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1. All-you-can-eat restaurants allow customers to eat as much as they want for a fixed price. These types of restaurants must make money or they would not remain in business. How can they earn profits when people can always eat more which would increase the restaurant's costs as they eat more? What principle are the restaurants relying on? How does this work?
2. For which types of business organization is unlimited liability going to apply to - a sole proprietorship, a partnership or a corporation? Now explain out of those business organizations, for which one will unlimited liability be the greatest problem for? Why?
3. Suppose a consumer is at an optimum, consuming 6 hamburgers a week at a price of $1.50 each and 10 donuts a week at 50 cents a donut. If the price of a hamburger increases to $2.00, what will the consumer do to arrive at a new equilibrium? Why?
4. You expect to receive a payment of $200 one year from now.Your discount rate is 5%. What is the present value of the payment to be received ?Suppose that your discount rate rises to 6%. What is the presentvalue of the payment to be received?
Think that the following entry game. Here, company B is an existing company in the market, and company A is a potential entrant. Company A must decide whether to enter the market or stay out of the market.
Larry, Curly, and Moe run the only saloon in town. Larry wantsto sell as many drinks as possible without losing money. Curlywants the saloon to bring in as much revenue as possible. Moe wantsto make the largest possible profit.
what are the trade offs involved between current and future consumption/production? In the absence of government intervention, would we expect the consumers/producers to make optimal intertemporal decisions?
Jen left a job paying $75,000 per year to start her own florist shop in a building she owns. The market value of the building is $100,000. She pays $30,000 per year for flowers and other supplies
Assume that a hypothetical economy with an MPC of 0.75 is experiencing a severe recession. 1. By how much would government spending have to rise to shift the aggregate demand curve rightward by $50 billion 2. How large a tax cut would be needed to ac..
use a graphical illustration to describe briefly what the influence of each of the following would be on the market
Discuss industry concentration, demand and market conditions, and the pricing behavior of Kodak in the 1990s. Do you think the industry environment is significantly different today? Explain.
What difference does it make, if any, if technology is moving very fast in the market so that this game proves to be one-time-only simultaneous play?
n a competitive market place (pure competition) is it possible to continually sell your product at a price above the average cost of production.
Suppose the annual inflation rate is at 2% and 8.5% of the labor force is currently unemployed. If you were on the Fed's Open Market Committee, what action would you prescribe? How would this affect the economy, the inflation rate, and the unemplo..
A television station is planning the sale of promotional DVDs. It can have DVDs manufactured by one of two suppliers. Supplier A will charge the station a set-up fees of $1,200 plus $2 for each DVD.
Which of these two approaches are preferable(explain them).State the crdinalist and ordinalist conditions for consumer equilibrium.
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