Consider the following model for the production of refined oil: MSC = 10+ 0.5Q; MEC = 0.30:MSB = 30-0.3Q; MEB = 0.Based on the model, the MPC function is:MPC 20-0.8Qa.MPC 10+ 0.8QMPC 10+ 0.2Qb.MPC30-0.6QC.d.

MSC= 10+ 0.5Q; MEC = 0.30: MSB = 30-0.3Q; MEB = 0.

Answered: Consider the following model for the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A lake has two species of fish: bass and catfish. The number of bass and catfish living in the lake, B and C respectively, depend on the temperature of the lake, T (in degrees Farenheit). The functions modeling this dependency are given below: B(T) = 8T2 + 976T – 28890 С(Т) 3D — 2T?+244T — 6893 What are the two temperatures at which the number of bass in the lake is the same as the number of catfish? Enter exact expressions or round your answers to the nearest thousandth. T : T
Q6
The demand and supply of pizza is defined by the following equations: Qd = D(P, Y ) = 1 + Y − 2P Qs = D(P, PM) = 2 P/PM where, Qd is quantity demand, P is the price of each pizza sold, Y is the average income of consumers, Qs is the quantity supplied, and Pm is the price of inputs used in the production of pizza. (a) List the endogenous and exogenous variables of this model (b) Find the equilibrium price Pe and quantity Qe of pizza as a function of the exogenous variables. (c) Use a simple demand and supply diagram to show what happens to the equilibrium price and quantity when there is an increase in one of the exogenous variables.
The biological relationship between the growth for the fish population and the size of the fish population is g = 12S(1 - S/4) where g is the growth of the fish population and S is the size of the population. The size of the harvest is a function of the amount of human effort expended b = 3ES where E is the level of effort. Market price of fish per unit is $100 and a constant marginal cost of effort is $40. We can derive the free-access equilibrium effort level Ef by setting the net benefits function equal to zero. Then, E f = in one decimal place. Hint: Write the number
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Q.2 Consider the following model Y =C+I+G C=a+b(1-k)Y 1 G=G+AY 1-b(1–k)–2>0 dY is equal to dG In the above model 1 А. 1-6(1-k)+ A B. C. 1 D. 1- (1-k) 1-6(1-k)-A 1-6(1-k)-A E. none of the above
Answer all questions otherwise skip.
MC at 5 level of output.

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Consider the following model for the production of refined oil: MSC = 10 +0.5Q; MEC = 0.30: MSB=30-0.3Q; MEB = 0. Based on the model, the MPC function is: MPC20-0.8Q a. MPC 10+ 0.8Q 10+ 0.2Q b. MPC30-0.6Q MPC C. d.