ENGINEERING ECONOMIC ENHANCED EBOOK
14th Edition
ISBN: 9780190931940
Author: NEWNAN
Publisher: OXF
expand_more
expand_more
format_list_bulleted
Question
Chapter 5, Problem 31P
To determine
(a)
Which of the two alternatives should be selected assuming a 10% rate of interest.
Expert Solution
Answer to Problem 31P
The Option to be implemented is Option 2, since it results in a lower
Explanation of Solution
Given information:
Option 1:
Install one cable now for 4000 lines. Installation cost $20,000 and annual maintenance costs would be $1,500.
Option 2:
Install one cable for 2000 lines now and one cable for 2000 lines after 10 years. Installation cost $15,000 and annual maintenance costs would be $1,000.
Rate of interest for calculation: 10%.
Based on the above information, the following tables outlines the
Option 1:
| Year | Particulars | Cash flow | Present value Factor @10% | Present value |
| 0 | Installation Cost | $20,000.00 | 1 | $20,000.00 |
| 1 | Operating costs | $1,500.00 | 0.9091 | $1,363.64 |
| 2 | Operating costs | $1,500.00 | 0.8264 | $1,239.67 |
| 3 | Operating costs | $1,500.00 | 0.7513 | $1,126.97 |
| 4 | Operating costs | $1,500.00 | 0.6830 | $1,024.52 |
| 5 | Operating costs | $1,500.00 | 0.6209 | $931.38 |
| 5 | Operating costs | $1,500.00 | 0.6209 | $931.38 |
| 6 | Operating costs | $1,500.00 | 0.5645 | $846.71 |
| 7 | Operating costs | $1,500.00 | 0.5132 | $769.74 |
| 8 | Operating costs | $1,500.00 | 0.4665 | $699.76 |
| 9 | Operating costs | $1,500.00 | 0.4241 | $636.15 |
| 10 | Operating costs | $1,500.00 | 0.3855 | $578.31 |
| 11 | Operating costs | $1,500.00 | 0.3505 | $525.74 |
| 12 | Operating costs | $1,500.00 | 0.3186 | $477.95 |
| 13 | Operating costs | $1,500.00 | 0.2897 | $434.50 |
| 14 | Operating costs | $1,500.00 | 0.2633 | $395.00 |
| 15 | Operating costs | $1,500.00 | 0.2394 | $359.09 |
| 16 | Operating costs | $1,500.00 | 0.2176 | $326.44 |
| 17 | Operating costs | $1,500.00 | 0.1978 | $296.77 |
| 18 | Operating costs | $1,500.00 | 0.1799 | $269.79 |
| 19 | Operating costs | $1,500.00 | 0.1635 | $245.26 |
| 20 | Operating costs | $1,500.00 | 0.1486 | $222.97 |
| 21 | Operating costs | $1,500.00 | 0.1351 | $202.70 |
| 22 | Operating costs | $1,500.00 | 0.1228 | $184.27 |
| 23 | Operating costs | $1,500.00 | 0.1117 | $167.52 |
| 24 | Operating costs | $1,500.00 | 0.1015 | $152.25 |
| 25 | Operating costs | $1,500.00 | 0.0923 | $138.44 |
| 26 | Operating costs | $1,500.00 | 0.0839 | $125.86 |
| 27 | Operating costs | $1,500.00 | 0.0763 | $114.42 |
| 28 | Operating costs | $1,500.00 | 0.0693 | $104.02 |
| 29 | Operating costs | $1,500.00 | 0.0630 | $94.56 |
| 30 | Operating costs | $1,500.00 | 0.0573 | $85.96 |
| Net cash outflow | $35,071.75 |
Option 2:
| Year | Particulars | Cash flow | Present value Factor @10% | Present value |
| 0 | Installation Cost | $15,000.00 | 1 | $15,000.00 |
| 1 | Operating costs | $1,000.00 | 0.9091 | $909.09 |
| 2 | Operating costs | $1,000.00 | 0.8264 | $826.45 |
| 3 | Operating costs | $1,000.00 | 0.7513 | $751.31 |
| 4 | Operating costs | $1,000.00 | 0.6830 | $683.01 |
| 5 | Operating costs | $1,000.00 | 0.6209 | $620.92 |
| 5 | Operating costs | $1,000.00 | 0.6209 | $620.92 |
| 6 | Operating costs | $1,000.00 | 0.5645 | $564.47 |
| 7 | Operating costs | $1,000.00 | 0.5132 | $513.16 |
| 8 | Operating costs | $1,000.00 | 0.4665 | $466.51 |
| 9 | Operating costs | $1,000.00 | 0.4241 | $424.10 |
| 10 | Operating costs | $1,000.00 | 0.3855 | $385.54 |
| 10 | Installation Cost | $15,000.00 | 0.3855 | $5,783.15 |
| 11 | Operating costs | $2,000.00 | 0.3505 | $700.99 |
| 12 | Operating costs | $2,000.00 | 0.3186 | $637.26 |
| 13 | Operating costs | $2,000.00 | 0.2897 | $579.33 |
| 14 | Operating costs | $2,000.00 | 0.2633 | $526.66 |
| 15 | Operating costs | $2,000.00 | 0.2394 | $478.78 |
| 16 | Operating costs | $2,000.00 | 0.2176 | $435.26 |
| 17 | Operating costs | $2,000.00 | 0.1978 | $395.69 |
| 18 | Operating costs | $2,000.00 | 0.1799 | $359.72 |
| 19 | Operating costs | $2,000.00 | 0.1635 | $327.02 |
| 20 | Operating costs | $2,000.00 | 0.1486 | $297.29 |
| 21 | Operating costs | $2,000.00 | 0.1351 | $270.26 |
| 22 | Operating costs | $2,000.00 | 0.1228 | $245.69 |
| 23 | Operating costs | $2,000.00 | 0.1117 | $223.36 |
| 24 | Operating costs | $2,000.00 | 0.1015 | $203.05 |
| 25 | Operating costs | $2,000.00 | 0.0923 | $184.59 |
| 26 | Operating costs | $2,000.00 | 0.0839 | $167.81 |
| 27 | Operating costs | $2,000.00 | 0.0763 | $152.56 |
| 28 | Operating costs | $2,000.00 | 0.0693 | $138.69 |
| 29 | Operating costs | $2,000.00 | 0.0630 | $126.08 |
| 30 | Operating costs | $2,000.00 | 0.0573 | $114.62 |
| Net cash outflow | $34,113.33 |
Net present value is the difference of Sum of Present values of cash inflows and Sum of Present values of cash outflows. If the value is positive then the project may be accepted. While evaluation of two or more alternatives takes place, then the proposal with the higher net present value may be selected since it results in a greater
In the given scenario, Present values are calculated by calculating the present values of cash outflows such as installation cost and operating cost.
Present value factor is calculated as 1/1.10 ^ N where N is the year of operation of the refrigerator.
Deferment of capital expenditure to Year 10 in case of Option 2 results in a lower overall cash outflow despite increase in the annual operating costs from years 11-30. This is owing to the present value factor.
Conclusion:
Hence the Option to be implemented is Option 2 since it results in lower overall cash outflow.
To determine
(b)
Which of the two alternatives should be selected.
Expert Solution
Answer to Problem 31P
The Option to be implemented is Option 1, since it results in a lower cash outflow for a period of 30 years.
Explanation of Solution
Given information:
Option 1:
Install one cable now for 4000 lines. Installation cost $20,000 and annual maintenance costs would be $1,500.
Option 2:
Install one cable for 2000 lines now and one cable for 2000 lines after 5 years. Installation cost $15,000 and annual maintenance costs would be $1,000.
Rate of interest for calculation: 10%.
Based on the above information, the following tables outlines the net present value calculation of the two options.
Option 1:
| Year | Particulars | Cash flow | Present value Factor @10% | Present value |
| 0 | Installation Cost | $ 20,000.00 | 1.00 | $ 20,000.00 |
| 1 | Operating costs | $ 1,500.00 | 0.91 | $ 1,363.64 |
| 2 | Operating costs | $ 1,500.00 | 0.83 | $ 1,239.67 |
| 3 | Operating costs | $ 1,500.00 | 0.75 | $ 1,126.97 |
| 4 | Operating costs | $ 1,500.00 | 0.68 | $ 1,024.52 |
| 5 | Operating costs | $ 1,500.00 | 0.62 | $ 931.38 |
| 5 | Operating costs | $ 1,500.00 | 0.62 | $ 931.38 |
| 6 | Operating costs | $ 1,500.00 | 0.56 | $ 846.71 |
| 7 | Operating costs | $ 1,500.00 | 0.51 | $ 769.74 |
| 8 | Operating costs | $ 1,500.00 | 0.47 | $ 699.76 |
| 9 | Operating costs | $ 1,500.00 | 0.42 | $ 636.15 |
| 10 | Operating costs | $ 1,500.00 | 0.39 | $ 578.31 |
| 11 | Operating costs | $ 1,500.00 | 0.35 | $ 525.74 |
| 12 | Operating costs | $ 1,500.00 | 0.32 | $ 477.95 |
| 13 | Operating costs | $ 1,500.00 | 0.29 | $ 434.50 |
| 14 | Operating costs | $ 1,500.00 | 0.26 | $ 395.00 |
| 15 | Operating costs | $ 1,500.00 | 0.24 | $ 359.09 |
| 16 | Operating costs | $ 1,500.00 | 0.22 | $ 326.44 |
| 17 | Operating costs | $ 1,500.00 | 0.20 | $ 296.77 |
| 18 | Operating costs | $ 1,500.00 | 0.18 | $ 269.79 |
| 19 | Operating costs | $ 1,500.00 | 0.16 | $ 245.26 |
| 20 | Operating costs | $ 1,500.00 | 0.15 | $ 222.97 |
| 21 | Operating costs | $ 1,500.00 | 0.14 | $ 202.70 |
| 22 | Operating costs | $ 1,500.00 | 0.12 | $ 184.27 |
| 23 | Operating costs | $ 1,500.00 | 0.11 | $ 167.52 |
| 24 | Operating costs | $ 1,500.00 | 0.10 | $ 152.29 |
| 25 | Operating costs | $ 1,500.00 | 0.09 | $ 138.44 |
| 26 | Operating costs | $ 1,500.00 | 0.08 | $ 125.86 |
| 27 | Operating costs | $ 1,500.00 | 0.08 | $ 114.42 |
| 28 | Operating costs | $ 1,500.00 | 0.07 | $ 104.02 |
| 29 | Operating costs | $ 1,500.00 | 0.06 | $ 94.56 |
| 30 | Operating costs | $ 1,500.00 | 0.06 | $ 85.96 |
| Net cash outflow | 35,071.75 |
Option 2:
| Year | Particulars | Cash flow | Present value Factor @10% | Present value |
| 0 | Installation Cost | $ 15,000.00 | 1.00 | $ 15,000.00 |
| 1 | Operating costs | $ 1,000.00 | 0.91 | $ 909.09 |
| 2 | Operating costs | $ 1,000.00 | 0.83 | $ 826.45 |
| 3 | Operating costs | $ 1,000.00 | 0.75 | $ 751.31 |
| 4 | Operating costs | $ 1,000.00 | 0.68 | $ 683.01 |
| 5 | Operating costs | $ 1,000.00 | 0.62 | $ 620.92 |
| 5 | Operating costs | $ 1,000.00 | 0.62 | $ 620.92 |
| 5 | Installation Cost | $ 15,000.00 | 0.62 | $ 9,313.82 |
| 6 | Operating costs | $ 2,000.00 | 0.56 | $ 1,128.95 |
| 7 | Operating costs | $ 2,000.00 | 0.51 | $ 1,026.32 |
| 8 | Operating costs | $ 2,000.00 | 0.47 | $ 933.01 |
| 9 | Operating costs | $ 2,000.00 | 0.42 | $ 848.20 |
| 10 | Operating costs | $ 2,000.00 | 0.39 | $ 771.09 |
| 11 | Operating costs | $ 2,000.00 | 0.35 | $ 700.99 |
| 12 | Operating costs | $ 2,000.00 | 0.32 | $ 637.26 |
| 13 | Operating costs | $ 2,000.00 | 0.29 | $ 579.33 |
| 14 | Operating costs | $ 2,000.00 | 0.26 | $ 526.66 |
| 15 | Operating costs | $ 2,000.00 | 0.24 | $ 478.78 |
| 16 | Operating costs | $ 2,000.00 | 0.22 | $ 435.26 |
| 17 | Operating costs | $ 2,000.00 | 0.20 | $ 395.69 |
| 18 | Operating costs | $ 2,000.00 | 0.18 | $ 359.72 |
| 19 | Operating costs | $ 2,000.00 | 0.16 | $ 327.02 |
| 20 | Operating costs | $ 2,000.00 | 0.15 | $ 297.29 |
| 21 | Operating costs | $ 2,000.00 | 0.14 | $ 270.26 |
| 22 | Operating costs | $ 2,000.00 | 0.12 | $ 245.69 |
| 23 | Operating costs | $ 2,000.00 | 0.11 | $ 223.36 |
| 24 | Operating costs | $ 2,000.00 | 0.10 | $ 203.05 |
| 25 | Operating costs | $ 2,000.00 | 0.09 | $ 184.59 |
| 26 | Operating costs | $ 2,000.00 | 0.08 | $ 167.81 |
| 27 | Operating costs | $ 2,000.00 | 0.08 | $ 152.56 |
| 28 | Operating costs | $ 2,000.00 | 0.07 | $ 138.69 |
| 29 | Operating costs | $ 2,000.00 | 0.06 | $ 126.08 |
| 30 | Operating costs | $ 2,000.00 | 0.06 | $ 114.62 |
| Net cash outflow | 39,997.78 |
Net present value is the difference of Sum of Present values of cash inflows and Sum of Present values of cash outflows. If the value is positive then the project may be accepted. While evaluation of two or more alternatives takes place, then the proposal with the higher net present value may be selected since it results in a greater cash inflow over the duration of the project.
In the given scenario, Present values are calculated by calculating the present values of cash outflows such as installation cost and operating cost.
Present value factor is calculated as 1/1.10 ^ N where N is the year of operation of the refrigerator.
Deferment of capital expenditure to Year 5 in case of Option 2 results in a higher overall cash outflow due to increase in the annual operating costs from years 6-30. This is owing to the present value factor.
Conclusion:
Hence the Option to be implemented is Option 1 since it results in lower overall cash outflow.
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
Problem 3
Stata Output Analysis
Suppose a study investigates the causal effect of education on wages.
Table 1 reports the results of an OLS regression of wages (wage per hour in dollars) on
education (years in education).
Table 1
Source
SS
df
MS
Number of obs
=
3,017
F(1, 3015)
=
298.39
Model
Residual
18904467
191011981
1
18904467
3,015 63353.8909
Prob > F
0.0000
R-squared
0.0901
Adj R-squared
0.0898
Total
209916448
3,016 69600.9444
Root MSE
251.7
wage
Coef. Std. Err.
t
P>|t|
[95% Conf. Interval]
education
cons
29.56644
183.9342
1.711605
23.15976
17.27 0.000
7.94 0.000
26.21041
138.5237
32.92247
229.3447
a. How would you write this relationship using the Core Model? (5 points)
b. What is the value for B₁, the coefficient on Education? (2 points)
C. What is the standard error of ẞ₁? (2 points)
d. What is the R squared for the model? (2 points)
e. What is the t statistic for ₁at the 5% level of significance? (2 points)
Λ
f. What is the 95% confidence interval for B₁? (2 points)
Λ
g.…
Problem 2
Hypothesis Testing
Suppose you are interested in the effect of neighborhood crime incidents on high school
graduation rates. You run the following regression model:
Graduation; ßo+ß₁Crime; +ɛ¿
=
You would like to test whether the neighborhood crime incidents have a statistically
significant effect on high school graduation rate at the 5% level of significance (α = 0.05).
You estimate the model and find that B₁ = -0.04 and se (B₁) = 0.008.
a. Write down the null hypothesis and alternative hypothesis. (4 points)
b. Calculate thet statistic of B₁. (5 points)
C. What is the critical value of thet statistic for the 5% level of significance? (2
points)
d. Calculate the 95% confidence interval for the coefficient on Crime? (6 points)
e. Based on your answers to the questions b, c, and d, do you reject or fail to reject the
null hypothesis you defined in question a? Justify your answer. (5 points)
Λ
f. Isẞ₁ statistically significant at the 5% level? (3 points)
Problem 1
Endogeneity & Bias
The ACT (an abbreviation of American College Testing) is a standardized test used for college
admissions in the United States.
Suppose you are interested in whether ACT preparation improves ACT scores. Consider the
following model:
ACT=B+B Preparation,+e;
where Preparation measures the number of hours spent on ACT preparation and ACT is
ACT scores. Each student is denoted by the subscript i.
Suppose you estimate = - 21 andß₁
= 0.9.
a. What is the dependent variable? What is the independent variable? (3 points)
b. How do you interpret ẞ = 21 in this context? (4 points)
0
C.
How do you interpretß₁ = 0.9 in this context? (4 points)
1
d. Describe a scenario which can cause the independent variable to be endogenous. (4
points)
Chapter 5 Solutions
ENGINEERING ECONOMIC ENHANCED EBOOK
Ch. 5 - Prob. 1QTCCh. 5 - Prob. 2QTCCh. 5 - Prob. 3QTCCh. 5 - Prob. 1PCh. 5 - Prob. 2PCh. 5 - Prob. 3PCh. 5 - Prob. 4PCh. 5 - Prob. 5PCh. 5 - Prob. 6PCh. 5 - Prob. 7P
Ch. 5 - Prob. 8PCh. 5 - Prob. 9PCh. 5 - Prob. 10PCh. 5 - Prob. 11PCh. 5 - Prob. 12PCh. 5 - Prob. 13PCh. 5 - Prob. 14PCh. 5 - Prob. 15PCh. 5 - Prob. 16PCh. 5 - Prob. 17PCh. 5 - Prob. 18PCh. 5 - Prob. 19PCh. 5 - Prob. 20PCh. 5 - Prob. 21PCh. 5 - Prob. 22PCh. 5 - Prob. 23PCh. 5 - Prob. 24PCh. 5 - Prob. 25PCh. 5 - Prob. 26PCh. 5 - Prob. 27PCh. 5 - Prob. 28PCh. 5 - Prob. 29PCh. 5 - Prob. 31PCh. 5 - Prob. 32PCh. 5 - Prob. 33PCh. 5 - Prob. 34PCh. 5 - Prob. 35PCh. 5 - Prob. 36PCh. 5 - Prob. 37PCh. 5 - Prob. 38PCh. 5 - Prob. 39PCh. 5 - Prob. 40PCh. 5 - Prob. 41PCh. 5 - Prob. 42PCh. 5 - Prob. 43PCh. 5 - Prob. 44PCh. 5 - Prob. 45PCh. 5 - Prob. 46PCh. 5 - Prob. 47PCh. 5 - Prob. 48PCh. 5 - Prob. 49PCh. 5 - Prob. 50PCh. 5 - Prob. 51PCh. 5 - Prob. 52PCh. 5 - Prob. 53PCh. 5 - Prob. 54PCh. 5 - Prob. 55PCh. 5 - Prob. 56PCh. 5 - Prob. 57PCh. 5 - Prob. 58PCh. 5 - Prob. 59PCh. 5 - Prob. 60PCh. 5 - Prob. 61PCh. 5 - Prob. 62PCh. 5 - Prob. 63PCh. 5 - Prob. 64PCh. 5 - Prob. 65PCh. 5 - Prob. 66PCh. 5 - Prob. 67PCh. 5 - Prob. 68PCh. 5 - Prob. 69PCh. 5 - Prob. 70PCh. 5 - Prob. 71PCh. 5 - Prob. 72PCh. 5 - Prob. 73PCh. 5 - Prob. 74PCh. 5 - Prob. 75PCh. 5 - Prob. 76PCh. 5 - Prob. 77PCh. 5 - Prob. 78PCh. 5 - Prob. 79PCh. 5 - Prob. 80PCh. 5 - Prob. 81PCh. 5 - Prob. 82PCh. 5 - Prob. 83PCh. 5 - Prob. 84PCh. 5 - Prob. 85PCh. 5 - Prob. 86PCh. 5 - Prob. 87PCh. 5 - Prob. 88PCh. 5 - Prob. 89PCh. 5 - Prob. 90PCh. 5 - Prob. 91PCh. 5 - Prob. 92PCh. 5 - Prob. 93PCh. 5 - Prob. 94PCh. 5 - Prob. 95PCh. 5 - Prob. 96PCh. 5 - Prob. 97PCh. 5 - Prob. 98PCh. 5 - Prob. 99PCh. 5 - Prob. 100PCh. 5 - Prob. 101P
Knowledge Booster
Similar questions
- How does mining raw materials fir tech companies like apple affect the humar right violation all over the worldarrow_forwardConsider the market for electricity. Suppose that a power plant dumps byproducts into a nearby river, creating a negative externality for those living downstream from the plant. Producing additional electricity imposes a constant per-unit external cost of $490. The following graph shows the demand (private value) curve and the supply (private cost) curve for electricity. Use the purple points (diamond symbol) to plot the social cost curve when the external cost is $490 per unit. PRICE (Dollars per unit of electricity) 1400 1260 1120 980 840 700 560 420 280 140 ° D 1 2 3 D Supply (Private Cost) Demand (Private Value) 5 6 7 QUANTITY (Units of electricity) Social Cost The market equilibrium quantity is units of electricity, but the socially optimal quantity of electricity production is units. To create an incentive for the firm to produce the socially optimal quantity of electricity, the government could impose a unit of electricity. perarrow_forwardHow do mining of raw materials for a tech industry affects the human rights in the worldarrow_forward
- Assume the Federal Interstate Commission began the fiscal year with the following account balances: FEDERAL INTERSTATE COMMISSION Trial BalanceOctober 1, 2020 Debits Credits Fund Balance with Treasury$810,000 Supplies 107,000 Equipment 1, 370,000 Accumulated Depreciation $484,000 Accounts Payable 130,000 Wages Payable 85,000Cumulative Results of Operations 1,588,000 $2,287,000 $2,287,000 Congress passed a spending bill providing $17,200, 000 to fund the agency's operations for the year. During the first quarter the commission processed the following items for payment (all items were paid by Treasury in the first quarter). Accounts payable$130,000 Wages payable 85,000 Salaries and benefits 507,000 Supplies 524,000 Contracted services 2,200,000 Grants 1,020,000 Equipment 620,000 Total$5,086,000 Unpaid wages at the end of the quarter totaled $37,000. In addition to the items paid in item 2, the commission received supplies of $24,000 and contracted services of $82,000 that are to be…arrow_forwardnot use aiarrow_forwardConsider the following statements: a. Fewer people are employed in Freedonia now than at any time in the past 75 years. b. The unemployment rate in Freedonia is lower now than it has been in 75 years.Can both of these statements be true at the same time? A. Yes, these statements can be correct if more people are classified as "discouraged workers."B. No, these statements cannot be true since unemployment must increase as employment decreases.C. Yes, if the number of unemployed decreases more than the number of employed.D. Yes, both of these statements can be correct if labor productivity increases.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSON
Engineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage Learning
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education