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Suppose you are the manager of a small pharmaceutical firm that received a patent on a new drug 3-years before. Despite strong sales ($125million last year) and a low marginal cost of manufacturing the product ($0.25 per pill), your firm has yet to demonstrate a profit from selling the drug. This is, in part due to the fact that the company spent 1.2 billion developing the drug and obtaining FDA approval. An economist has estimated that, at the current price of $1.25 per pill, the own price elasticity of demand for the drug is -2.5. Based on this information, what can you do to boost profits? Explain
The box industry was perfectly competitive. The lowest point on long run average cost curve of each of identical box producers was dollar four, and this minimum point occurred at an output of 1,000 boxes every month.
A. In 1996, many cows in Great Britain came down with "mad cow disease". As a result, the nations of European union banned the import of British beef.
Describe each of the subsequent using supply and demand diagrams.
Calculate the marginal and average variable product of each unit of labor input. Hint: plot your Units of labor and Units of Output vertically. Calculate total, average total, average variable, and marginal costs.
When negative or positive externalities exist economists say that market has unsuccessful to make the right amount of the good at the right price. What do economists mean through this?
On Valentines Day, the prices of flowers and chocolate are usually high compared to other times. How do the principles of demand and supply describe the reasoning behind such price increases?
Rcognize the three phases of production and describe why the firm short run production has only one rational stage of production.
How foreign direct investment influences the wages
A price floor is set by the government to protect the producer of the good to which price floor has been attached. There're two possible outcomes for market in price floor setting.
Management at the Johnston Corporation estimates a demand function for its lawnmower line to be:Explain the coefficients of each explanatory variable.
Explain why are prices usually higher for goods or services in London as opposed to Newcastle, or New York as opposed to San Fran?
Discuss and explain supply and demand as well as elasticity concepts of Walmart. Incorporate these ideas to validate how the corporation establishes its pricing strategy.
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