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Presume that a firm has its policies determined by a manager whose objective function is to maximize sales, i.e. revenues, without letting profit drop below some fixed level, m. Let R(y,a) denote firm's revenue when the level of production is y and the advertising level is a. Let C(y) denote cost of manufacturing y units of output and p is the per unit price of advertising. We assume dC/dy>0, dR/da>0.
1. Setup constrained optimization problem of the firm. a can be positive or 0.
2. Derive the first order conditions that maximize the firm's objective considering that a can be positive or 0. Assume now that a>0. Derive 2nd order conditions that ensure max profit.
3. Will the output chosen by the firm be equal to, less than or greater than output chosen under profit max?
consider a market where supply and demand are given asqd 56 - 2p qs -10 psuppose the government imposes a price
is there good reason to believe that evening customers purchase on average more than day customers? support your
During the 70's and 80's the goverment of many countries in Europe and North America banned the advertisement of cigarettes on televisions. Suprisingly, this attracted little protest from the cigarette manufacturer's.
Find the equilibrium price and quantity both algebraically and graphically.
Draw the consumers budget constraint
other things the same, a fall in the economys overall level of prices tends to 1.rise both the quantity demanded and supplied of goods and services 2.rise the quantity demanded of goods and services, but lower the quantity supplied3.lower the quantit..
From an economist standpoint, why might there be more research, development, and innovation occuring in oligopolistic market structure than in any other?
what factors influence a firms competitive strategies? how does global economic competition impact the price elasticity
1. What do you think will be the basic problem of financing Social Security in the next 25 to 30 years 2. What would be the benefits of an open, free market for human organs 3. What do you think of a recommendation to privatize Social Security
greener grass company ggc competes with its main rival better lawns and gardens blg in the supply and installation of
1. assume that a monopolist has a demand curve given by p 1500 - 4q and tc 100 5q2 with mc 10q.a if the firm
True&False: If George types 50 words per minute and Mary types 120, then it certainly makes more sense for Mary to be employed as a secretary than for George to be.
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