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Kathy's Bakery is a local full service bakery in Omaha, Nebraska. Kathy sells loaves of wheat bread for $3 a loaf. Of this amount, $1.50 is profit contribution. She is considering an attempt to differentiate her shop from several other competitors by only producing a special rice bread for customers allergic to wheat. Doing so would increase her unit cost by 50 cents per rice loaf. Current monthly profits are $400 on 800 unit sales.
A. Assuming average variable costs are constant at all output levels, what is Kathy's total cost function before the proposed change?B. What will the total cost function be if rice loafs are produced?C. Assume rice loaf prices remain stable at $3. What percentage increase in sales would be necessary to maintain current profit levels?
Business Week, in an article dealing with management, wrote, "When he took over furniture factory three years ago. Realized almost immediately that it was throwing away at least $100,000 a year worth of wood scrap.
Price comparison services on the Internet are a popular way for retailers to promote their products and a convenient way for customers to simultaneously obtain price quotes from many firms setting I identical product.
Superior Metals Corporation has seen its sales volume decline over past few years as the result of rising foreign imports. In order to raise sales, the company is planning a price reduction on luranium
College A is planning outsourcing their groundskeeping. They have been given a bid from Groundskeeper Willie for $250,000 a year, with the claim that he will keep school grounds in the same condition they are in now.
Following are the Production Function: Q = 72X + 15X2 - X3, where Q = Output and X = Input The Marginal Product and Average Product when X = 6 are;
A company has the following short run demand and cost schedule for a particular product; Estimate the firm's profit-maximizing Quantity, Price, and economic profits or losses.
A company under monopolistic competition faces the demand curve: P = 500 - 12.5Q. The company's marginal cost is MC = 200 + 5Q.
According to the chief engineer at the Zodiac Corporation, Q=AL^a K^b, where L is the rate of labor input, Q is the output rate, and K is the rate of capital input.
Make some research on a topic known to economists as 'friction-free' or 'low-friction' economy. Early writers on this topic foresaw many of the seismic shifts that have occurred in the market place over last one to 2-decades.
Assume that Saudi Arabia lets other members of OPEC sell all the oil they wish at the existing price which udis set and other members accept.
Dominant price leadership exists when one company drives others out of the market. The dominant company decides how much each of its competitors can sell.
Suppose a company employs 10 workers and pays each $15 per hour. Further assume that the MP of the 10th worker is five unit of output and that the price of output is $4.
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