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Given a numeric production schedule, you will calculate profit and make decisions about short-run profitability to answer questions relating to your calculations. Jerry's Lock Shop is a perfectly competitive firm, and Jerry is operating at his level of output, which maximizes profit. He can change locks for 20 different customers per day and charges each customer $35 for each lock. His total cost of changing locks is $800 and his fixed cost is $160.For each question, show the formula and the calculation as well as the final answer.
a. What is Jerry's marginal cost? Explain how you arrived at that answer.
b. Calculate Jerry's profit.
c. Advise Jerry regarding his short-run decision to produce. Explain how you arrived at that answer.
d. Advise Jerry regarding his long-run decision to produce. Explain how you arrived at that answer.
Show graphically the amount of the change that is due to the substitution effect and the amount of the change that is due to the income effect.
In 2003 the state of Arizona discuss that there was a shortage in correctional officers. Determine how correctional officers' wages are calculated.
Utilizing such areas as manufacturing and information technology or any related industry / areas that have had high job growth rates explain a scenario that would cause a shift in labor supply and demand.
Calculation problems should be proven by showing the process you used or the formula you applied to solve the problem.
Assume that the initially equilibrium was 200 units and that this was also full employment level of income. Suppose that the consumption is C = 25 + 0.8YD,
If graphed, would the curve for this equation slope upward or slope downward and are the variables C and Y inversely related or directly related?
As the manager of Pelican Point Financial Group, you are unable to determine whether any given individual is a high or low volume transaction investor. Design a self-selection mechanism that permits you to identify each type of investor.
Draw up a payoff matrix to illustrate your strategy and what are the likely implications of this for consumers
A special-purpose machine tool set would cost $30,000. The entire capital expenditure ($30,000) is to be borrowed with the stipulation that it be repaid by two equal end of year payments at 15% compounded annually. The tool is expected to provide ..
Suppose that Wal-World and Tarbo are independently deciding whether to implement a new bar code technology. It is less costly for their suppliers to use one system and the following payoff matrix shows the profits per year for each company resulti..
Which of the following industries is most likely closest to achieving perfect price discrimination? Which of the following is an example of a natural monopoly?
How do you think each of the following affected the world price of oil? (Use demand and supply analysis.)
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