Congress has granted the bureaucracy extensive powers. Name and explain the main task of the bureaucracy, including the potential restraint to fulfilling its tasks.
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Students are working on an assignment that benefits from teamwork. Barry is a highly analytical person and Jane is a more creative individual. The following chart indicates how long it will take Barry and Jane to complete a task.
Analytical | Creative | |
Barry | 5 hours | 8 hours |
Jane | 7 hours | 10 hours |
a. Indicate whether Barry or Jane has an absolute advantage in completing (1) analytical tasks and (2) creative tasks.
b. Barry and Jane would like to finish the assignment that their instructor gave to them as soon as possible. Does Barry or Jane have a relative advantage in completing either of the tasks? If so, do you feel that they should focus on their core competencies and split up the tasks to complete the assignment (assume that the workload is 50% analytical and 50% creative)?
Please show and explain all work
Your consulting firm was just granted an exclusive contract for your state. You now must decide your pricing policy, given the following relationships:
P = $1400 â 0.0004Q
MR = $1400 â 0.0008Q
AVC = $1000
where P is the price, Q the quantity, and AVC the average variable cost.
The firm will encounter no fixed costs, and all revenue is after taxes. As your firm has been granted an exclusive contract, your pricing and output decisions will be those of a monopolist.
Tasks:
Using the data above, calculate the output the firm will provide.
Determine the price at this output level.
Complete the Microsoft Excel Template given below using the data in the problem.
Check whether your data is consistent with your calculations in question 1. Why or why not?
Now assume that the state decides to give as many contracts as it can for the same activity, so your firm is now operating in a perfectly competitive market. How will your price and output decisions change? Explain the differences and why these changes happened.
Click here to download the Microsoft Excel Template for this week( Template Below)
Quantity | Price | MR | MC | TR | TC | Profit | ||||
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