Microeconomics (2nd Edition) (Pearson Series in Economics)
2nd Edition
ISBN: 9780134492049
Author: Daron Acemoglu, David Laibson, John List
Publisher: PEARSON
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Chapter 3, Problem 4P
To determine
Time spent studying for different quizzes when a time constraint is given.
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Students have asked these similar questions
Assume you are pursuing a bachelor’s degree and you have 40 hours to divide between work and school in a week. You choose the amount of time you spend on each based on the classes you take and the hours you request at work. The degree will take you 3 years to complete if you dedicate 40 hours a week and do not take summers off. Obviously, if you devote no time to school, you never get your degree.
You have been going to school full time for two quarters. In the third quarter, you do not receive as much loan money as you anticipate and need. You decide to work 20 hours a week to make up the difference and take fewer classes. What is your opportunity cost? Make sure to include how this change will factor into the length of time it will take you to finish your degree.
(Only answer number 2 but use the info from number 1 on an excel file to show formulas used)
For a certain company, the cost for producing x items is 60x + 300 and the revenue
for selling x items is 100x – 0.5x².
-
The profit that the company makes is how much it takes in (revenue) minus how much it
spends (cost). In economic models, one typically assumes that a company wants to
maximize its profit, or at least wants to make a profit!
Part a: Set up an expression for the profit from producing and selling x items. We
assume that the company sells all of the items that it produces. (Hint: it is a quadratio
polynomial.)
Part b: Find two values of x that will create a profit of $300.
The field below accepts a list of numbers or formulas separated by semicolons (e.g.
2; 4; 6 or x + 1; x – 1). The order of the list does not matter. To enter va, type
sqrt(a).
x =
Part c: Is it possible for the company to make a profit of $15,000?
Chapter 3 Solutions
Microeconomics (2nd Edition) (Pearson Series in Economics)
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