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1. Graph a short-run production function, and the marginal and average products of that function. Label the stages of the function. Make sure your graph and stages show the correct relationships between MP, AP, and the stages. 2. A clothing store is considering implementing a job training program for temporaryworkers during the holiday rush, in a perfectly competitive labor market:MRPUntrained $100/dayDuring training $20/dayTrained $150/dayTraining lasts for 2 weeks (5 work days/week), and workers would remain employedfor 6 more weeks after training is over. (a) Suppose that this training involves learning to use the cash register, properly folding clothes, and basic customer service. Who would benet from this training, the workers or the rm? Would that party choose to implement the training program, or not? If it were implemented, what would worker pay be during each period (before, during, and after training)? (b) Now suppose the training involves learning the specic policies of the company and more about their specic clothing lines. In this case, which party would benet from the training? Would it be implemented? And what would worker pay be during each period?
Determine the output level, price, and profits that will occur in long-run equilibrium. Assume a high-price, low-output scenario assuming a parallel shift of the firm's demand curve. Be sure to explain what you are doing and why.
The demand for an oligopoly is P=75-2Q. The firms have cost functions TC1 = 3q1+q TC2 = 18q2+q2² a. Determine the profit-maximizing output under collusion. b. Calculate the equilibrium price under collusion. c. Determine if the firms should collude .
A firm's total revenue is given by; TR= 30Q-Q^2 Its total cost function is given by TC= Q^2+10Q+10 a.find the profit maximizing output b.what price will the firm charge to maximize its profits
Economan has been infected by the free enterprise bug. He sets up a firm on extraterrestrial affairs. The rent of the building is $4,000, the cost of the two secretaries is $40,000, and the cost of electricity and gas comes to $5,000.
Determine the uniform quarterly series in quarters 0 through 12 of a cash inflow of $5,000 in quarter 1; $10,000 in quarters 2 to 5; and $12,000 in quarters 6 - 12 with an interest rate of 15 %.
What is the minimum increase in income necessary for the consumer to be as well off under price px = 1, py = 2, as she/he was at prices px = 1, py = 1 Explain why the percentage increase is smaller than the increase in the CPI for the consumer
A consumer has a monthly budget of $100 for buying breakfast which he spends entirely on donuts (x) and breakfast burritos (y) from his favorite fast food restaurants. Donuts cost 50 cents each and Burritos cost $1 each.
You are buying a new car for $20,000. You signed a contract for the loan for 4 years. Your loan has an interest rate of 12% interest (APR). You make monthly payments and the interest is compounded monthly. What is the monthly interest rate
A family is taking a 10 day vacation, the only one possible due to busy schedules. 2 possiblilities: Someone will get sick and ruin vacation (so no vacation days) or no one will get sick and they will have 10 vacation days.
The three tools the Federal Reserve Bank (The Fed) uses when conducting monetary policy are the required reserve ratio, the discount rate, and open market operations.
X and Y are two random variables. The average value of X is 40,000 and X has a standard deviation of 12,000. The average value of Y is 45,000 and the standard deviation of Y is 18,000. The correlation between X and Y is 0.80.
If the monopolist is left unregulated, what are the market price and quantity, the monopolists profit, consumer surplus, producer surplus, total surplus, and dead weight loss. If the monopolist is forced to produce where P = MC, what are the eq..
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