What is the value of lerner index at profit-maximizing price

Assignment Help Business Economics
Reference no: EM131007716

Rick sells hamburgers, facing no competition the demand for his burgers is: Q=1000-2P, where Q is the quantity of burgers sold per week and P is the price of a given hamburger. Suppose Rick’s monthly cost is given by: TC= 1000+100Q A. Rick hires Jack to advise him on the best price to charge for his burgers. Wishing to Max Rick’s profit, what should Jack recommend Rick to Charge? What will be rick’s weekly profit at this price? What is the value of the Lerner index at Rick’s profit-maximizing price? B. If the town government forced rick to produce at the perfectly competitive quantity, what would be Rick’s price and quantity, as well as profit? if this is assuming that rick is the only person in the market can the charge whatever he wants for a burger..

Reference no: EM131007716

Explains how to set up a festival booth

Explains how to set up a festival booth. Be sure to offer a clear heading that summarizes the task, use numbered lists if and when necessary, and do not mix instructions with

What is effect of years of schooling on economic development

What is the effect of years of schooling on economic development? Once we control for the quality of education, what happens to the effect of years of schooling on economic de

What is your opinion of moral hazard concerns

Should government help the large banks and brokerage firms and "bail them out" of these bad loans? How much help should be given to borrowers who are in trouble with their mor

Using the sum-of-years digit method of depreciation

Using the sum-of-years digit method of depreciation, find the amount of depreciation to be charged off each year on an RV Camper purchased byan Account in Firm. The RV Camper

Senior citizens and students have a relatively more elastic

Senior citizens and students have a relatively less elastic demand compared to other potential moviegoers. The government requires lower prices for senior citizens and s

Draw the production possibility frontiers

Consider two countries, the United States and India, producing two commodities, food and clothing. The United States needs one and a half hours of labor to produce a unit of f

Network management strategy

For this assignment, you will create a network management strategy. Such a strategy can add value to your network by improving and updating your monitoring tools and ensurin

General equilibrium-contract curve for initial allocation

Bert has an initial endowment of 10 units of food and 10 units of clothing. Ernie’s initial endowment consists of 10 units of food and 20 units of clothing. Represent these in

Reviews

Write a Review

 
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd