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1. You are the manager of a Mom and Pop store that can buy milk from a supplier at $3.00 per gallon. If you believe the elasticity of demand for milk by customers at your store is -4, then what is your profit-maximizing price?
2. You are the manager of a gas station and your goal is to maximize profits. Based on your past experience, the elasticity of demand by Texans for a car wash is -4, while the elasticity of demand by non-Texans for a car wash is -6. If you charge Texans $20 for a car wash, how much should you charge a man with Oklahoma license plates for a car wash?
3. A monopoly produces widgets at a marginal cost of $10 per unit and zero fixed costs. It faces an inverse demand function given by P = 50 - Q. Which of the following is the marginal revenue function for the firm?
4. A monopoly produces widgets at a marginal cost of $10 per unit and zero fixed costs. It faces an inverse demand function given by P = 50 - Q. What is the monopoly price?
5. Suppose P = 20 - 2Q is the market demand function for a local monopoly. The marginal cost is 2Q. The local monopoly tries to maximize its profits by equating MC = MR and charging a uniform price. What will be the equilibrium price and output?
The question is belongs to Economics and the question is an illustration where you have just won a lottery of €1 million (Euros) after deducting taxes.
Assume that the firm buys a machine for each worker that increases the marginal productivity of each worker, which would be reflected by an increase in the total product, marginal product, and value of marginal product columns.
During 1980's the movie Wall Street seemed to accurately capture themes of the day. Michael Douglas starred in movie as Gordon Gecko
According to the life-cycle / permanent-income hypothesis, consumption depends on the present discounted value of income. An increase in the real interest rate will make future income worth less, thereby reducing the present discounted value and r..
Suppose that a risk-neutral investor has a choice between buying a one-year bond paying 4 percent today, a two-year bond paying 5 percent today, a three-year bond paying 5.3 percent today, or a four-year bond paying 5.5 percent today,
it is unfair but true that bad things happen. unfortunately when people expect bad things to happen they often make
Use IP and formulate the best grocery items Arial should buy based on the table below. Also, due to storage constraints, Arial cannot buy more than seven of each item.
Calculating Price Elasticity of Demand) Suppose that 60 units of a good are demanded at a price of $6 per unit. A reduction in price of $0.70 results in an increase in quantity demanded 75 to units. Show that these data yield a price elasticity of __..
Using a supply and demand diagram, demonstrate how a positive externality leads to market inefficiency. how might the government help to eliminate this inefficiency.
pareto optimality states a change is efficient as long as at least one person is better off and no people are worse off
If you come upon an interesting subject relating to your work or any other non-economic publication that can be explained in light of the theories learned in this class, you may be able to substitute this as the basis article. Discuss the article ..
Analyze the effect of the political economy on trade agreements and policy - Analyze the various countries to which the United States actively trades or has an embargo upon.
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