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Q1. An individual wants to start a business at which he expects to make 50,000$. Getting a license for the business costs 35,000$. The chance of getting caught without a license is 1/10, in which case he gets a fine of 50,000 $. Would he get a license if he is risk averse with utility U(x) = √x? What happens if the probability of getting caught increases to ½? Can you propose an alternative to increasing law enforcement?
Q2. As the sales manager of an appliance store, you sometimes visit outlets run by your competitors. Six months ago you noticed that their prices were very close to yours. Yesterday, you observed that their price have decreased and yours have not. Nevertheless your total unit sales have increased over this period. Assuming rational buyers and no deceptive advertising, how can you account for this?
Visualize you are a manager for good or service used. From results of the deterioration equation, recommend strategies to either preserve demand if an increase over 3 periods occurs or improve demand
What can be accomplished about the impact of transportation costs on the price of the traded product in each trading nation.
Fully explain your answer in a way that shows your understanding of monopolies. Your paper should be two to three double-spaced pages and formatted according to APA style as outlined in the Ashford Writing Center.
Explain what occurs when a new technology makes another one obsolete in terms of economic profit.
What is a one invention that had good impact on the international economy and why. What were the impacts of this invention were impact good or bad.
Support your answer amid an illustration which shown market equilibrium for chocolate bars which comprise x and y interrupts of the curves and label them accordingly.
Assume that this is a pass/fail assignment, where the passing grade is low enough that one person can produce a passing paper.
Price elasticity of demand is 1.5 and a firm raises its price by 20 percent the quantity sold by the firm will ceteris paribus.
Depict the von Neumann-Morgenstern utility index u in a diagram
Identify your fixed and variable costs at your fast food restaurant, and explain the changes to each of these costs, given the increased demand.
Find Equilibrium GDP (Y). If potential GDP is 1950, is the economy in a recessionary or inflationary gap. Suppose that the MPC, falls to 0.75, so C = 0.85DI. Find Equilibrium GDP.
Do you believe that profit (or shareholders wealth) maximization still represents the best overall economic objective for today's corporations.
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