Consider an industry with three firms, with demand curves as given below. Q1 = 140 -12P1 + 3P2 + 3P3 Q2 = 130 – 10P2 + 3P1 + 2P3 Q3 = 135 -9P3 + 2P1 + 2P2.Each firm has a marginal cost of 4.1. Calculate the pre-merger prices.2. Assume that firms 1 and 2 merge, to form a new firm “M”. Assume also that the merger allows M to reduce marginal cost from 4 to 2. Firm 3’s marginal cost remains at 4. What are the new equilibrium prices?

Question 1. What aspects of Michelangelo’s David (1501-1504) are characteristic of Italian Renaissance art?
Question 2. Which Impressionist painting from Week 6 PowerPoint 2 do you think best embodies the characteristics of Impressionism? Why?
Question 3: Explain the relationship of Jacques-Louis David’s Oath of the Horatii (1785) to Enlightenment thought and Classical art.
Question 4: How does Turner’s painting Snowstorm: Hannibal and His Army Crossing the Alps (1812) evoke the concept of the sublime?
Answers should be around 2-4 sentences.

Write a program in python to calculate the value of cos(?) using its Taylor series expansion:

?2 ?4 ?6 ?8 cos(?)=1− + − + ...

The program should consist of the following functions:

1. a) Develop and test a cosCalc() function that receives as an argument, of type float, the value of the variable and returns the result as a float also. Include 20 terms maximum from the series, or until the value of a term is less than 1e-8. b) Write a main program to invoke the function and calculate and print the values of

2! 4! 6! 8!

?2?
cos (− ), cos(−?), and sin ⁡( ).

2) Suppose that 5 cards are dealt from a shuffled standard deck. Assuming that the sample space is uniform what is the probability of getting a straight flush?

3) Suppose that my easter egg Ameraucana (‘Zinny’) lays eggs that are brown, green, or blue with probabilities 1/2, 1/3, and 1/6 respectively. Determine the following probabilities for a dozen eggs.

(a) There are no brown eggs.

(b) All the eggs are green.

(c) There are at most 4 brown eggs.

A company has liabilities of $10,000 due in 1 year and $20,000 due in 2 years. The company would like to cash flow match these liabilities with a combination of the following assets: a 2-year bond with annual coupons of 5% yielding 4% a 1-year bond with annual coupons of 6% yielding 3% What is the par value of the 1-year bond that should be purchased to cash flow match this portfolio? 8,300 8,500 8,800 9,000 9,400

1. The covariance between X and Y is 6.5. Sx = 7.2 and Sy = 3.6 Hence, the value of rxy is: _________________ (1 point)

2. Given that r = + 0.32, Sx = 5.2, and Sy = 6.4, the covariance equals: _________________ (1 point)

3. For a particular set of data, Sx = 9.2 and Sy = 8.5. What is the largest possible value of the covariance?

_________________ (2 points)

4. For a particular set of data, Sx = 9.2 and Sy = 8.5. What is the smallest possible value of the covariance?

1) The combustion reaction for benzoic acid C6H5CO2H(s) + 15 2 O2(g) ? 7 CO2(g) + 3 H2O(?) has ?H 0 = ?771.2 kcal/mole. Use Hess’s Law to calculate ?H0 f for benzoic acid. Answer in units of kcal/mol.

2) Calculate the heat of formation of butane (C4H10) using the following balanced chemical equation and information. Write out the solution according to Hess’s law. C(s) + O2(g) ?? CO2(g) ?H0 f = ?396.3 kJ/mol H2(g) + 1 2 O2(g) ?? H2O(?) ?H0 f = ?284.5 kJ/mol 4 CO2(g) + 5 H2O ?? C4H10(g) + 13 2 O2(g) ?H0 c = 2877.6 kJ/mol Answer in units of kJ.

3) Calculate the molar heat of vaporization of a substance given that 0.228 mol of the substance absorbs 28.5 kJ of energy when it is vaporized. Answer in units of kJ/mol.

4) Calculate ?H0 rxn for the reaction CH3Cl + F2 ? CH3F + Cl2 . Is the reaction endothermic or exothermic?

1. ?242 kJ, exothermic

2. ?300 kJ, endothermic

3. ?242 kJ, endothermic

4. 242 kJ, endothermic

5. ?379 kJ, exothermic

6. 300 kJ, exothermic

7. ?379 kJ, endothermic

8. 242 kJ, exothermic

9. 379 kJ, exothermic

10. 379 kJ, endothermi

Problem 8-2 Calculating Project NPV

The Freeman Manufacturing Company is considering a new investment. Financial projections for the investment are tabulated below. The corporate tax rate is 35 percent. Assume all sales revenue is received in cash, all operating costs and income taxes are paid in cash, and all cash flows occur at the end of the year. All net working capital is recovered at the end of the project.

a. Compute the incremental net income of the investment for each year. (Do not round intermediate calculations.)

b. Compute the incremental cash flows of the investment for each year. (Do not round intermediate calculations. A negative answer should be indicated by a minus sign.)

c. Suppose the appropriate discount rate is 12 percent. What is the NPV of the project? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
  
NPV           $

There are two countries A and B. County A is producing 3 units of corn and 7 units of clothing at point A. Country B is producing 2 units of corn, and 11 units of clothing at point B. See figure below. Using the shortcut rule, the steeper line has comparative advantage in the vertical axis, which is A in corn. Complete specialization means using all your resources to produce that good in which you have comparative advantage. A then will only produce corn of 9 units and B will produce 20 of clothing (the intercepts show max production for each). If A gives 4 units of corn for 8 units of clothing they will be left with the following. A will have 5 units of corn and 8 units of clothing, B will have 4 units of corn and 12 units of clothing. Thus compared to no trade, they are both better with trade, because there is a net gain of 2 units of corn and 1 unit of clothing for each, as shown in the table below.

                        No trade                      Specialization               Trade                  Net Gain from Trade

                        A          B                      A          B                      A          B                      A          B         

Corn                 3          2                      9          0                      5          4                      2          2

Clothing           7          11                    0          20                    8          12                    1          1

Illustrate the gains from trade by creating up your own unique example. Explain your logic behind your example. Please create an example and explain the steps on how to do this.