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(1)Suppose a firm produces and sells its output at $38 per unit, in what market is such a firm operating? Provide a brief explanation.
(2)Determine the economic capacity of the firm in part(1) if the firm's total cost function is TC(Q)=40Q-2Q2 +0.5Q3
(3) For the same firm determine the output that will maximize its profit
(4) How much profit (if any) could this firm earn by producing this profit maximizing output?
(5) What is a monopolistic competitive firm? Given the same resources with a firm in a perfectly competitive industry, how could output and prices (of output) be different for both firms?
Comment on the statement. Do you agree with the speaker? Explain. Use a graph to illustrate the answer indicating the firm's short-run cost structure
What are the efficient quantities for each of the two periods? What are the correspondingprices and MUCs?
Elasticity of demand for a good with respect to its own price, yet pay careful attention to the algebraic sign of the elasticity of demand for a good with respect to another good's price.
In the economic model of the fishery developed in this chapter, compare the effect on fishing effort of an increase in cost of a fishing license with an increase in a per-unit tax on fishing effort that raises the same amount of revenue. Assume th..
Small firms can discover the abilities of their workers more quickly than the large ones because they can observe the workers more closely at a variety of tasks. Does it then make sense for people with high abilities to go to smal firms.
a hotel chain which gives it priority access to 25 percent of its rooms in major tourist destinations throughout the year. The contract encourages the hotel chain to increase the number of rooms in each of these hotels.
Consider some of products which are widely advertised on television. By what type of firm is each produced the perfectly competitive firm, an oligopolistic firm, or another kind of firm? How many major products can you think of that are not advert..
Explain how one of the components of the GDP would help you to predict the amount of inventory to keep in stock if you were the owner of a retail store and were placing a merchandise order for the next few months.
Supposing that when the three firms set the same price they share the market evenly, demonstrate that collusion at the monopoly price is not sustainable, using the Bertrand Nash Equilibrium of marginal cost pricing forever as the punishment strate..
Suppose Jonah and Carlos have a contract, which Carlos chooses to breach. Jonah sues, and a court orders Carlos to pay him the amount he expected to gain at the time they made the contract, net of any amount he actually did receive after the breac..
Suppose there are three countries in the world. Country A exports $11 million worth of goods to country B and $5 million worth of goods to counrty C, country B exports $3 million worth of goods to country A and $6 million worth of goods to counrty..
What market structure is used to benchmark allocative efficiency and why do we use it? Illustrate and explain using a diagram
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