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An auto-service establishment has estimated its monthly cost function as follows: TC = 6000 + 10 Q where Q is the number of cars it services each months and TC represents its total cost. The firm is targeting 35,000 net monthly profit servicing 2000 cars. a. What price should the firm charge to realize the targeted profit? b. What would be its cost-based markup ratio? b. Now suppose the demand curve the firm faces is:Q = 3000 - 50 P. Is the firm going to achieve its profit goal? Explain. c. If your to answer to (b) is "no", what would be the optimal markup ratio for this firm?
Assume that the market demand for bus rides is given through Q=420-30P and market supply of bus rides is given through Q=30P, where Q is bus rides each week in thousands
Describe and discuss; Use the concepts of economies and diseconomies of scale to describe a firm's long run Average Total Cost Curve.
Explain why a customer who select a consumption bundle in which relative price exceeds the marginal rate of substitution can not be at an optimum.
Plot these curves on graphs. Compare the cost curves and discuss their characteristics.
With respect to price elasticity of demand, create a graph using the information in figure 1. Illustrate the ranges on demand curve that indicate elastic, inelastic, and unitary elasticity.
Suppose a monopolist can purchase Labor at a price w = 36 and can purchase Capital at a price r = 25. The monopolist's production function is given by Q = L1/2K1/2. The demand facing the monopolist is given by P = 180 - 3Q. a) What is the Monopol..
Find the supply function for the hospitals and Suppose the hospitals merge into one umbrella organization to improve their bargaining position. What would the new price and equilibrium be?
Pick a social problem where free markets aren't allowed to function and explain how free market features could be introduced to aid alleviate the problem.
Unfortunately banks are reluctant to make loans to people who currently have low incomes, even if there is a good chance their incomes will be higher in the future. If people could always borrow as much as they want to, would you expect consumpti..
If some auction participants for crude oil field leases have estimates that the oil in the ground is worth $1.2 million, $1.3 million, or $1.5 million with certainty; and other auction participants have estimates that the same oil f..
Assume that a $1,000 bond issued in 2012 pays $100 in interest each year.What is the current yield on the bond?
Calculate the net present value and benefit-cost ratio for four different discount rates
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