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The inverse demand a monopoly faces is p = 100−Q+A0.5, where Q is quantity, p is the price, and A is its level of advertising. Its marginal cost of production is constant at $10 (no fixed cost), and its cost of a unit of advertising is $1. (a) Write down the monopolist’s profit equation. (b) Solve for the monopolist’s profit-maximizing price, quantity and level of advertising.
If gold was made "legal tender" in those states, how effective do you think gold would be as (1) a medium of exchange (2) a standard of value and (3) a store of value in those states? Explain your reasoning.
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases
Illustrate what will be the level of output and price in the long run if this industry were perfectly competitive.
A small monopoly manufacturer of widgets has a constant marginal cost of $10. The demand for this firm's widgets is Q = 105 - 1P. Given the above information, calculate the social cost of this firm's monopoly power.
The market demand curve is Q = 38 -P. There are two firms: firm1 and firm 2. One has MC=2 and the other has MC= 5. They choose outputs simultaneously (the cournot model).What output is chosen in equilibrium
Suppose we have two types of consumers (for simplicity we’ll assume that there is one person of each type). They have inverse demand curves given by: Take the partial derivative of the profit function with respect to q2. At the margin, explain the tr..
Economies of scale exist whenever:
When he took over the furniture factory three years ago [the manager] realized almost immediately that it was throwing away at least $100,000 a year worth of wood scrap.
In an economy with income taxes, if the marginal propensity to consume were 0.8, the tax rate on income were 0.2, and the marginal propensity to import were zero: (a) How large an increase in government spending (with no change in taxes) would be req..
The Port Authorities of New York and New Jersey estimate that the annual net revenues for the George Washington Bridge (GWB) will total $13M by the end of this year (t=1). At the end of three years (t=4) you expect a toll increase of 10%. Revenues wi..
q1. suppose demand function for good x is estimated to be qx 8000 - 400px 200py 0.5inbspi average income px price
Zigs Industries had the following operating results for 2011: sales = $29,820; cost of goods sold = $19,810; depreciation expense = $5,300; interest expense = $2,640; dividends paid = $1,500. At the beginning of the year, net fixed assets were $17,23..
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