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A person managing a laundry for someone else for $30,000 per year decides for open his own laundry. Revenue during the first year of operation is $100,000 and the expenses are $3,000 for salaries, $10,000 for supplies, $8000 for rent, $2000 for utilities and $5000 for interest for a bank loan. calculate
(A) explicit cost
(B) Implicit Cost
(C) Accounting Profit
(D) Economics Profit
If the total expense schedule for a perfectly competitive firm is and if market price is $60, how many units of putput will the company produce?
let a countrys stochastic sas curve be given by y y nbsppi - pie sigma where sigma equals 5 in 50 of the cases and -5
" Technological change eliminates thousands of jobs every year. Unless something is done to slow the growth of technology, ordinary workers will face a bleak future of low wages and high unemployment."
Show whether change causes a shift in supply curve, a shift in demand curve, a movement along the supply curve, and/or a movement along the demand curve.
Assume an individual is currently using all of his income to consume two goods, X and Y. If the prices of X and Y are $3 and $8, respectively, and the marginal rate of substituion of X for Y is four, is this individual maximizing his net benefits fro..
If the price of labor increases from $40 per unit to $60 per unit, what happens to the total cost of producing 500 units of output in the short run (up or down, and by how much) What happens to the short run marginal cost
You are a manager of Kleenex and you compete directly with Puffs selling facial tissues in America. Consumers find the two products to be indistinguishable. The inverse market demand for facial tissues is P = 3-Q (in dollars) in America.
Why might a parent company like McDonalds or Hilton choose to franchise its local outlets rather than own them and staff them with employees In many smaller cities all McDonald's outlets are owned by the same franchisee.
Describe the neoclassical theory of economic growth. Then explain how the neoclassical theory is impacted by research about endogenous technological changes and increasing marginal returns.
The per-unit cost of an item is its average total cost (= total cost/quantity). Suppose that a new cell phone application costs $150,000 to develop and only $0.5 per unit to deliver to each cell phone customer.
1. when the demand line is perfectly elastic there is no deadweight loss after taxation.2. firms must not operate if
International trade is a complex area of study. Effects of policies, currencies, tariffs, trading arrangement, and other variables not only impact a country but a region and the global economy.
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