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Consider the production of holes. To dig a hole, it takes one person (P) and one shovel (S). The total number of holes dug is given by the production function h=f(P,S)=min(P,S). If you currently have 2 persons and 4 shovels, what is the marginal product of persons?
In particular, you love vanilla ice cream, and you love chocolate ice cream, but you love vanilla just a little bit more. Your ice cream utility function is given by U(V,C)=1.5V+C. Assume vanilla ice cream costs $2/gallon.
A building is priced at $125,000. If a down pament of $25,000 is made and a payment of $1,200 every month thereafter is required, how many months will it take to pay for the building. Interest is charged at a rate of 9% compounded monthly.
Although it is impossible to make a pile of money worth exactly $3, it is still possible to buy something that costs $3. You can give two $7 bills to the cashier and receive one $11 bill as change. There are two different ways to make $120.
You are choosing between two goods, X and Y, and your marginal utility from each is as shown below. Units of X MUx Units of Y MUy 1 10 1 8 2 8 2 7 3 6 3 6 4 4 4 5 5 3 5 4 6 2 6 3 If your income is $9 and the prices of X and Y are $2 and $1
Solve the forecast model
An investment opportunity has the potential of generating yearly revenues with the associated probabilities for the next five years as shown below. The salvage value at the end of five years is 0. The potential revenue in any given year is indepen..
The widget Industry in Anytown is a monopoly, controlled by Widget Corp. Its demand curve for the local market is given by P = 800 - 20 W Where W represents the number of widgets sold per period. The total cost function (including opportunity or impl..
Combine your analysis in a. & b. to explain the overall impact on US GDP, and inflation. Use your best judgment about the likely path of adjustment from the initial shock to the long run equilibrium. Show graphically and explain in detail.
selects its own output q2. Output is homogeneous across firms and satisfies the industry inverse demand function P = 200 - q1 - q2. Both firms have zero fixed costs and total costs of Ci(qi) = 60qi. Compute the Cournot-Nash equilibrium outputs and ..
Assume that by investing $2000000 in transportation system we can prevent 30 accidents per year and save another $100 on annual maintenance cost of vehicals using the system ( 2000 vehicles). The annual maintanence cost for this system is $200000.
You are the manager of a firm that receives revenues of $30,000 per year from product X and $70,000 per year from product Y. The own price elasticity of demand for product X is -2.5, and the cross-price elasticity of demand between product Y and X..
Suppose that there are 80 firms in a market, each with the following cost function: C(q) = 100 + 4q^2 A.) Derive the short-run market supply curve. B.) Suppose the market demand is Qd= 1280 - 30P Find the equilibrium market quantity and price.
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