Suppose that a farmer has two very different 100-acre plots of land. One is very wet and better suited for growing rice than corn. This land produces 40 bushels of rice per acre of land or 10 bushels of corn…
There are a 100 feral pigs on a island in which 75 individuals are solid black and 25 are black and white spotted, the recessive phenotype. Calculate the frequency of the black allele (B) and the spotted allele (b) in…
Milt Corporation owns and operates two facilities that manufacture paper products. One of the facilities is located in State D, and the other is located in State E. Milt generated $1,200,000 of taxable income, comprised of $1,000,000 of income from…
How does the income approach to measuring GDP differ from the expenditure approach? Explain the meaning of value added and its importance in the income approach. Consider the following data for the selling price at each stage in the production…
RL Corp. sells its finished product for an average of $35 per unit with a variable cost per unit of $21. The company has fixed operating costs of $1,050,000. a) Calculate the firm’s operating breakeven point in units.b) Calculate the…
Competitive Market Equilibrium: The firm provides recycled toner cartridges for printers. The market is perfectly competitive. TC=$4000+5Q+0.1Q2; MC=ΔTC, where Q is the number of recycled toner cartridges. Calculate the firm’s optimal output and profits if prices are stable at $55…
A perfectly competitive firm operates in the short-run with labor as its only variable factor. Its production function is: Q = -L3 + 10L2 + 88L where Q is output per week measured in tons and L is the number…
Problem-solving question: Use the following data for a pure monopoly to calculate the firm’s: (a) total revenue, marginal revenue, marginal costs, and average total cost; (b) its profit-maximizing output level and produce price; (c) its profit. (d) Use the price-cost…
During the year just ended, Shering Distributors, Inc had pretax earnings from operations of 490,000. In addition, during the year it received 20,000 in income from interest on bonds it held in Zig manufacturing and received 20, 000 in income…
A large manufacturer of truck and car tires recently changed its cost-flow assumption method for inventories at the beginning of 2010. The manufacturer has been in operation for almost 40 years, and for the last decade, it has reported moderate…
