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a. All along the central and northern coast of New south Wales there are motels offering basis accommodation -some of it within easy walking distance of the beach. During the school holidays and at other peak times the room rate is over $150 a night.
But in the off-season, when the kids are back at school, one can find rooms for as little as $60 a night. Assume the average fixed cost of a room per night, including local government rates, insurance, taxes and depreciation, is $75.
The average guest-related cost for a room each night, including electricity, water, cleaning service and linen, is $40. Would these motels be better off renting rooms for $60 in the off season or shutting down until the school holidays come round again? Explain your answer with proper graph/s.
At which rate will there be an excess supply of money? What does this mean? Describe in detail the adjustment process in the money market when there is an excess demand for money.
What will be the immediate impact on wages in each of the regions in the short run (before any migration between the North and the South occurs)?
In our analysis of international trade, a country becomes an exporter when the price without trade is below the world price and an importer when the price without trade is above the world price. Does that conclusion hold in your answers to parts (..
You're the manager of monopoly. A typical consumer's inverse demand function for your firm's product is P=100-2Q and your cost function is C(Q)=20Q. Find out the optimal two part pricing strategy.
A chemical production facility that is under construction is expected to be in full commercial operation one year from now. Once full operation, the facility will generate $85,000 cash profit daily over the plants service life of 8 years.
When the CR = 80%, is the market efficient when the market behavior follows the price leadership model?
(a) Will a monopolist's total revenue be larger with second-degree price discrimination when the batches on which it charges a uniform price are larger or smaller Why (b) How does a two-part tariff differ from bundling
Explain, using diagrams, why a monopoly can potentially earn super-normal profit in both the short run and the long run, while perfectly competitive firms can only earn normal profit in the long run.
Describe the legal environment of business, the sources of American law, and the basis of authority for government to regulate business.Explain basic court procedures, types of courts, and alternative dispute resolution methods.Use technology and in..
A fundamental characteristic of oligopolies is the tendency for them to follow price leadership and to act in harmony in the setting of prices, while monopolistic competitors will find it possible to earn only normal profits in the long run
When GDP is high or increases does it indicate higher income If so when GDP per capita increases why do saving ratios decrease when savings is income induced ie a rise in income increases savings and a decrease in income decreases savings
Analyse a range of current economic issues and problems and develop and communicate economic arguments in a variety of forms.
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