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A number of stores offer film developing as a service to their costumers. Suppose that each store that offers this service has a cost function C(q)=50+0.5q+0.08q2 .(a) If the current rate for developing a roll of film is $8.5, is the industry in long run equilibrium? Explain.(b) If the firm is not in a long run equilibrium, find the price associated with long run equilibrium.(c) Suppose now that a new technology is developed which will reduce the cost of film developing (total cost) by%25. Assuming that the industry is in long run equilibrium, how much would any one store be willing to pay to purchase this new technology?Problem 3You are given the following information about a particular industry:
Qd=6500-100PQs=1200Pc(q)=722+q^2/200
Where QD is the market demand, QS is the market supply and MC(q) is the firm total cost function.Assuming that all firms are identical, and that the market is characterized by pure competition,(a) Find the equilibrium price, the equilibrium quantity, the output supplied by each firm and the profit of the firm in the short run.(b) Would you expect to see entry into or exit from the industry in the long-run? Explain. What effect will entry or exit have on market equilibrium?(c) What is the lowest price at which each firm would sell its output in the long run? Is profit positive, negative or zero at this price? Explain.
Select an organization you work for or are familiar with. Could the organization you have chosen lower prices to increase revenue?
During the 4th-quarter of 1993, real GDP in US increase at an yearly rate of over 7 %. During 1994, the economy continued to expand with modest inflation
Assume buyers in the used car market are willing to pay $3,500 for a plum used car and $1,500 for a lemon used car. If buyers believe that thirty percent of the used cars.
Briefly Explain how the Gross Domestic Product (GDP) affected the recession in the United States throughout the late President Bush and early President Obama years.
Derive a total revenue function and a marginal revenue function for the firm. Calculate the profit maximizing level of price and output for One and Only Inc.
You've been appointed by an unprofitable firm to determine whether it should shut down its unprofitable operation.The firm currently employs 70 workers to produce 300 units of output per day.
Assume total benefits and total costs are given through B(Y) = 100Y-8Y(squared) and C(Y)=10Y(squared). Determine the maximum level of net benefits?
What kind of market structure exists for the oil producers (i.e. the ones who pull it out of the ground and ship and sell it as crude oil)? What does this market structure tell us about the pricing
Identify which of the determinants of demand or supply are affected and also indicate whether demand or supply increases or decreases.
Southcoast Oil's fixed costs are $2,500,000 and its debt repayment requirements are $1,000,000. Selling price per barrel of oil is $18 and variable costs per barrel are $10.
Levi Strauss successfully markets Levi jeans on the History channel as a way for older men to stay young forever. What will happen in the jeans market ceteris paribus?
What is the relationship between productivity and the cost of production, and how does the cost of production vary over the short- and long-run?
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