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1. A company uses two variable inputs, labor (L) and materials (M), to produce its output. At the company's current level of output:CL = $10 / unit MPL = 25CM = $2 / unit MPM = 4a) Determine whether the firm is operating efficiently, given that its objective is to minimize the cost of producing the given the level of output b) Determine what changes (if any) in the relative proportions of labor and materials are needed to operate efficiently 2. Peter Higgins is a sales agent for XZY Company. He has an effort cost function of C = e2 and a reservation wage of $1,500. His wage package is W = 1,500 + 0.2Q where the CEO sets the incentive at 0.2 and Q = 200e. Q is the output. If the CEO increases the incentive from 0.2 to 0.25, what happens to the Peter's effort? Will profits rise or fall?3. Two consumers Justin and Cindy of the same product have the following demand curves: Q1 = 500 - 10 P and Q2 = 500 - 20 P. The marginal cost (MC) for the firm is $10. Calculate the prices when the firm discriminates between the two consumers. Is this a good strategy, or should the firm charge the same price to both of them? 4. Some years ago, conservation groups paid cattlemen in the Western United States to move their herds away from wild buffalo herds so that the buffalo would have more feed and would not have to compete with the cattle. What is the relevance of the Coase Theorem in this case?
What are the factors that would influence the Federal Reserve in adjusting the discount rate and how does the discount rate affect the decisions of banks in setting their specific interest rates?
Supposing that when the three firms set the same price they share the market evenly, demonstrate that collusion at the monopoly price is not sustainable, using the Bertrand Nash Equilibrium of marginal cost pricing forever as the punishment strate..
You are a business adviser for Alba and Gavigan. Describe a skimming price and a penetration price, and advise them whether they should charge a skimming price or a penetration price, with supportive reasoning for and against each pricing alter..
to increase revenue and profit a firm is considering a 4 increase and an 11 increase in advertising. if the price
assume that a firm in a perfectly competitive industry has the following total cost schedule3 pointsoutputtotal
So the people that live within walking distance are the only customers you might get, and there are no other stores nearby. If the firm sells the products separately, what price should it charge.
The economic principle that consumers are willing to consume more of a good when price is low is depicted by the:
desired consumption is cd 100 0.8y - 500r - 0.5g and desired investment is id 10 -500r. real money demand is mdp y
There are three primary methods of inducing firms to emit the optimal level of pollution: standards, taxes and transferable permits. Compare and contrast these three techniques: describe each and explain its strengths and weaknesses.
The Kind of Skills and Education that our Young Men and Women Should Have in order to Fill the Jobs of the Future
Using aggregate demand, short run aggregate supply, and long run aggregate supply curves, describe the process through which each government policies will move economy from one long run macroeconomic equilibruium to another.
The rights to peaceably assemble is found in the first amendment.
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