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A firm’s short run total cost STC=4+q+q2. It is a price taker.
a. What is its short run average cost function SAC? Marginal cost function SMC? Draw them in one graph.
b. How many should it produce if P=6? What is the profit?
c. How many should it produce if P=5? What is the profit?
d. How many should it produce if P=3? What is the profit?
e. What is its short run total variable cost function SVC? Short run average variable cost function AVC? Could you conclude that average variable cost is always less than marginal cost? What is the minimum price that the firm is short run profitable (find the answer from part b-d)? Does the firm has any shutdown price if P>1?
Identify an instance where a price control is used in our markets. Why do you think this price control exists? Also discuss the possible negative effects it may have on the market
alternative is thought to be overly optimistic. A more realistic estimate is $400,000. If the MARR s 20%, what is the recommendation now?
Suppose that expectation of reducing housing values cause households to decrease their demand for new houses and the financing that accompanies it.
Elucidate the balance sheet balances if these are the only assets and liabilities. Supposing that the people hold no currency, what happens to each of these values.
Fill in the column of marginal products. What pattern do you see. How might you explain it. Compare the column for average total cost and the column for marginal cost. Explain the relationship.
Some economists suggest that the increase in e-commerce within the business-to-business (B2B) market will lead to greater competition and more goods and services becoming commodities, meaning they will compete solely on price. How do you think thi..
In each of the following situations, the possible bundles contain apples and oranges and either 0, 1 or 2 of each. An example bundle would be 2 apples and 1 orange = (2, 1). In each part, there is a description of a set of preferences. If the orderin..
A person has a choice between only the following bundles: (1,1), (2,2) (3,3) (1,2) (1,3) (3,2) (3,1) (2,1) (2,3). The person’s preferences are that they prefer the bundle that has a bigger number when the x coordinate is divided by the y coordinate. ..
Graph Daniel’s budget constraint with potato chips on the vertical axis. Also write down the corresponding budget constraint equation. Then suppose that Daniel’s income increases to $60, what’s the change of Daniel’s budget line? Shortly after the in..
Using the four scenarios, discuss each and choose periods when each scenario has occurred in the U. S. or other countries: a. higher interest rates, more capital invested b. lower interest rates, less capital invested c. lower interest rates, more ca..
How does the change of consumer and producer surplus compared to the tax revenue.
goods and services that are not sold in markets such as food produced and consumed at home and some household articles
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