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Suppose as a manager of a profitable department store you are confronted with a pricing problem. You have two types of customers: a high-end type that are willing to pay a price of $25 for a pair of Levis Jeans, and a low-end type customer that are willing to pay a price of $15 for the same pair of jeans. Your marginal costs are $13 per jeans. Your survey of your customers for jeans tells you that 60% of your customers are of the high end type and 40% are of the low end type.
(a) If you decided to price high, what would be your expected profits per unit.
(b) If you decided to price low, what would be your expected profits per unit?
(c) Which pricing will you choose, based on the expected pricing per unit.
Suppose the US government requires firms to provide Workers Compensation Insurance Coverage for its employees. How does this mandate affect labor market outcomes (employment and wages) when workers’ valuation of Workers
Over the past year the inflation has been 10%. The price of a used Ford SUV has fallen from $6,000 to $5,000, or 16.6%. By what percentage has the real price fallen?
Suppose that the cost of a unit of capital is r and the price of a unit of labor is w and the level of output is y. Write down the long-run total cost as a function of w, r, and y.
Discuss why commercial labor norms are superior to subsistence labor norms when one needs to create wealth.
Assume that students and non students have revealed their group demands for junior college education, a public good, as follows: Q=1500-0.25P, Student demand , Q=4000-P, non student demand, Where Q is the number of students educated per year and P is..
Compute a 99% confidence interval rather than a 90% confidence interval. The increase in confidence indicates that we have a better interval.
q1. the demand for good x is estimated to be qxd 10 000 - 4px 5py 2m ax where px is the price of x py is the price
In the long run the interest rate adjusts to adjust to balance the supply and demand for loan able funds. In the short run, the interest rate adjusts to balance the supply and demand for money. Discuss.
If the bank compounds interest yearly, explain how much will you have in your account on January 1, 2015
Summarize the components that support the Cobb-Douglas function, as well as its shortcomings. How are regression results evaluated? Is any single way better than another? Explain your answer.
based on market research a film production company in ectenia obtains the following information about the demand and
Suppose a nation picks 1000 young adults at random to serve in the army. Illustrate what information do you need to determine the cost of using these people in the Army.
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