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1. You have the choice of opening your own business or being employed by someone else in a similar type of business. List 4 considerations in terms of opportunity costs that you would have to consider before arriving at your decision? Briefly discuss.
2. As the CEO of a corporation it is important for you to understand the mechanics of supply and demand both in the short run and the long run. Give 3 examples of a company whose business was either helped or hurt because of supply or demand in the marketplace where they were competing?
3. The craft unions (electricians, carpenters) possess considerable power to raise wages than do industrial unions (automotive workers, steel workers, etc.) How would you explain this in terms of demand elasticity?
4. You have been asked to produce a forecast for your company's new product (bottled water). List and briefly discuss 4 factors you would consider before giving the forecast?
5. As CEO you decide you should take advantage of "economies of scale" by increasing your output, thereby spreading out your overhead costs. Do you agree with the CEO? Briefly explain the + and - of this statement?
The Law of Demand states that the demand for a product is inversely related to the cost of such product.
Suppose the firms compete in quantities. If firm 1 deviates from collusion in one period, what is the profit of firm 1 in that period in subsequent periods.
Explain why government regulation is or is not needed, citing the major reasons for government involvement in a market economy. Provide support for your explanation.
Illustrate what would happen to the profit maximizing level of output if the market price suddenly rose to $54 per case. Explain why the output level changes.
Explain how the short-run Phillips curve, the long-run Phillips curve, the short-run aggregate supply curve, the long-run aggregate supply curve, and the natural rate hypothesis are all related.
Now suppose Starbucks introduces world to premium blends, and so demand rises substantially.
What is the opportunity cost of Josephine's trip to the wedding
what should you do when the manager of a perfectly competitive firm whose short run cost is TC = 100 + 160Q + 3Q2. If the market price is $196.
Why might variations in the dollar's value in terms of other currencies cause the trade deficit to move independently from the changes in the government budget deficit.
Canon will receive payment from its dealers on August 28th, 2012. Assuming which Canon needs to cover its expenses in Japan
Calculate the coefficient of price elasticity (midpoints approach) for Goldsboro's supply. What was Diane's economic profit.
The Department of Public Works also Highways (DPWH) is considering the construction of a new highway through a scenic rural area.
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