Please answer these questions...You, people, put just question and did not answer in assignment Chapter 17 Q3: (a) If a Nintendo Switch costs 30,000
Question

Chapter 17

(a) If a Nintendo Switch costs 30,000 yen in Japan, how much will it cost in U.S. dollars if the exchange rate is 110 yen = \$1? Please show the process.

(b) In 2010, a Big Mac was priced at \$2.49 in New York, 3.36 euros in Rome and 12 yuan in Beijing. If the exchange rates were \$1=0.72 euros = 6.63 yuan, in which city that Big Mac was most expensive? Please show the process.

Q7:

Suppose the following table reflects the total satisfaction (utility) derived from eating pizza:

Quantity consumed

1

2

3

4

5

6

7

Total Utility

33

82

112

135

147

140

120

(a)         What is the marginal utility of each pizza?

(b)         From which unit of pizza consumption, the law of diminishing marginal utility starts?

Chapter 5

Q8:

Suppose the mythical Tight Jeans Corporation leased a sewing machine, giving it the following production function:

Number of workers:

0

1

2

3

4

5

6

7

8

Quantity of Output:

0

20

46

64

72

78

81

80

77

(a) At what level of employment does the law of diminishing returns become apparent?

(b) Assume the wage per worker is \$24, please compute the marginal cost of each additional pair from 78 to 81 pairs of jeans.

Q9:

Suppose a company incurs the following costs:

Labor                    \$5,000

Equipment         \$3,000

Materials            \$1,000

It owns the building, so it doesn't have to pay the usual \$2,000 in rent.

(a) What is the total economic cost?

(b) How would accounting and economic costs change if the company sold the building and then leased it back?

Chapter 6

Q10:

Suppose that the monthly market demand schedule for Frisbees is:

Price

\$8

\$7

\$6

\$5

\$4

\$3

\$2

\$1

Quantity Demanded

100

200

400

800

1,600

3,200

6,000

15,000

Suppose further that the marginal and average costs of Frisbee production for every competitive firm are

Rate of Output

10

20

30

40

50

60

Marginal Cost

\$2.00

\$3.00

\$4.00

\$5.00

\$6.00

\$7.00

Average Cost

\$2.00

\$2.50

\$3.00

\$3.50

\$4.00

\$4.50

Finally, assume that the equilibrium market price is \$5 per Frisbee.

(a)         How many Frisbees are being sold in equilibrium?

(b)         How many (identical) firms are initially producing Frisbees?

(c)          How much profit is the typical firm making?

(d)         In view of the profits being made, more firms will want to get into Frisbee production. In the long run, these new firms will shift the market supply curve to the right and push the price down to average total cost, thereby eliminating profits. At what equilibrium price are all profits eliminated? How many firms will be producing Frisbees at this price?

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