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The demand function for product sold by an oligopolist operating in the short run is given below:
QD = 370 - P
The firm's marginal cost function is given below:
MC = 10 + 4Q
Compute the profit-maximizing price and quantity, if the firm operates in short run.
Determine the trade volume necessary for PBI to reach a target return of $7,500 per month for a typical office. Determine and interpret the elasticity of cost with respect to output at the trade volume found in part A.
Two partners who owns IT Business Solutions, a company supplying specialist software, operate out of an office in Fourways, Johannesburg but have discovered a vacant office building close to Sandton City.
Derive the FOC and SOC conditions of profit maximization for this firm. Show that SOC is satisfied (impose necessary conditions). Which plant will have a greater increase in output? Please explain why.
Set up the Lagrangian for a cost minimization problem, then use it to derive the Hicksian demands for goods X and Y when the utility function has the Cobb-Douglas form
What are some ways public policymakers can reduce demand of cigarettes (shift of the demand curve)? Assume the government decides to implement the tax on cigarette manufacturers in order to raise the price of cigarettes. How much does the amount of..
If the total cost of producing 20 units of output is $1000 and the average variable cost is $35, what is the firm's average fixed cost at that level of output?
Early this year, thousands of Americans flocked to Apple's outlets to purchase iPad 2 sold by iconic brand. Long queues snaked outside many of Apple's outlets dotted over the states.
Suppose M = $80,000, PR = $30, T = 5, PE = $12, and N = 6,000. Using these, compute and write the direct demand function for Good A. Show your math. Watch the decimals! The coefficient on M is 0.02 and the coefficient on N is .4
Estimate the linear demand equation
Discuss the potential risks of using Web 2.0 tools. Provide several examples. What are the benefits of "build-to order" to buyers and sellers? Are there any disadvantages?
Examine the models of oligopoly and create at least one recommendation for improvement. Describe your rationale.
Describe a market situation in which the operating company faces economic difficulties and need to cut costs. What cost cutting strategies may the operating company employ to remain profitable?
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