Thursday
May 5, 2016

# Posts by economyst

Total # Posts: 1,118

MICROeconomics - Monopoly
a) I disagree with your MC. Constant returns to scale (and no fixed costs) implies AC=MC. So, I think MC=10000 b) I disagree. Always Always Always, maximize by setting MC=MR. So, for the domestic 20000-40Yd = 10000. Solve for Yd. I get Yd=250. (As a check, plug 250 into the ...
November 18, 2009

economics
Income (I) elasticity is (%change Q)/(% change I). So, you have (%change Q)/(10%) = 2.0 So, (%change Q) must be......
November 17, 2009

Money and Banking
Do a little research, and then take a shot. What do you think? Hint: broadly speaking, what are the Fed's monetary goals? and how does the Fed achieve it's goals? and are there unintended consequences?
November 17, 2009

eco 205
Did you mean 10 principles of economics by Mankiw? Hint: Virtually every economic current- events article can relate to trade-offs and opportunity costs; two of Mankiw's principals. I suggest you start there.
November 17, 2009

eco 205
What exactly do you need help on?
November 17, 2009

managerial economics
Eric: do you have a question? Aklove: Do a little research, then take a shot. What do you think? I or other will be glad to critique your answers.
November 17, 2009

History/Eco
A fascinating question. Do a little research, then take a shot. What do you think. Hint: Think trade and barriers to trade, who holds the wealth, and what does the wealthy person do with his wealth.
November 16, 2009

Macroeconomics
The formula is MV=PQ, where PQ is the price level time output of goods and services. PQ is nominal GNP. So if M is fixed and V is fixed and Q is 5% higher, what must happen to P. That is MV = PQ = (zP)*)*(1.05*Q) -- solve for z
November 16, 2009

Probability
Without a zero, there must be 9^8 number of possible digits. Further there must be 8^8 possible digits that exclude both zero and 7. So, the probability at at least one seven appears is 1.-((8^8)/(9^8))
November 15, 2009

economics
I dont think I fully understand your question. My answer would be "as efficiently as possible, like everything else that is produced."
November 15, 2009

Probability
I get 10/36
November 15, 2009

Economics
Maximize where Marginal cost = Marginal revenue. MC is the first derivitive of TC. Same same for MR. So MR = 300 - Q MC = 60 + 2Q Set MC=MR and solve for Q. Plug this Q back into TC and TR to calculate profit. AC = TC/Q = 5000/Q + 60 +Q For a minimum, take the derivitive of ...
November 13, 2009

Economics
First, I like to rewrite the demand function as P=f(Q). So, P= 4 - Q/200. Total Revenue is P*Q = 4Q -(Q^2)/200 MR is the first derivitive of TR. So, MR = 4 - Q/100 MC for Firm A is given as \$2, MC for firm B is given as \$4. Calculate the optimal Q for firms and B, by setting ...
November 13, 2009

Economics
Think of some major items that affect the demand for housing and some factors that affect the supply of housing. Affecting demand include: - quality of schools, - Income levels, - Population levels, - proximity to labor centers, - transportation infrastructure, - quality of ...
November 13, 2009

math riddle
100 and 100
November 13, 2009

Math-Probability
Assuming you can have one and only one type of cheeze (i.e., no provolone and swiss sandwiches allowed), and assuming you cannot get extra toppings (e.g, no sandwich with extra mayo allowed).... There are 8 type of cheese and 5 toppings. With each topping, there are 2 possible...
November 12, 2009

I agree
November 12, 2009

Finance
correct. 500*(1+r)^10 = 1079.46 -- solve for r.
November 12, 2009

Economics
1) While the marginal cost of adding a passenger may be small, a typical flight typically has huge fixed costs. 2) it may be that flights from Detroit have huge profit margins -- such that an airline is willing to take a loss on getting people to Detroit, knowing that it will ...
November 12, 2009

First, (And I hope this clears up confusion rather than add to it), I like to re-arrange the equation such that P is a function of Q. (When you graph a demand function, you always put P on the y-axis, Q on the x-axis). Re-arranging terms in your demand function. P=500-Qd. ...
November 11, 2009

First, lets re-write the demand equations, to be P=f(Q). First class: Pa = 4200 - 2Qa MRa = 4200 - 4Qa Excursion: Pb = 2200 - .25*Qb MRb = 2200 - .5*Qb a) set MC = MR in each equation, then solve for Qa and Qb. I get Qa=1000, Qb=4000. Ergo, Pa=2200, Pb=1200. b) Undoubtedly, ...
November 11, 2009

Advantages. 1) You get to ask exactly what you want, 2) you can control measurement error, 3) you have proprietary ownership. disadvantages, 1) Its a whole lot of work; a good survey design is lot more difficult than it looks. 2) unless you have a reputation for survey work, ...
November 11, 2009

Macroeconomics
I presume that AE means aggregrate expenditure. I gotta go with a). If net exports is always zero, the aggregate expenditure should not change a bit.
November 10, 2009

Managerial Economics
Hiring a printer for \$20 means getting 20 more books, or \$1 per book. Adding a press for \$5000 means getting 1000 books or \$5 per book. Hmmmmm, What do you think the publisher should do??
November 10, 2009

Economics
What is their basic economic questions??
November 10, 2009

To: Economyst
a) could be short run, could be long run. Not enough information to tell. b) MC is the first derivitive of the Total Cost. So, MC = 2*Q c) Fixed cost are cost that the firm incurs, regardless of the level of production. In your problem, FC=100. d) maximize where MC=MR. Here 2*...
November 4, 2009

To: Economyst
OK, lets start with the conventional shapes of the MC and AVC curves. The AVC curve has a U shape to it. At low levels of production, the firm can enjoy some returns to scale. But after a while, the law of diminishing returns kicks in, and costs begin to rise. This latter ...
November 4, 2009

Economics/Math
take a shot, what do you think. Hint: true, true, true
November 3, 2009

Economics/Math
Take a shot, what do you think? query. By Q2, do you really mean Q^2?
November 3, 2009

economics
Try here for US banks in the Federal banking system: http://www.federalreserve.gov/monetarypolicy/reservereq.htm State-chartered banks have their own requirements, which vary by state -- good luck with that
November 3, 2009

Economics
a-1) I agree a-2) I agree, except I would express it here on Jiskha as (p^2)/3 a-3) I get S(p) = (p^2)/36. Check my work. for b-2, shouldnt it be: (p^2)/(3*(w1^.5)*(w2^.5) ??
November 3, 2009

ECONOMICS - Perfect Competition
Ok, I see where you are going. I saw your answer y^3/8 and went huh?? What you really needed to answer was (y^3)/8. I attribute the problem to it being difficult to express mathematical terms here on the Jiskha site. I said y=f(x)=2x^(1/3). However my re-arranging terms, and ...
November 2, 2009

ECONOMICS - Perfect Competition
I first looked at your first question, and then I look at your answers. There seems to be a dis-connect. Your answers dont seem to match the questions. Here are my answers a) y=f(x)=2x^(1/3) b) The cost of producing y is equal to the number of number of stones needed times w. ...
November 2, 2009

Economics
health insurance can be separated into two broad types; public and private. public insurance is insurance provided by a government agency; Medicare and Medicaid are two examples. About everything else is private. So, a private option means people will buy their health ...
October 31, 2009

Health care
Reasons why the cost of health care raises faster than most everything else includes: 1) aging population. 2) Increasing sophistication of medical equipment, 3) Large number of people with uncompensated care (i.e., people without insurance getting care and not being able to ...
October 30, 2009

Econ-expected utility & insurance
I believe what you want do do is calculate John's Expected Utility. Incorporate into the utility function the insurance option. Let x be the number dollars of insurance coverage, each unit of x costs 0.10. So, the expected utility E(U) is as follows. E(U) = .95*(25000000...
October 30, 2009

Economics
That would be my interpretation as well.
October 30, 2009

university
A Yesser posted this very question yesterday. My response to you and to him is essentially the same: Take a shot, what do you think? Hint: Is an insurance policy a common product that people obtain to avoid financial risks?
October 30, 2009

Economics
see my previous post to this very question.
October 29, 2009

Economics
Do a little research, then take a shot, what do you think? Hint: What would an international trader do if he is buying or selling goods in a country with high expected inflation? What if the inflation rate is expected to be both high and uncertain? (e.g., could be 25%, could ...
October 29, 2009

economics
Because its better, profit-wise, for a firm to be a monopoly and be regulated than to openly compete in an unregulated market. The firm is able to maintain it's monopoly because the regulators keep outside competition from entering by not allowing new cable lines.
October 29, 2009

Macroeconomic
Do a little research, and then take a shot. what do you think? Hint. GNP is an economic aggregate.
October 29, 2009

MICROECON - Perfect Competition
Because all the firms have identical cost structures, all firms would be operating at the minimum of their average cost curve. Further, in long-run equilibrium, Price=MC=ATC. So firms are not making economic profits. Now then, impose the \$5 per unit tax. 1) Market price ...
October 29, 2009

economics
Take a shot, what do you think? Hint A: What is an insurance policy a common way people avoid financial risks? Hint B: What would the elasticity of coffee need to be in order for speculators to come in and buy coffee futures.
October 29, 2009

Economics
This is a rather open-ended question. Repost with your thinking. I or others will be glad to critique your thinking.
October 29, 2009

Stats Anyone?
For a) you could calculate directly, or you could use a poisson distribution function. Let me calculate directly. The probability that exactly n return is 6-choose-n * .75^n * .25^(6-n) P(all) = .75^6 = .1720 P(5) = 6*(.75^5)*.25 = .3540 P(4) = ((6*5)/2)*(.75^4)*(.25^2) = ....
October 28, 2009

statistics
(26/52)*(25/51)
October 27, 2009

economics
I tells me that b is garbage, of which a person with such a utility function would want as little as possible -- zero would be ideal.
October 27, 2009

economics
Well yes, there would be some saps who pay full price fot the 16gb. However, I believe most consumers are savy enough to recognize the difference. So, the quantity of 16gb models sold would certainly drop by a bunch.
October 27, 2009

economics
With the quota, do you mean "NO more than 50"? Without the quota, the equilibrium price and quantity would be where supply=demand or (500-p)=(300+p) -- solve or p. I get p=100, ergo Qd=Qs=400. If more than 50 must be sold, no problemo. If no more than 50, and the ...
October 27, 2009

economics
See my earlier post to your question. The answer largely depends on whether players wages are treated as fixed costs or variable costs. The other important consideration is whether you think the number of seats available is fixed or not. I would argue that, for a professional ...
October 27, 2009

economics
I would argue it should have no effect. Within the realm of professional sports, I would think that a player's salary should be treated as a fixed cost. And it the marginal costs that determine the shape of the supply curve.
October 27, 2009

Finance
Because the person/institution handling the transaction wants to be compensated for his services.
October 26, 2009

LAW
I am not an attorney. So my opinion counts for squat. But, from what little I know, I doubt Yana could win. Yana does not have a signed piece of paper from Oliver agreeing to the the terms. Oliver's sole knowledge of the terms of the "agreement" were established ...
October 26, 2009

economics-Budget Constraint & Utility
Ok, Put air-line travel miles on the x-axis, "all other goods" on the y-axis. On the x-axis, mark a point for 20000 miles, and another at 40000. Begin high up on the on the y-axis and start drawing a standard budget constraint line. However, when the line hits the ...
October 26, 2009

Economics
Do you have a question? Hint: The OECD collects lots of international comparison statistics. Google OECD
October 26, 2009

Statistics
I think you need to provide more information. Or you need to make some strong assumptions about how often a "not regular" attends (e.g., 50% of the time??)
October 25, 2009

economics
Excel spreadsheets are very helpful for these kinds of problems. It seems to me, the firm has two options. Keep the existing harvester, in which case the sole economic benefit is the depreciation deduction. Or sell the existing harvester and pay a cap gains tax (including ...
October 25, 2009

Economics
Marginal cost is the first derivitive of the total cost function. So,, MC = 6q + 5 AC = 3q + 5 + 300/q. To find the minimum AC, take the first dirivitive and set equal to zero. AC' = 3 - 300/q^2 = 0. Solve for q. Thus, q=10 at the minimum of the AC curve. So, at q=10 AC = ...
October 25, 2009

economics
Do a little research, then take a shot. What do you think. Hint: unless stated otherwise, GDP means Nominal GDP
October 24, 2009

economics
Take a shot. What do you think. Hint: what elasticity value implies raising the price will raise total revenue? What elasticity value implies raising prices will lower total revenue?
October 23, 2009

economics
October 23, 2009

Mathematics
Your question is way to vague to answer. Could you be more specific.
October 22, 2009

economics
Do a little research, then take a shot. What do you think? Hint: I believe the 4 sectors you refer to are Consumption, Investment, Government, and Net Exports.
October 21, 2009

econ
I can think of two reasons. First, the company has an accrual accounting system rather than a cash accounting system. Second, the company claims a depreciation deduction.
October 21, 2009

Microeconomics
a) you did not provide an elasticity b) you did not provide a short run vs long-run elasticity. c) take a shot, what do you think? Hint: are people with lots of money more likely or less likely to be sensitive to changes in cigarette prices.
October 21, 2009

Microeconomics
Thake a shot, what do you think? hint: elasiticty is (%change in Q)/(%change in P). And %change in P = .25/1.25 = 20% (Note: you could use the alternative mid-point method. It would slightly change the answer, but not affect the analysis)
October 21, 2009

Prob/Stats
I beg to differ from Visper. Probability of having a correct address is (95/100). So, probability of correct 12 in a row (or none incorrect) is (95/100)^12 = .54 So, probability of having AT LEAST one incorrect = 1-.54 = .44 Probability of having exactly one incorrect is 12C1...
October 20, 2009

managerial economics
Take a shot, what do you think? Hint: consider the very nature of a "fair" insurance policy, where the sum of the premiums is equal to the sum of the payouts plus admin costs.
October 20, 2009

managerial economics
Take a shot, what do you think? I or others will be glad to critique your thinking. Hind: could people buy or sell their rationing coupon?
October 20, 2009

economics
To maximize utility, a consumer should purchase the item that provides the highest marginal utility per dollar. Then the next highest, then the next highest until the consumer runs out of money. So divide the MUs by the price and keep picking items until you run out of money. ...
October 19, 2009

statistics math
An excel spreadsheet is very helpful for these kinds of calculations. You could calculate these pobabilities directly. Or, you could use a poisson distribution. I'll use a Poisson here. the formula for the poisson is P(k;l) = (l^k)*e^(-l) / k! where l is the expected ...
October 18, 2009

World Econ
I believe the OECD collects statistics on world food production, and on world populations Goto www.stats/oecd.org, (or google: oecd, statistics) and follow the agriculture links and the population links.
October 18, 2009

Econimics
Yours is a loaded and open-ended question. Ask yourself should access to health care be an basic human right, and therefore government has an obligation to provide care to people who cannot afford it. repost with your own answer. I or others will be glad to critique.
October 18, 2009

Macroeconomics
Take a shot; what do you think? Hint: use common sense; the likely outcomes are probably what you think would likely happen.
October 18, 2009

microeconomics: work-leisure model
First, I agree with your point b) as w increases, income as well as purchasing power increases. Since leisure, by assumption, is a normal good, as income goes up, the desire for more leisure should also go up. I think of the endowment effect is that we are endowed with a fixed...
October 18, 2009

microeconomics
The substitution effect is always negative. If price goes up, you want to buy less (and switch to something else). period. The income effect depends on how much money is left over after the substitution effect. If the price of milk goes up by 10% and you cut gallons purchased ...
October 18, 2009

Economics
Your prof used the mid-point method for calculating percentage change. Price changed by 2 from 6 to 8. Calculate the pct change from the mid-point. i.e., 2/7 = .2857 .2867 * 0.6 = .1714 QED
October 16, 2009

Economics
see my earlier post to this very question.
October 16, 2009

Economics
see my earlier posts to this very question.
October 16, 2009

Macroeconomics
Conceptually, start by drawing a standard supply and demand graph. Increasing supply means shifting the supply curve outward (to the right). Price should go down. 2) I like to eat pineapples with cottage cheese. If the price of cottage cheeze went down, I would buy more cheese...
October 16, 2009

Economics
Take a shot, what do you think? Hint: Assuming the guy is risk-neutral, calculate an insurance value Z such that 225-Z = expected wealth without insurance.
October 16, 2009

Economics
Do a little research, then take a shot. What do you think? Hint: raise both S and H by some percentage (say 10%). Does TC rise by: a) more than 10% (dis-economies of scope) b) less than 10% (economies of scope), or c) exactly 10% (zero economies of scope)
October 16, 2009

economics
consumers pay \$4, producers get \$2, ergo the tax is \$2 per case. time 6 million and the tax revenue is \$12M
October 16, 2009

Statistics
The probability of drawing an Ace followed by a (10,J,Q or K) is: (4/52)*(16/51). Since in blackjack, order doesnt matter, double this amount.
October 15, 2009

ECON
a) It should be (1/2)[x1^(-1/2)][x2^)3/2) b) I think decreases. Plug in an example. If x1 grows x1^(-1/2) gets smaller. c) the MP is correct. I think increases. Again, plug in an example. if x2 grows x2^(1/2) gets bigger. d) I agree e) i agree f) I agree g) I disagree. As the...
October 14, 2009

Microeconomics
a) I agree b1) I agree b2) I agree (To smash 1 additional car cost \$1 in method1 and \$5 in method2) c1) I agree c2) I agree c3) I disagree. Set c1=c2 and solve for y. That is y+200=5y+10 (then round up)
October 14, 2009

Stats
The probability that the 1st driver says equal or better than average is .95. The probability that both say better than average is .95*.95 = .9025 Ergo, the prob that at least one says worse than average is 1-.9025 = .0975
October 14, 2009

MircroEconomics - Production & Cost
a) I agree b) His total cost from a) is Ay. So average cost is Ay/y = A. Since it cost Bob A for each car, regardless of the number, MC=A c) I agree d) for C(y) = Ay + B and AC(y) = (Ay + B)/y = A + B/y (I agree) However regardless of the advertising expenses, it still cost ...
October 14, 2009

Economics
By definition, a recession is a fall in a country's real GDP (for 2+ consecutive quarters). So, recessions are associated with less than full employment. More to the point, recessions are associated with a decline in spending either by investers or consumers (so shift your...
October 13, 2009

economic
That last dollar sale of some item; didn't it cost anything to create the item? Note the difference between sales and profit.
October 13, 2009

Finance
Go to www.irs.gov and follow the links for forms and publications for prior years. Find the link for Pub 17. (Stupid IRS no longer puts the rate schedule in the instructions for Form 1040; only the look-up table) You will find that in 2004: SD(joints) = 9700. (extra if blind ...
October 12, 2009

probability
Excel spreadsheets are very helpful for these kinds of problems. There are 9-choose-0 ways =1 to have a pizza with zero toppings. 9-choose-1 ways = 9 to have 1 topping 9-choose-2 = 36 ways to have 2 toppings 9-choose-3 = 84 ways to have 3 toppings Repeat for all 4 through 9 ...
October 12, 2009

Statistic
Im confused by your statement "Twenty students assigned to an experimental group receive 30 in a control group"
October 11, 2009

Economics Today the micro view 13th edition
Take a shot, what do you think? Hint: how much R+D will companies engage in if governments can come in an tax away any economic rents generated by that R+D?
October 8, 2009

Economics
There are a few reasons why trade barriers can be a good idea (so I'm bothered by the word "only") That said, the most-cited reason for trade barriers is the protection of infant industries. I would go with 1)
October 8, 2009

economics
For the avg cost curve to be flat, it must mean that the marginal cost must equal the average cost. Ergo, the MC curve must also be flat. Go with c)
October 6, 2009

math
Ah, snap 24. I enjoyed this game with my kids. 6 - (2*(8/4)) = 2
October 6, 2009

college
Since it is with replacement, (4/7)*(4/7)*(4/7)
October 6, 2009

economics
take a shot, what do you think? Hint: d)
October 5, 2009

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