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A firm produces digital watches on a single production line serviced during one daily shift; The total output of watches depends directly on the # of labor hrs employed on the line. Max capacity = 120k watches per month: this output requires 60k hrs of labor per month. Total fixed cost =600k per month, wage rate =$8 per hr and variable costs avg $6 per watch. The marketing estimate of demand is P=28-Q/20000 where P denote price in s and Q is monthly demand. How many additional watches can be produced by an extra hr of labor? What is MC of any additional watch? As a profit maximizer what price and output should the firm set? Is production capacity fully utilized? What contribution does this product line provide? The firm can increase capacity to 100% by scheduling a night shift. The wage rate = $12 per hr. Answer questions in part A in light of new option Suppose demand for the firm's watches fall permanently to P=20-Q/20000. With the fall of demand, what output should the firm produce in the short run, in the long run? Explain.
Confirm your quantity and price results algebraically and calculate the price elasticities of demand in each market and discuss these in relation to the prices to be charged in each market.
what determinants affect supply and what affect demand. Once you have drawn in your change, write a short explanation for each question discussing what would be the new equilibrium price and quantity levels because of this change.
I need to determine if a movie rented from Redbox is or is not in the same market as a movie seen at a Movie Theater. I know both items are related because they deal with the same product movies.
What would be the effect of each of the following on the supply of salsa in the United States? In each case, identify the responsible determinant of supply.
a knitting mill sells about 20000 units of its product per year at an average price of 10 each. fixed costs amount to
Explain what happens to a market when Supply and Demand are not in equilibrium. Provide two instances from your personal experience when you observed the "disequilibria" of supply and demand in the market,
The cost of other variable inputs is $2,000 per day. You are told that the firm's fixed cost is high enough so that the firm's total costs exceed its total revenue.
Determine to the extent possible the relative market shares of these firms. Discuss the degree of concentration in the industry using CR4, other n-firm concentration ratios, H-H indices, etc.
Many people shy away from careers in selling, often because they think they are not outgoing enough, or because salespeople are dishonest or pushy. In this weekly research paper, describe your most memorable experience with a salesperson that was ..
Describe the factors that may cause economies and diseconomies of scale. Give an example of each. Describe the economic concept of the law of diminishing marginal returns. Please give an example. Why is this important?
Is Publix the monopolistic competition, oligopoly, monopoly, or perfect competition? Justify your classification of firm and employ the characteristics and features of the different market structure to determine which market structure to classify ..
Sweetgrass Radiology Labs has a fixed amount of radiology equipment. The laboratory can hire any number of radiology technicians per hour to produce radiographs, which are displayed on a screen.
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