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A large company in the communication and publishing industry has quantified the relationship between the price of one of its products and the demand for this product as Price = 150- 0.01 x Demand for an annual printing of this particular product. The fixed costs per year (i.e., per printing) =$50,000 and the variable cost per unit =$40. What is the maximum profit that can be achieved if the maximum expected demand is 6,000 units per year? What is the unit price at this oint of optimal demand?
Determine the current amount of money that must be invested at 12% nominal interest, compounded monthly, to provide an annuity $10,000 (per year) for 6 years, starting 12 years from now. The interest rate remains constant over the entire period of..
The average consumer at a firm with market power has an inverse demand function of P = 10 - Q. The firm's cost function is C = 2Q. If the firm engages in two part pricing, what is the optimal fixed fee to charge each consumer
An office receives 20 faxed orders every two hours. What is the probability that it will receive 8 orders in the next hour What is the probability that an order will be faxed within the next 9 minutes What is the probability that more ..
Suppose the price elasticity of demand for vanity plates in your state is 0.60. The initial price is $20 and the initial quantity is 1,000 plates per week. Suppose the state increases the prices by 10%.
whether she is better off or worse off than she was in Year 1
Stolper-Samuelson Theoremsays that even though free trade may provide overall gains for a country, the owners of relatively abundant resources will win and the owners of relatively scarce factors will lose
Develop an attitude of professional skepticism
Xon, a small oil company, purchased a new petroleum drilling rig for $1,800,000. Xon will depreciate the drilling rig using MACRS depreciation. The drilling rig has been leased to a drilling company, which will pay Xon $450,000 per year for 8 year..
Describe the fundamental difference between short-run analysis and long-run analysis of the cost structure of a firm and give at least two examples of industries that practice price discrimination, and describe their pricing practices.
Assume that a country's production function is Y = AK0.2 L0.8.The ratio of capital to output is 2, the growth rate of output is4% and the depreciation rate of capital is 8%. Capital is paid itsmarginal product.
Suppose that the current market price of VCRs is $300, that average consumer disposable income is $30,000, and that the price of DVD players (a substitute for VCRs) is $500. Under these conditions annual U.S. demand for VCRs is 5 million per year.
Last year, Maria's income was $1,800. Milk cost $1 per gallon. Bread, which is very expensive where Maria lives, cost $3 per loaf. This year, her income is $3,600. The price of milk increased to $2 per gallon, and the price of bread increased to $..
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