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The Hull Petroleum Company and Inverted V are retail gasoline franchises that compete in a local market to sell gasoline to consumers. Hull and Inverted V are located across the street from each other an can observe the prices posted on each other's marquees. Demand for gasoline in this market is Q=50-10P, and both franchises obtain gasoline from their supplier at $1.25 per gallon. On the day that both franchises opened for business, each owner was observed changing the price of gasoline advertised on its marquee more than 10 times; the owner of Inverted V lowered its advertised price to beat Hull's price. Since then, prices appear to have stabilized. Under current conditions, how many gallons of gasoline are sold in the market, and at what price? Would your answer differ if Hull had service attendants available to fill consumer's tanks but Inverted V was only a self-service station? Explain.
According to your estimate, elucidate what happens to the Transit Authorityas revenue when the fare increases.
The return to a college degree raise a lot while college enrollment remained steady.
Describe the core principle of the standard and whether or not you are in agreement with the proposed standard.
Starting with the reaction functions of duopolists Cournot solution algebraically.
A large rear dump truck working in a coal mining operation under good conditions has a present purchase price, compute the estimated repair cost per operating hour.
Draw a diagram showing the current situation of the firm. In addition to the above information, suppose the price of the output is $13/unit, if the firm wants to maximize its profit, what should it do? Explain in detail with the aid of a diagram.
What can you say about the relationship between marginal revenue and marginal cost for output rates below the profit-maximizing (or loss-minimizing) rate? For output rates above the profit- maximizing (or loss-minimizing) rate?
Explain why both marginal and average costs are believed to eventually increase in the short run.
You do not like this as it will be possible for the large money center banks in Washington, Las Vegas to open branches in your banks geographic market area.
What was the growth rate of nominal GDP between 1999 and 2000? (Note the growth rate is the percentage change from one period to the next).
Assume a indiidual has $8 to spend only on apples and bananas.
Findout the number of hours of skilled labor also the number of hours of unskilled labor which minimized the price of doing the project.
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