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Alice runs a restaurant and it is only open on Wednesdays and Saturdays. Her total cost is TC=10+q2 where q is number of meals served per day. Her restaurant is a price taker. A meal is sold at $12 on Wednesday and $20 on Saturday. a. Get her average cost per day and marginal cost per day. b. How many meals does she serve on Wednesday to maximize profit? And Saturday? How much is her profit each day? Per week? c. A newspaper noticed the price difference on different days and reported it. Now to make consumers happy all restaurants in the town have to sell meals for $16 regardless of the days. Calculate Alice’s optimal number of meals to serve and her profit each day and per week. d. Still assume the meals are sold at $16 each day. Now Alice has to hand in 10% of her profit as income tax to the government. How many meals should she serve each day? How much is her profit after tax? e. Still assume the meals are sold at $16 each day. Now suppose that due to competition all restaurants serve a free dessert with each meal. This costs Alice $2 for each meal she serves. Calculate her problem and profit each day and per week
If aliens come and take a large percentage of our cows what happens in the market for synthetic leather baseball gloves? (Assume a normal competitive market)(Show the graph, label all relevant points, and explain what happens to price and quantity. E..
Using the ITT Tech Virtual Library, research information on companies that have engaged in monopoly behavior, such as Microsoft, Google, or Wal-Mart, and explain how society has been affected by the monopoly behavior using that information.
The firm has access to a perfect credit market with interest rate r. What is the maximum price the firm is willing to pay for a fork lift?
Assuming transaction costs are small, the Coase theorem would predict that private parties could arrive at an efficient solution for which of the following problems?
Illustrate what monthly profit would she realize with that level of business during the next 3 years.
Assume the return on a 1 year domestic bank CD equals 3%. The return on a 1 year European bank CD equals 5%. Assume there is no default risk and no other transactions to prevent exchange rate risk. If the euro is expected to depreciate by 4%, a saver..
Explain why cooperative approaches may stand up to legal review more easily in unionized plants than in non-unionized environments.
Suppose the United States sets a limit on the number of tons of sugar that can be imported each year. This is an example of a(n )?
Enterprises conduct business transactions with other enterprises for a number of economic, business and strategic motivations.
After that illustrate what is that firm as marginal revenue as it increases output from 1700 units to 2300 units
On a sparsely populated island, high-speed Internet service would have a _____ marginal utility than in New York City, while in New York City quiet evenings would carry a _____ marginal utility than on a deserted island.
Explain how is the cross elasticity theory used to empirically define economic markets.
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