Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. Product Shoes Hamburgers. Shirts Cotton 2012 Statistics Quantity 110 75 50 12,000 a. If the base year is the year 2012, then real GDP for 2020 equals $ (round your answer to the nearest penny) 2020 Statistics Quantity 120 100 50 12,000 Price $55.00 2.00 30.00 0.09 2021 Statistics Quantity Price $70.00 2.00 25.00 0.07 120 120 65 13,000 Price $75.00 2.25 25.00 0.08

Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. Product Shoes Hamburgers. Shirts Cotton 2012 Statistics Quantity 110 75 50 12,000 a. If the base year is the year 2012, then real GDP for 2020 equals $ (round your answer to the nearest penny) 2020 Statistics Quantity 120 100 50 12,000 Price $55.00 2.00 30.00 0.09 2021 Statistics Quantity Price $70.00 2.00 25.00 0.07 120 120 65 13,000 Price $75.00 2.25 25.00 0.08

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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An entrepreneur has a venture that will make either $100M or $0. The chance that this venture will make $100M depends on the effort level expended by the entrepreneur: If she tries hard, the chance of the $100M outcome is 0.2. If she does not try hard, the chance of this outcome is 0.05. This entrepreneur is risk averse, with utility function. - disutility of effort, where the disutility of effort is O if the entrepreneur does not try hard and 1000 if she does. (a) Assuming this entrepreneur bears all the risk of this venture, will she try hard or not? What will be her expected utility, net of the disutility of effort (if any)? (b) A risk-neutral venture capitalist is prepared to support this venture. Risk-neutrality means that the venture capitalist cares only about expected profit (average weighted by probabilities of net gains). Specifically, the venture capitalist will pay the entrepreneur a base amount B up front, in return for which the venture capitalist will retain X out of the…
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corporation is the most common type of business organization in the United States. (© a) True ( b) False
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QUESTION 1 Demand equation for a product is P = 100 – 0.01Q and the total cost is TC = 50Q + 10000 - (a). Write down the equation for the total revenue. (b). Write down the equation for the profit. (c). Find the value of Q when the firm breaks even. (d). Determine the maximum profit and the value of output (Q) at which profit is maximum.