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Assignment
1. Determine the implications for each of the computed elasticities for the business in terms of short-term and long-term pricing strategies. Provide a rationale in which you cite your results.
2. Recommend whether you believe that this firm should or should not cut its price to increase its market share. Provide support for your recommendation.
3. Assume that all the factors affecting demand in this model remain the same, but that the price has changed. Further assume that the price changes are 1000, 2000, 3000, 4000, 5000, 6000 cents.
· Plot the demand curve for the firm. · Plot the corresponding supply curve on the same graph using the supply function · Determine the equilibrium price and quantity. · Outline the significant factors that could cause changes in supply and demand for the product. Determine the primary manner in which both the short-term and the long-term changes in market conditions could impact the demand for, and the supply, of the product.
4. Indicate the crucial factors that could cause rightward shifts and leftward shifts of the demand and supply curves.
Graph the best response functions. Find the Nash Equilibrium of this game. What happens with the levels of law enforcement and crime (in Nash Equilibrium) when the cost of law enforcement c goes up?
The behavioral economist Robert Frank speaks of the bounded nature of rationality in his 2008 interview (Challenge 2008) and discusses the axiom of the independence of irrelevant alternatives in rational choice theory.
A firm such as a public utility, which is the sole producer in a market in which government determines prices and standards of service, is known as a(n):
Which item grew faster during this two-year period-net revenues or net income (net loss)? Can you offer a possible explanation for these changes?
Discuss very shortly the choice of discount rate to use to evaluate a public project with a very long time horizon (e.g. nuclear waste final storage). Explain (shortly) how mandated benefits might affect how you think about the deadweight loss of tax..
You just started a new organic frozen hamburger company distributed throughout the southern United States. Soon, your market share grows to 70% of sales of all frozen hamburgers in the southern United States. Do you have any legal problems? What is t..
Many people find the current unemployment figures for Australia a bit unbelievable. Why is this? Why might the official statistics be inaccurate? Using the simple Keynesian (J-W) model to assess the implications for equilibrium GDP and the level of s..
Suppose the demand for a product is given by P = 50 –Q. Also, the supply is given by P = 10 + 3Q. If a $12 per-unit excise tax is levied on the buyers of a good, consumer surplus is equal to
Suppose that a war in other countries led to higher government spending in those countries and all else remains unchanged. Use the loanable funds theory to identify whether supply and/or demand changes in the non-warring countries.
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Which of the below transaction(s) are included in the GDP calculations for the Year of 2012?
Suppose that the supply for potatoes is Qs=2000+200P and the demand for potatoes is Qd=4000-300P-2I, where P is Price and I is Income. Let I=500. are potatoes a normal good or an inferior good based on the demand function? briefly explain. solve for ..
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