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A consumer's preferences over two goods are represented by: U(x1, x2) = (x1^2)(x2^3)/100 The prices are P1 and P2, and an amount of money E can be spent on these goods. a) Show that the two uncompensated demand functions are: x1 = 2E/5p1 and x2 = 3E/5p2 b) How do you know that these demands maximise utility rather than minimising it? c) Suppose that p1 = $4, p2 = $5 and E = $100. Use the results in a) to find the optimal quantities demanded of the tw0 goods, and the resulting amount of 'utils' obtained. Assume that both goods are divisible, so fractions are possible
You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Group 1’s elasticity of demand is -2, while group 2’s is -3. Your marginal cost of producing the product is $30. Determine your optim..
You are the manager of a new firm that can choose between two technologies for producing output using only labor. Technology A can produce two units of output for each hour of labor input. Technology B can produce three units of output for each hour ..
A farmer uses a piece of land with the following accounting costs to grow a crop worth $1800. If a normal rate of return is $100 on such an investment, what will the value of the land be for use during this time period?
The effective e-commerce and CRM strategies, applications and services on both websites.Write a short report in APA (American Psychology Association) style on the findings of the above items 1 and 2 with appropriate comparison, contrast, and discu..
How do fixed costs play a role in your analysis? What is the difference between shutting down and going out of business?
The following graph gives the long-run aggregate-supply curve (LRAS), the short-run aggregate-supply curve (AS), and the aggregate-demand curve for a particular economy. To return the economy to its natural rate, the Fed could_____ government bonds.
Suppose the firm is operating in a high-wage country, where capital cost is $100 per unit per day and labor cost is $80 per worker per day. For every level of output, which technology is cheapest.
The firm output sells competitively explain how many tons of output will be produced.
A profit-maximizing firm hires labor up to the point where. Accountants calculate. Which of the following is NOT a factor of production? Normal profit is a(n) ________ cost because ________.
Karen runs a print shop that makes posters for large companies. It is a very competitive business. The market price is currently $1.00 per poster. She has fixed costs of $100.00. Her variable costs are $1,500 for the first thousand posters, $1,200 fo..
The company ises MACRS depreciation and its marginal tax rate is life of 5 years). The 10 cars were sold at the ending a MARR of 10% and using NPW, determine if this was a good investment on an after-tax basis.
Find the Backward Induction solution of the game. How would the answer change if we reversed the roles of player 1 and 2 in the first two rounds of the game in c?
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