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Assume that Company Joy has the following production function:
Q=LxC.
The price of Labor (L) is $50 for each unit and the price of capital (C) is $20 per unit. How much labor and capital should Joy employ to produce 100,000 units? Find out the total cost of production?
Name any good or service which has a noticeable recent price change. Using concepts of supply and/or demand, what are some possible explanations for this change in price?
Two partners who owns IT Business Solutions, a company supplying specialist software, operate out of an office in Fourways, Johannesburg but have discovered a vacant office building close to Sandton City.
Assume the labor force decreases in size due to the large number of people reaching retirement age and subsequently entering retirement. At the same time real interest rates in the economy fall. What will happen in the economy?
Office building maintenance plans call for stripping, waxing, and buffing of ceramic floor tiles. This work is often contracted out to office maintenance firms, and both technology and labor requirements are very basic.
Explain the law of diminishing returns in your own words. This idea can be applied to other concepts in economics. Think about your own utility from consumption. Give a personal example of diminishing utility.
A manager at strateline manufacturing much choose between twoshipping alternatives: two day freight and five-day freight. Using five day freight would cost $135 less than using two day frieght.
The marketing team for a restaurant wants to estimate the price elasticity of demand coefficient for its steak dinner. It priced its dinner at different price points in local restaurants to see how many would be sold at different prices.
How much total utility does the consumer receive
Could you identify and describe the concepts of scarcity and opportunity costs. Also, explain the laws of supply and demand and how they are related to the concepts of scarcity and opportunity costs in decision-making.
Explain the law of demand. Why does a demand curve slope downwards? Distinguish between a change in demand and a change in quantity demanded.
Question about micro economics- Sam Smith owns an internet radio company that has subscribers in Houston and Dallas
A small town is served by many competing supermarkets, which have constant marginal cost. Using the diagram of market for groceries, show the consumer surplus, producer surplus, and total surplus.
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