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!
1. Consider a city that has a number of hot dog stands operating throughout the downtown area. Suppose that each vendor has a marginal cost of $1.50 per hot dog sold and no fixed cost. Suppose the maximum number of hot dogs that anyone vendor can sell is 100per day.
a. If the price of a hot dog is $2, how many hot dogs does each vendor want to sell?
b. If the industry is perfectly competitive, will the price remain at $2 for a hot dog? If not, what will the price be?
c. If each vendor sells exactly 100 hot dogs a day and the demand for hot dogs from vendors in the city is Q = 4400-1200P, how many vendors are there?
d. Suppose the city decides to regulate hot dog vendors by issuing permits. If the city issues only 2C permits and if each vendor continues to sell 100hoc dogs a day, what price will a hot dog sell for? e. Suppose the city decides to sell the permits. What is the highest price that a vendor would pay for a permit?
Explain what is different between firms in monopolistic competition and firms in oligopoly. What does this difference mean for prices and quantities and for economic profit?
What is "trade dress"? What is the major factor in cases involving trade dress infringement? Does that factor exist in this case? Justify your answers using information from your reading and be sure to
Suppose that an individual allocates his or her entire budget between two goods, food and clothing. Can both goods be inferior? Explain.
Draw an average total cost curve, an average variable cost, and a marginal cost curve all on the same graph. Make sure to correctly label the axes. What relationship must exist between the marginal cost curve and the average total cost and average..
You cat's summer kitty-cottage needs a new roof. You are considering the following two proposals and feel a 15-year analysis period is in line with your cat' remaining lives. (There is no salvage value for old roofs.)
The demand and supply equations in a market are given as Q = 30 - 2P and Q = 10 + 2P. If the government imposes a tax of $0.50/unit on the suppliers,
Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and implicit costs of attending college 2. Distinguish between accounting profit, economic profit, and normal profit. Does accounting profit or econom..
We make selections as customers every day. Opportunity cost is defined as a person's next best alternative or cost of what you give up when you make a choice.
The local government of a city is concerned about increasing rental costs for residents, and decides to impose a ceiling price on the maximum rents that can be charged by landlords on apartments and houses.
Two small airlines provide shuttle service between Las Vegas and Reno. The services are alike in every respect except that Fly Right bought its airplane for $500,000, while Fly by Night rents its plane for $30,000 per year. Analyze fixed costs, Ma..
Which of the following would shift the aggregate demand curve to the right?
Assume that the price was 5% lower and all other factors do not change. How much more would you buy each year? Using this information, compute the own-price elasticity of your demand.
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