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Let each dollar spent on a private good give you 10 units of utility but each dollar spent on a public good give you and your two neighbors 5 units each. If you have a fixed income of $10, how much would you spend on the public good? What is the value of the total purchases at the Nash equilibrium if your neighbors also have $10 each? What level of expenditure on the public good maximizes the total level of utility?
50 years ago a set of gold plated dinnerware cost $55, lastyear you inherited it. unfortunately if was destroyed in ahouse fire. the Aurum Flatware Cost Index (AFCI) was112 fifty years ago, today it is 2050.
Explain what Bob's "tit-for-tat strategic behavior" would be if he wished to see the game.
A manufacturing company leases a building for $100,000 per year for its manufacturing facilities. In addition, the machinery in this building is being paid for in installments of $20,000 per year. Each unit of the product produced can be sold for ..
Global Investment Group operatesin a perfectly competitive industry with the following Cost andRevenue data Average Total Cost = $2.50; Quantity sold =9000 Units; Price Per Unit = $3.50; Marginal Revenue = $3.50;Marginal Cost = $3.50:
A delivery truck costs $30,000 and has a salvage value of $5,500 after 6 years. Maintenance and operating costs are $8,500 for the first year and are expected to increase at 6% per year. What is the equivalent annual cost of owning
Supposed a firm faces an inverse demand function of p(y)=20-y and a total cost function of c(y) = a + y^2 What would be the economic interpretation of the variable a
What are the equilibrium price and quantity e. What happens to equilibrium price and quantity if other things remain the same as in part d but income increases to $52,000 f. What happens to equilibrium price and quantity if other things remain the ..
You are the manager of a small pharmaceutical company that received a patent on a new drug three years ago. Despite strong sales ($125 million last year) and a low marginal cost of producing the product ($0.25 per pill)
buy a computer for 2500 now keep it for 8 years and then sell it for 800. the computer is not expected to require any
In 2010, many unskilled workers in the United States earned the federal minimum wage of $7.25 per hour. By contrast, average earnings in 2010 were about $22 per hour, and certain highly skilled professionals, such as doctors and lawyers.
Two large firms are about to enter the market for a new pain reliever. Suppose that the demand curve is given by: Q = 2600 -400 P Where Q = number of bottles And P = price per bottle This means that the marginal revenue function is given by: MR = 6.5..
Assume that the average cost curve is U-shaped: What is the relationship between the average and marginal costs? What does the total cost curve look like?
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