Multiplication of Whole Numbers Multiply.

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Table shows the demand schedule for Lin’s Fortune Cookies. Table shows some cost data for Lin’s. Use this information to work Problems (Hint: Make a sketch of Lin’s short-run cost curves.)

At a market price of $50 a batch, what quantity does Lin’s produce and what is the firm’s economic profit in the short run?

In studies of how traits are inherited, what makes certain species candidates for model organisms?

a. They are the first organisms to be used in a particular type of experiment, so they are a historical “model” of what researchers expect to find.

b. They are easy to study because a great deal is already known about them.

c. They are the best or most fit of their type.

d. They are easy to maintain, have a short life cycle, produce many offspring, and yield data that are relevant to many other organisms.

Explain why plant diversity may be considered a no renewable resource.

(Stock split) Reconsider the problem faced by Templeton Care Facilities, Inc from Study Problem. If the firm’s board of directors decided to use a stock split rather than a stock dividend, how many new shares should the firm issue for each outstand ing share?

Problem

(Stock dividend) Templeton Care Facilities, Inc. is contemplating a stock dividend. The firm’s stock price had risen over the last three years and was trading al $150 per share. The firm’s board of directors felt that the trading range should be around $.50 to $100. so they wanted to initiate a stock dividend that, other things remaining the same, woukl result in a $50 share price. What should the stock dividend be so as Id result in the desired change in the firm's stock price?

Define the factor of production called capital. Give three examples of capital, different from those in the chapter. Distinguish between the factor of production capital and financial capital.

Your company supplies ceramic floor tiles to Home Depot, Lowe’s, and other home improvement stores. You have been asked to start using radio frequency identification tags on each case of tiles you ship to help your customers improve the management of your products and those of other suppliers in their warehouses. Use the Web to identify the cost of hardware, software, and networking components for an RFID system for your company. What factors should be considered? What are the key decisions that have to be made in determining whether your firm should adopt this technology?

Using the same amount of resources, the United States and Canada can both produce lumberjack shirts and lumberjack boots, as shown in the following production possibilities frontiers:

a. Who has a comparative advantage in producing lumberjack boots? Who has a comparative advantage in producing lumberjack shirts? Explain your reasoning.

b. Does either country have an absolute advantage in producing both goods? Explain.

c. Suppose that both countries are currently producing three pairs of boots and three shirts. Show that both can be better off if they each specialize in producing one good and then engage in trade.