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The short-run production function of a profit maximize firm is given by f(l) = 6l2/3, where l is the amount of labor it uses. The cost per unit of labor is w = 6 and the price per unit of output is p = 3.
(i) How many units of labor will the firm hire?
(ii) How much outputs will the firm produce?
Determine the profit-maximizing average monthly production capacity for DermaPlus for each of the possible reference-based prices identified by the consultant. Estimate the expected monthly profit in each case.
Assume that an economy producing two products, skateboards and in-line skates, is initially in equilibrium, and that skateboards and in-line skates are substitutes. If consumer preferences shift away from skateboards and toward in-line skates, which ..
what is the definition of price elasticity of demand? explain the relationship between price elasticity and total
Which input bundle represents efficient production of 100 units of output if the rental paid to capital is $25 and the wage paid to labor is $50? Round any decimals to the nearest hundredth. Derive the firm's cost function using the rental and wa..
What is the effect on the price of a recordable CD and the quantity of recordable CDs sold if a. The price of an MP3 download rises? b. The price of an iPod falls? c. The supply of CD players increases?
Suppose that the supply curve (private marginal cost) for a manufactured good is given by QS = 2P ? 2 and that the demand for the product is given by QD = 10 ? 2P. Find the price and quantity in market equilibrium.
Presume a product suddenly loses popularity and the firms producing the product begin to realize large losses. In response, entrepreneurs would:
Suppose nominal GDP in 2005 was $14 trillion, and in 2006 it was $15 trillion. The general price index in 2005 was 100, and in 2006 it was 103. Between 2005 and 2006, real GDP rose by what percent?
If three-quarters of the world’s cattle are killed by a new disease
1. with an economic perspective write a brief summary of the current event article- the washington postcoming soon to
Describe: 1) the process a firm should use in determining whether a particular production method should/should not be used AND 2) a factor or circumstance that could change the choice of production methods.
What was Morita drawing and what did he know about costing that the chain store representative was overlooking? Be sure to describe or chart the shape of Morita's costing sketch in your answer.
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