Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Over the past 12 months the Four Winds Novelty Company firm has recorded its internet sales (equals monthly output levels) and its monthly total variable costs (TVC) for a particular novelty item as shown in the following table. Sales have grown over this period with relatively few shocks due to uncontrollable weather, political and sporting events. This online retailer carries no inventories; when it receives a pre-paid on-line order from a customer, it simply buys the product from a supplier and ships it out to the customer.
Sales = Output
TVC ($)
102,813
176,163
196,121
222,885
226,356
296,416
378,446
450,666
579,696
607,082
624,680
636,133
201,953
340,608
377,940
432,863
441,714
629,267
867,596
1,103,807
1,701,125
1,917,861
2,195,352
2,479,195
a. Using regression analysis, find an equation that best fits the data to represent the TVC function.
b. At what sales/output level will marginal costs (MC) reach a minimum?
c. Estimate the value of TVC for sales/output level 250,000 units, and calculate the 95% confidence interval for your estimate.
Estimate whether each of the following would cause a shift of the aggregate demand curve, the aggregate supply curve, neither, or both.
In what kind of market do you think your franchise operates (perfectly competitive, monopoly, monopolistically competitive, oligopoly)? What are the specific characteristics which make it this type of firm?
Why were the members of OPEC trying to agree to cut production? Why do you suppose OPEC was unable to agree on cutting production? Why did the oil market go into 'turmoil' as a result?
Based on the Coase theorem, if private parties can bargain without expense, then the private market will solve the problem of externalities
Describe the cutthroat competitors reasons for not increasing or decreasing his price, thereby accounting for the kink in his demand curve.
Determine whether your commodity is a necessity or a luxury product. Identify the availability of substitutes for the chosen product and explain how the necessity of a good and the availability of substitutes impact the price elasticity of the prod..
When do assumptions create in conjunction with economic theorizing have to become realistic? Can unrealistic assumptions provide useful outcomes?
Future economic glowth
Monopoly Rinks is the only ice skating facility in Mapleville. The next closest rink is about 100 miles away. It has determined that its demand curve is
Draw a graph of the market for chewing gum. What are the equilibrium price and quantity? Mark the equilibrium price and quantity in the graph.
Assume the labor force decreases in size due to the large number of people reaching retirement age and subsequently entering retirement. At the same time real interest rates in the economy fall. What will happen in the economy?
Suppose that you agree with the 16-percent rate of return proposed by the company. What factors need to be considered when setting rates designed to achieve this factor?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd