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A purely competitive firm finds that the market price for its product is $30.00. It has a fixed cost of $100.00 and a variable cost of $17.50 per unit for the first 50 units and then $37.50 per unit for all successive units. Does price exceed average variable cost for the first 50 units? What is the average variable cost for the first 50 units? Instructions: Round your answer above to two decimal places. Does price exceed average variable cost for the first 100 units? What is the average variable cost for the first 100 units? What is the marginal cost per unit for the first 50 units? $ per unit for the first 50 units. What is the marginal cost for units 51 and higher? $ per unit for subsequent units. For each of the first 50 units, does MR exceed MC? For the units 51 and higher does MR exceed MC? What output level will yield the largest possible profit for this purely competitive firm? Producing units will maximize profit.
a. If the theater uses third degree price discrimination, what price will it charge for daytime tickets How many will be sold b. If the theater uses third degree price discrimination, what price will it charge for nighttime ticket How many will be ..
Modifying a product to increase its "value added" benefits customers and can enhance supplier profits. For example, suppose an improved version of a product increases customer value added by $25 per unit. (In effect, the demand curve undergoes a p..
(1) consumption = $400 billion; (2) investment = $40 billion; (3) government purchases = $90 billion; and (4) net exports = $25 billion. If the full employment level of GDP for this economy is $600 billion.
What are the equilibrium price and quantity e. What happens to equilibrium price and quantity if other things remain the same as in part d but income increases to $52,000 f. What happens to equilibrium price and quantity if other things remain the ..
The Mineola Corporation hires a consultant to estimate the relationship between its profit and it output. The consultant reports that the relationship is f = -10 - 6Q + 5.5Q2 - 2Q3 + 0.25Q4 a. The consultant says that the firm should set Q equal..
Consumers are located uniformly along a straight 1 mile road that leads from the one end of town to the other (no cross roads exists). Each consumer wants to buy one unit of a good from an existing store. The transportation cost or the cost of wal..
A company is considering producing a new children's bar soap. A market research firm has told the company that if they perform a survey the successful production of a favorable market occurs 65 percent of the time. That is, P(positive survey favor..
Suppose that a country has no public debt in year 1 but experiences a budget deficit of $40 billion in year 2, a budget deficit of $20 billion in year 3, a budget surplus of $10 billion in year 3, and a budget deficit of $2 billion in year 4.What ..
a. How much of each good will he demand b. A tax is placed on x so that x now costs Max $2 while his income and the price of y stay the same. How much of good x does he now demand. Would Max be as well off as he was before the tax.
In the United States, the capital share of GDP is 30%, output growth is 3%, the depreciation rate is 4% and the capital output ratio (K/Y) is 2.5. Assume the US economy is described by a Cobb-Douglas production function.
Jesse sells 400 candles per month at an average price of $5 per candle. Costs of supplies to produce and sell the candles are $500. Rather than producing and selling candles, Jesse could be working at a second job earning $800 per month.
what uniform price will he charge and how much profit will he earn. The following figure shows the demand and marginal revenue for a monopolist, who has many buyers with different valuations of the good.
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