4. Consider a reheat–regenerative vapor power cycle with two feedwater heaters, a closed feedwater heater and an open feedwater heater. Steam enters the first turbine at 12.0 MPa, 520C and expands to 0.6 MPa. The steam is reheated to 440C before entering the second turbine, where it expands to the condenser pressure of 0.006 MPa. Steam is extracted from the first turbine at 2 MPa and fed to the closed feedwater heater. Feedwater leaves the closed heater at 200C and 8.0 MPa, and condensate exits as saturated liquid at 2 MPa. The condensate is trapped into the open feedwater heater. Steam extracted from the second turbine at 0.4 MPa is also fed into the open feedwater heater, which operates at 0.3 MPa. The stream exiting the open feedwater heater is saturated liquid at 0.3 MPa. The net power output of the cycle is 100 MW. There is no stray heat transfer from any component to its surroundings. If the working fluid experiences no irreversibilities as it passes through the turbines, pumps, steam generator, reheater, and condenser, determine (a) the thermal efficiency, (b) the mass flow rate of the steam entering the first turbine, in kg/h. (Turbine and pump isentropic efficiencies 100% & Create a table of all values)

When the monopoly firm sells two units of its product, it earns total revenue of $260 and it incurs a total cost of $210. If its marginal revenue for the second unit was $110, what was the marginal revenue of the first unit?

Group Choice Answers:

$100

$150

$133

$220

There is not enough information to answer the question.

Jeff deposits $100 into a fund today and $200 into the same fund 15 years later. Interest for the first 10 years is credited at a nominal discount rate of d compounded quarterly, and thereafter at a nominal interest rate of 6% compounded semiannually. The accumulated value in the fund at the end of 30 years is $1000. Calculate d.

You expect the following set of possible outcomes for a stock:

What is the covariance of the stock holding period returns with the stock's ending price? Please enter your answer rounded to the third decimal place.

Suppose that a market has n = 100 identical firms and that the market is in a short-run competitive equilibrium. All firms have the same total cost function TC(q) = q². The market price is P = 10. As the market moves from the short-run equilibrium to the long-run equilibrium,

a. the total market quantity of output decreases.

b. the number of firms increases.

c. the market price increases.

d. the demand curve shifts to the left.

The government impose a 20%tax on the sale of milk. Given that Sam has an income of 100 pennies, the price of milk is 5 pennies, the price of bread is 4 pennies, and Sam's utility function is U=(M)^2/3(B)^1/3. The tax on milk is a burden on Sam, how much of a burden is it? calculate the increase in income require to compensate Sam for the imposition of the tax. How does that compare to the money raised from the tax?

Consider a 10-year bond with a face value of $100 that pays an annual coupon of 8%. Assume spot rates are flat at 5%.

a.Find the bond’s price and modified duration.

b.Suppose that its yields increase by 10bps. Calculate the change in the bond’s price using your bond pricing formula and then using the duration approximation. How big is the difference?

c.Suppose now that its yields increase by 200bps. Repeat your calculations for part b.

The current stock price of Alcoa is $115, and the stock does not pay dividends. The instantaneous risk-free rate of return is 6%. The instantaneous standard deviation of Alcoa's stock is 35%. You want to purchase a put option on this stock with an exercise price of $120 and an expiration date 30 days from now. According to the Black-Scholes OPM, you should hold __________ shares of stock per 100 put options to hedge your risk.

4. A monopolist can produce at constant average and marginal costs of AC = MC = 10. The firm faces a market demand curve given by P = 100 - Q.

(a) Calculate the profit-maximizing level of output and price for the monopolist. Also calculate the monopolist's profit.

(b) Assume this industry suddenly becomes perfectly competitive. Calculate the price and industry output if this industry is perfectly competitive.

(c) Calculate the deadweight welfare loss that the monopoly in (a) imposes on society.

1. Suppose there are two identical firms A and B facing a market demand P=100-2Q. Both firms have the same marginal cost MC=4.

1. Assume that firms are Cournot-competitors (in quantity). Find the equilibrium price, quantity and profits.
2. Assume that firms are Stackelberg-competitors (in quantity) and Firm A is the leading firm. Find the equilibrium price, quantity and profits.
3. What general conclusions can you derive from the answers that you found in (a) & (b)?