produced.

Natalie entered a raffle recently and never checked her tickets. She has recently learned the exact number of the other unchecked tickets. Based on this information she knows that there is a 40% chance that she has won the raffle prize of $1,600. If she does not win the raffle her wealth will be zero. Natalie has a von Neumann–Morgenstern utility such that she wants to maximize the expected value of √c, where 𝑐 is total wealth.

What is the minimum price for which Natalie would sell her raffle tickets?  

Good X is produced in a competitive market using input A. Explain what would happen to the supply of the good X in each of the following situations:

a) The price of input A decrease.

b) An excise tax of $3 is imposed on good X.

c) An ad valorem tax of 7percent is imposed on good X.