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    Principles of Mathematical Economics

    Maximizing Total Profits and Revenue

    A Monopolist's Demand and Total Cost functions are: P= 1624 -4Q TC= 22,000 + 24Q -4Q(squared) + 1/3Q (to the third power) Where Q is output produced and sold a. At what level of output and sales (Q) and price (P) will Total Profits be maximized? b. At What level of output and sales (Q) and price (P) will Total Rev

    Cost Functions

    Given the total cost function: TC = 100 + 40Q - 15Q(squared) + 5Q (to the third power), calculate the a) average fixed cost function (AFC) b) average variable cost function (AVC) c. marginal cost function (MC) Please show calulations and Draw a diagram with all three curves plotted on it.

    Probability Frequency Calculation

    The number of cars arriving at Joe Kelly's oil change and tune-up place during the last 200 hours of operation is observed to be the following: Number of cars arriving Frequency 3 or less 0 4 10 5 30 6 70 7 50 8

    Probability

    10.The number of cars arriving at Joe Kelly's oil change and tune-up place during the last 200 hours of operation is observed to be the following: Number of cars arriving Frequency 3 or less 0 4 10 5 30 6 70 7 50 8

    Expected return and Standard Deviation of a portfolio, CAPM

    The following four questions need to be addressed with regards to each problem. 1. What financial concept or principle is the problem asking you to solve? 2. In the context of the problem, what are some business decisions that a manager would be able to make after solving the problem? 3. Is there any additional infor

    Managerial Economics Question

    An amusement park, whose customer set is made up of two markets, adults and children, has developed demand schedules as follows: Quantity Price ($) Adults Children 5 15 20 6 14 18 7 13 16 8 12 14 9 11 12 10 10 10 11 9 8 12 8 6 13 7 4 1

    Ratio

    The __________ is the ratio of __________ to the _____________. a standard deviation; covariance; expected value b coefficient of variation; expected value; standard deviation c correlation coefficient; standard deviation; expected value d coefficient of variation; standard deviation; expected value e

    High Intellectual Intelligence

    Can a leader achieve Level Three with high intellectual intelligence but with an unstable emotional quotient? Justify your answer.

    Lagrangian Multipliers

    Fixed capital and labor expenses are $1.2 million per year. Variable expenses average $2,000 per van conversion. Q=1,000 - 0.1P where Q is the number of van conversions (output) and P is price. Calculate the profit maximizing output, price and profit levels.

    errors in their comparative statistical analysis

    When a firm estimates the demand for its product what data collection problems would you anticipate having. For example, at GM how hard is it to list the non-price determinate of demand for its cars? Can they obtain the right set of data? How would they collect the data? What would cause errors in their comparative statistic

    Motivations in the Marketing Industry

    What motivates people in the marketing industry using incentives, opportunity cost, normative and empirical economics and marginal analysis and marginal benefits?

    Queue discipline & simulation

    1) A goal of many waiting line problems is to help a firm find the ideal level of services that minimize the cost of waiting and the cost of providing the service. True or False 2) One difficulty in waiting line analysis is that it is sometimes difficult to place a value on customer waiting time. True or False 3) A

    Probability in Traffic Pathways

    Vehicles heading west on Front Street may turn right, left, or go straight ahead at Elm Street. The city traffic engineer believes that half of the vehicles will continue straight through the intersection. Of the remaining half, equal proportions will turn right and left. Two hundred vehicles were observed, with the following r

    Pretest a Questionnaire

    Neilsen Media Research wants to pretest a questionnaire to be mailed to several thousand viewers. One question involves the ranking of male and female college students with respect to the popularity of programs. The composite rankings of a small group of college students are: (See attached file for full problem description).

    Assess the randomly selected observations

    The following sample observations were randomly selected. Determine the coefficient of correlations and the coefficient of determination. Interpret the association between X and Y. Please show all work in excel format

    Chicken Delight order delivery speed

    Chicken Delight claims that 90% of its orders are delivered within 10 minutes of the time the order is placed. A sample of 100 orders revealed that 82 were delivered within the promised time. At the 0.10 significance level, can we conclude that less than 90% of the orders are delivered in less than 10 minutes? Please answer

    Population shape help

    According to an IRS study, it takes an average of 330 minutes for taxpayers to prepare, copy, and electronically file a 1040 tax form. A consumer watchdog agency selects a random sample of 40 taxpayers and finds the standard deviation of the time to prepare, copy, and electronically file form 1040 is 80 minutes. a)What assump

    A normal distribution has a mean of 50 and a standard deviation of 4.

    A normal distribution has a mean of 50 and a standard deviation of 4. a) Compute the probability of a value between 44.0 and 55.0 Show your work and answer here excel format b) Compute the probability of a value greater than 55.0 Show your work and answer here excel format c) Compute the pro

    Magazine case

    A survey of top executives revealed that 35% of them regularly read Time magazine, 20% read Newsweek, and 40% read US News and World Report. Ten percent read both Time and US News and World Report. a)What is the probablility that a particular top executive reads either Time or US News and World Report regularly? Show th

    Three defective electric toothbrushes problem

    Three defective electric toothbrushes were accidentally shipped to a drugstore by Cleanbrush Products along with 17 nondefective ones. a.) What is the probability the first two electric toothbrushes sold will be returned to the drugstore because they are defective? b.) What is the probability the first two electric toot

    Interest rates associated with price

    If there are an increase in interest rates will it be associated with increase in oil prices? If so, what is the connection? (I want more of a written than mathematical explanation if possible).

    Economics of internet

    You can see the notes that are attached. Please solve the following problems based on the notes. 1. Assume that the disutility of travel for consumers arrayed uniformly along a "Hotelling" line is not t as discussed in class, but t2, (i.e. the utility of a consumer for the product is: Utility(Product i) = 3 - (ideal

    Money multiplier

    Suppose that the Federal Reserve lowers the required reserve ratio from 0.10 to 0.05. How does this affect the simple money multiplier, assuming that excess reserves are held to zero and there are no currency leakages? What are the money multipliers for required reserve ratios of 0.15 and 0.20?

    Concentration Ratio & Herfindahl-Hirschman index

    Please assist and show steps. An industry consists of 5 firms, with sales of $100,000, $500,000, $400,000, $300,000, and $200,000. Now, suppose the largest and smallest firms merge. -Calculate the four-firm concentration ratio (C4) before the merger. -Calculate the Herfindahl-Hirschman index (HHI) before the merger. -C

    Mutually Exclusive Alternatives

    In evaluating three mutually exclusive alternatives by the B/C method, the alternatives were ranked in terms of increasing total equivalent cost (A,B and C respectively), and the following results were obtained for the B/C ratios: 1.1, 0.9, and 1.3. On the basis of these results, you should: A. Select A B. Select C C. Selec

    Deriving maximum value and minimum value functions: an example

    See the attached file as equations are contained within the Word file. Consider the following function: (see file) where a > 0 is a parameter. 1. Find the first order condition for a critical point of this function. 2. Is this a maximum or a minimum or an inflection point? 3. Solve for x* (a), the maximizer of the fun