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1. Demand estimation - Explain briefly the concept of a demand curve and how the market experiment allows it to be known. Explain the procedure in estimating it. State your estimated demand curve. Discuss how well regressions fit the data and give a warning on when your estimates should or should not be used.
2. Cost estimation - Explain how you estimate costs. Show total costs as function of output quantity, and comment on how closely it fits the data. Discuss what marginal costs you estimate and why they might differ from the wholesale cost of inputs. Discuss what might render your estimates obsolete.
3. First price recommendation - Present your recommendations for a profit-maximizing price under the assumption the market conditions and production technology remain stable. Forecast revenue and profits at that price.
4. Second price recommendation - Present your recommendations for a profit-maximizing price assuming costs change so that the fixed cost becomes $3,100,000 with constant marginal cost of $6 per unit of output. Give revenue and profit targets.
In a speech in late 2011, President Barack Obama argued that: "Probably the single greatest cause of the financial crisis and this brutal recession has been the housing bubble that burst four years ago. Discuss in 500 words " What did president mea..
At $300, a total of 10,000 ounces of output is profitable. Similarly, total production increases by 5000 ounces for each sucessive $100 increase in the price of gold. Describe the relevant relationship between the price of gold and the production ..
Give a comprehensive definition of equilibrium in relation to firms and conditions necessary for it to be realized.
What would happen if the tax was paid once only instead and describe the effect of the introduction
questions related to the articles from The Economist:- Are price controls good or bad? - What do price controls have to do with basketball?- What is the consumer surplus of the internet?
Compute the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase.
Describe the crowding-out effect of an increase in government purchases. Why does the magnitude of the crowding-out effect depend on how responsive interest rates are to increased government borrowing and how responsive investment is to changes in..
Find the Nash-Coumot Equilibrium level of output for each firm - Construct the expected payoff grap is for each firm. and find the Nash Equilibrium mix of billboard and magazine advertising for each firm. Show all of your work.
Given these news reports, does the Massachusetts alcohol industry consider alcohol and marijuana substitutes or complements? What does the industry believe would happen to the demand for alcohol in Massachusetts with the liberalization of marijuan..
Suppose a firm uses 2 inputs to produce one output. Can you derive an optimality condition for conditional factor demand for the first input if the second factor is fixed in the short run? How does it look like?
Republicans are already eyeing changes to the inflation measure as a way to meet their goal of halving the budget deficit by 2002. The CPI is used to adjust social security and other benefits, and income-tax brackets, for inflation." The suggested..
Most religions argue that individuals should not fully exploit market positions by charging individuals the maximum amount they are willing to pay. However, according to the text, the best policy to follow seems to be to allow prices to rise to th..
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