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1. Suppose the Demand for baseballs is given by Q = 200 - 8P.
a) What is the price elasticity of demand when P = 6?
b) At what price will Total Revenue be maximized?
c) What is the firm's Marginal Revenue when the price is $10?
2. Suppose there are n identical firms in a market. Each firm's cost function is given by C = 240+ 15q2, where q is the amount that an individual firm produces. This means that an individual firm's marginal cost is given by MC = 30q. Also, the market demand is given by P = 504 - 8Q, where Q is the total amount of the good produced by all of the firms combined. Therefore, Q = n*q.
a) How much output will each of them produce?
b) What will be the market price?
c) How many firms will there be in long run equilibrium?
Following is a multiple regression in which dependent variable is market value of houses and independent variables are the age of the house and square footage of the house.
Suppose the demand for a product is given by P = 40 - 4Q. Also, the supply is given by P = 10 + Q. If a $10 per-unit excise tax is lecied on the buyers of a good, then after the tax buyers will pay how much for each unit of the good.
The Australian government administers two programs that affect the market for cigarettes.
Where PX is price of donut; PC is price of coffee; M1 is Ross's income; M2 is Jennifer's income. Suppose Price of coffee is $10, Ross's total income is $1000 and Jennifer's total income is $2000. A) Find market demand function for donuts. If marke..
A cupola for a foundry was purchased for $3000.$500 more was spent on its erection and commisioning.The estimated residual value after 10 yeras was $700. A)calculate annual rate of depriciation. B)Determine the amount of depriciation at the end of ..
The price earnings ratio for each stock is determined through dividing the value of a share of stock by the earnings per share reported by the firm for the most recent 4-quarters.
Would an HMO entering the Medicare market expect to experience favorable or adverse selection?
The presence of autocorrelation leads to all of the following undesirable consequences in the regression results except:
What is the multiplier? How is it calculated? Why is the multiplier related only to consumption spending?
When the more current observations are more relevant to estimate of next period than previous observations, the naive forecasting method to employ is
What is the amount of 10 equal annual deposits that can provide five annual withdrawals, when a first withdrawal of $3,000 is made at the end of year 11 and subsequent withdrawals increase at the rate of 6% per year over the previous years rate if..
Lenny's, a national restaurant chain, conducted a study of factors affecting demand. The following variables were defined and examined for a random sample of thirty of its restaurants:
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