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Suppose you are a monopolist operating two plants at different locations. Both plants produce the same product; Q1 is the quantity produced at plant 1, and Q2 is the quantity produced at plant 2. You face the following inverse demand function: P = 500 - 2Q, where Q = Q1 + Q2. The cost functions for the two plants are
a.What are your marginal revenue and marginal cost functions?
b.To maximize profits, how much should you produce at plant 1? At plant 2?
c,What is the price that maximizes profits?
d.What are the maximum profits?
the manager of a local monopoly estimates that the elasticity of demand for its product is constant and equal to -2.
Analyze five reasons why demand for this product could shift and analyze five reasons why supply could shift.
Consider the market for tuna, which is a price-taker market. The long-run equilibrium price is $3 per can of tuna, and the long run equilibrium quantity is 600 million cans per year. suppose the surgeon general issues a report saying that eating t..
People who drive hybrid automobiles recycle their trash more than people who do not drive hybrids. Therefore,recycling trash causes people to drive hybrid automobiles.
A hotel owner, having heard that new hotels consider to open in area, says, We have too many hotels in this town already. Statistics show that vacancy rates average 20% on any given night.
1. two individuals fred and helen in an economy with no production each have the utility function u 10xy. prices of
ECON 301 Intermediate Microeconomics Assuming diminishing marginal utility and an indifference curve with Apples on the X axis and Cheese on the Y axis, fully explain how the slope of the indifference curve measures the relative value of the goods ..
research and discuss how the economic theory concerning decisions in the face of imperfect knowledge affects demand for
If consumption increases by $12 billion when real disposable income increases by $15 billion, what is the value of the MPC What is the relationship between the MPC and the MPS If the MPC increases, what must happen to the MPS
Given the increase in government expenditures and the marginal propensity to consume, how would yoou find the change in equilibrium GDP.
you have a free ticket to see lady gaga in concert this ticket having no resale value. pink is performing on the same
Consider the production function Q=100L^.5K^.4. Suppose L=1 and K=1 so that Q=100. Explain the nature of returns to scale for this production function.
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