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In 2009, the voters of Oakland, California, passed a measure to tax medical cannabis (marijuana), effectively legalizing it. In 2010, the City Council adopted regulatiuons permitting industrial-scale marijuana farms with no size limits but requiring each to pay a $211,000 per year fee. One proposal calls for a $100,000 square feet farm, the size of two football fields. Prior to this legalization, only individuals could grow marijuana. These small farmers complained bitterly, arguing that the large firms would drive them out out of the industry they helped to build due to economies of scale. Draw a figure to illustrate the situation. Under what conditions (such as relative costs, position of the demand curve, number of low-cost firms) will the smaller, higher-cost growers be driven out of business?
Jones Company operates within a monopolistically competitive industry. The estimated demand for its products is given by the following inverse demand function P = 1760 - 12Q It finance department has estimated its total cost function as TC
Suppose that a perfectly competitive firm faces a market price (P) $5 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output (Q) level of 1,500 units.
Consider the following model of a closed economy (Smallville): MPC = 0.8 - 0.01Y (marginal propensity to consume) C = MPC x YD (consumption function) YD = (Y - T) (disposable income) I = 500 (investment spending) G = 1,500 (government spending)
Suppose that the market price for a bottle of vitamins is $2.50 and that at that price the total market quantity demanded is 75,000,000 bottles. Suppose that, instead, the market quantity demanded at a price of $2.50 is only 75,000. How many firms ..
Determine the current amount of money that must be invested at 12% nominal interest, compounded monthly, to provide an annuity of $10,000 (per year) for 6 years, starting 12 years from now. The interest rate remains constant over this entire perio..
The "Big-Deal" Company has purchased new furniture for their offices at a retail price of $100,000. An additional $20,000 has been charged for insurance, shipping, and handling. The company expects to use the furniture for 10 years (useful life = ..
Suppose that as an owner of a federally insured S&L in the 1980s the price of real estate falls, and most of your loans go into default. In fact, so many loans go into default that the net worth of the S&L is a negative($5 million). Federal regula..
a. Find the optimal soulution using the graphical soulution procedure and the value of the objective function b. determine the amount of slack or surplus for each constraint c. suppose the objective function is changed to max 5A+2B.
Suppose that over the past year, the price of laptop computers has fallen from $2,000 to $1,800. Over the same time period, sales to consumers have increased from 700,000 to 800,000 units. Calculate the elasticity of demand between these two point..
Lenny's, a national restaurant chain, conducted a study of factors affecting demand. The following variables were defined and examined for a random sample of thirty of its restaurants:
Suppose a second individual has the following tradeoffs between income and grades: TotalHours/Hours Studying/GPA/Hours Working/Income 60 50 4.0 10 $60 60 40 3.0 20 $120 60 20 2.0 40 $240 60 10 1.0 50 $300 60 0 0.0 60 $360
Amos McCoy is currently raising corn on his 100 acre farm and earning an accounting profit of $100 per acre. However, if he raised soybeans, he could earn $200 per acre. Is he currently earning an economic profit Why or why not
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