You expect the price of a commodity to behave as follows over the next 12 months: Month 1 2 3 4 5 6 7 8 9 10 11 12
Price ($/unit) 142 100 58 55 95 140 147 110 64 52 85 133
Your inventory capacity is 25 units and you have 3 units in inventory at the start of month 1. In any given month, you can buy up to 10 units or sell up to 15 units. The prices per unit sold or bought are the same within each month, but every transaction, whether you buy or sell, is subject to a $120 transaction charge (the only way to avoid this charge in a given month is by neither Page 2 of 2 buying for selling that month). Your holding cost is $15 per unit per month, assessed on the inventory at the end of each month. Any units of the commodity left over after month 12 are assessed a $70 per unit salvage value. Create a Python program to maximize your profits trading the commodity over the next 12 months.

An increase in the market price of men's haircuts, from $16 per haircut to $26 per haircut, initially causes a local barbershop to have its employees work overtime to increase the number of daily haircuts provided from 20 to 25. when the $26 market price remains unchanged for several weeks and all other things remain equal as well, the barbershop hires additional employees and provides 40 haircuts per day. what is the short-run price elasticity of supply? nothing (your answer should have two decimal places.) what is the long-run price elasticity of supply? nothing (your answer should have two decimal places.)

Atoy store has a new game in stock, but customers aren't buying it. which of the following types of inventory increases when customers aren't buying this game? a. work-in-process b. raw materials c. finished goods d. in-transit

3. saving two consumers, larry and jeff, have utility functions defined over the two periods of their lives: middle age (period zero) and retirement (period 1). they have the same income in period 0 of m dollars and they will not earn income in period 1. the interest rate they face is r. larry’s and jeff’s utility functions are as follow. = 0.5 + 0.5 and = 0.5 + 0.5 for each person is between zero and one and represents each consumer’s temporal discount econ 340: intermediate microeconomics. ben van kammen: purdue university. rate. a. write the budget constraint that applies to both jeff and larry in terms of consumption in each period and ), interest rate, and m. b. what is larry’s and what is jeff’s marginal rate of intertemporal substitution? c. what is the slope of the budget constraint? d. write each consumer’s condition for lifetime utility maximization. e. re-arrange the conditions from part (d) to solve for the ratio, . f. if > which consumer will save more of his middle age income? g. if > 1 1+ , in which period will larry consume more: = 0 or = 1?