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John operates a small business out of his home and has very little in terms of fixed costs. Answer the next questions (Parts A and B) on the basis of the following cost data for John’s firm operating in pure competition. Output TFC TVC 0 $30.00 0.00 1 $30.00 70.00 2 $30.00 120.00 3 $30.00 150.00 4 $30.00 200.00 5 $30.00 270.00 6 $30.00 360.00 (Part A) Refer to the above data. If the product price is $70, at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations. (Part B) Refer to the above data. If the product price is $45 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
Households deposit $5,000 in currency into the bank that is added to reserves. Illustrate what level of excess reserves does the bank now have.
Suppose you purchase a $5,000 bond that pays 7 percent interest annually and matures in five years. if the inflation rate in recent years has been steady at 3 percent annually, what is the estimated real rate of interest?
Describe if the demand for the following products is price elastic or price inelastic, and explain your answer.
Suppose that McDonald’s overseas sales revenue in Europe totaled €10.00 billion in 2014 and is predicted to grow to €11.50 billion in 2015. From 2014 to 2015, what is the predicted growth rate of McDonald’s European revenues in terms of dollars? Expl..
For each of Marshall’s four rules of derived labor demand, come up with one example of an industry or job that you would expect to have especially elastic or inelastic labor demand based on that particular rule.
Illustrate what will the average total cost be after 1 unit is produced. Elucidate what impact does the dollar appreciation have on the firm's international competitiveness.
Suppose the initial price of apples is $1 per lb. and the price of orange is $2 per lb. A typical consumer has income $10 and spends all his income on the two goods. The consumer buys 4 lbs of apples at the initial price levels. Later the price of ap..
q.remington inc. purchases a machine that costs 700000 and has an approximate d useful life of 10 years a macrs
Solve for the amount imported, consumer surplus, and producer surplus. Suppose a per unit tariff of $64 is imposed by the government. Solve for the consumer surplus, producer surplus, government revenue and total surplus with the tariff.
The mayor of Denver wants to upgrade the public transportation system. In order to fund the improvements, the mayor proposes charging an extra $1 for each ride taken.
Six Sigma is deployed using the Define-Measure-Analyze-Improve-Control (DMAIC) project management framework. Identify an actual Six Sigma project and write one paragraph covering each of the DMAIC phases.
What happens if the price floor is above the equilibrium? and what happens when price ceiling is below the equilibrium?
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