Remember: number problems clearly, show all of your work, and circle your final answer.
- (11) Last month the Financial Times reported that Japanese firm Akagi Nyuguyo was increasing the price of its popular children?s ice cream bar Garigari-kun for the first time in 25 years, from ¥60 to ¥70. Suppose that a 7-11 store typically sold 500 ice cream bars a day, but now expects to sell only 400 bars a day. Assuming a linear relationship between price (p) and quantity demanded (x), write down the linear price-demand function p(x) (hint: y?y1 = m(x?x1)).
- (12) Based on your insight from question (11), Akagi Nyuguyo has hired you as their analyst. They need to know the following information:(a) What sales per 7-11 store will maximize revenue, R(x)?(b) What is the maximum revenue per store?
- (13) Pleased with your work, the managers at Akagi Nyuguyo ask for a more complete analysis of their business. Using linear regression models, you estimate a total cost function C(x) per 7-11 retailer with a fixed cost of ¥5000 (for freezers, electricity, and marketing) and variable costs of ¥5 (for sticks, packaging, etc.) per bar.(a) Derive the ice cream bar profit function P(x) per store.(b) Graph P(x).
- (14) Lastly, your Japanese employers need to know the following:(a) What sales per 7-11 store will maximize profit, P(x)?(b) What is the marginal average profit function, per store? (hint: P ?(x) = d P (x)) dx
Choose a developing country, and discuss its economic growth in the last 2?3 years. Discuss whether you believe the country is on a good course of economic growth and whether the macroeconomic policies are helping achieve this growth. Include the following information:
- Identify its growth in output per capita and in population growth.
- Is it an open or closed economy?
- The unemployment rate is an important economic indicator. Please review this video and discuss how your chosen country?s unemployment rate compares to that of America.
- Identify its comparative advantage and whether it is involved in trade.
- Identify the country's type of economy: market, command, or mixed economy.
- Is the country's foreign exchange overvalued or undervalued? Has the central bank intervened in the foreign exchange market on behalf of the country's currency valuation?
You have been hired by a monopoly to analyze the following production data and prepare a proposal suggesting how to maximize profits
The data provided by the company is incomplete. You are to complete columns TR and ATC in the chart and make a short-run recommendation, using one of the recommendation actions from the list below. Remember that your goal is to maximize profits. Prepare a one page paper that includes your solutions to the table, your recommendation action, and justification supporting your recommendation.
- Remain at current output level.
- Increase output
- Decrease output
- Shut down
- Uncertain-the figures provided cannot possibly be correct
The time has come for you to go to college and move from your parent's home. You are moving approximately 300 boxes from your parent's house to the school dorm and need to hire some help. The moving company has given you the following production table.
Complete the table and determine the most efficient number of movers to hire. Explain. (Be sure to discuss average production and marginal production levels.) Does the production function in the table exhibit diminishing marginal returns? Explain what you think is happening.
two pages single space with citation
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