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1. The Humdrum Company produced 10,000 doldrums last year. It sold the doldrums at a price of $5 each, but the average cost of producing each doldrum was only $3. With a profit margin of $2 per unit, should the company have produced more if it wanted to maximize profits?
2. "In a constant cost industry each firm has an upward-sloping marginal cost curve, yet all the firms together -- i.e. the industry -- have a horizontal supply curve." Explain why there is no contradiction in this statement.
3. Why does the firm in pure competition operate in the rising portion of its marginal cost curve? Why not produce where marginal cost is falling?
4. Why are the demand and marginal revenue curves of a competitive firm identical? What would have to be true of Total Variable Cost for average variable cost and marginal cost to be identical?
Why the Federal government doesn't order the Bureau of Printing and Engraving to print enough extra currency to cover all of these property losses due to natural disasters and give it to the storm victims so they can get things back to the way ..
A company borrows $100,000 today at 12% nominal annual interest. The monthly payment of a 5-year loan is most nearly? A tractor cost $7,500. After 10 years it has a salvage value of $5000. Maintenance costs are $500 per year. If the interest rate is ..
What is the effect of a decrease in wealth on the IS-LM-FE graphical model, as well as what it would do to the original real wage rate, employment, output, real interest rate, , consumption, private saving, investment, and price level in short run eq..
Jenny, your niece, is a smart high-school student who wants to make intelligent choices for her future. Hearing of your course in business economics,
Explain how difficulty will it be for the owner to plan for this new competitive threat.
The Beef-Up Ranch feeds cattle for Midwestern farmers and delivers them to process- ing plants in Topeka, Kansas, and Tulsa, Oklahoma. The ranch must determine the amounts of cattle feed to buy so that various nutritional requirements are met while m..
You own a bond portfolio and expect the market rate of interest to decrease for the foreseeable future. (a) What should you do with regards to the Duration of the portfolio and your own investment horizon? (b) What are the two reasons for doing so?
Should gross domestic product (GDP) be used as a measure of the wellbeing of the society? Why? Why not? In your short essay, you are required to address the following points: Identity and explain the rationales behind alternative measures of the well..
Extraction of a resource takes place in just two periods, current and future. Current-period marginal costs and marginal benefits behave according to MCC(q) = 15 + q0 and MCB(q)=65−q0. Find the optimal level of current resource extraction, q0. Sketch..
Explain the difference between sticky wages and sticky prices and how these two ideas explain the sloped short run aggregrate supply curve and why does it not affect the long term supply curve?
Skyscraper City has a subway system, for which a one-way fare is $1.50. There is pressure on the mayor to reduce the fare by one-third, to $1.00. The mayor is dismayed, thinking that this will mean Skyscraper City is losing one-third of its revenue f..
Gross Domestic Product is defined as. If we add up the value of every final good and service produced in the economy, we must get a total that is exactly equal to the value of. To include in GDP the value of the parts used in producing a car along w..
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