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1. Average fixed cost is:a.AC minus AVCb.TC divided by Qc.AVC minus MCd.TC minus TVC
2. Economists consider which of the following costs to be irrelevant to a short-run business decision?a.Opportunity costb.Out of pocket costc.Historical Costd.Replacement Cost
3. When MR=MCa.Marginal profit is maximizedb.Total profit is maximizedc.Marginal profit is positived.Total profit is zero
4. In economic analysis, any amount of profit earned above zero is considered "above normal" because:a.normally firms are supposed to earn zero profitb.this would indicate that the firm's revenue exceed both its acoounting and opportunity costc.this would indicate that the firm was at least earning a profit equal to its opportunity costd.this would indicate that the firm's revenue exceeded its accounting cost
5. Explain why it is sometimes difficult to apply the MR = MC rule in actual business situations.
Elucidate why the $5.15 minimum wage in New Jersey likely has less of a detectable impact on employment.
What are strengthen or weaken the argument that monetary policy should be the primary tool for smoothing the business cycle.
For automobiles BWC sells chrome wheels for automobiles. At a price of $600 per set, they sold about 900 sets per month. Illustrate what is the arc price elasticity for this product.
Elucidate the impact of globalization on domestic governance. Identify and explicate at least three significant factors requiring domestic changes.
Over the past two decades, according to the U.S. balance of payment, the current accounts and the capital account balance tend to move in same direction.
Use the following Information on a hypothetical short-run production function to answer questions a-c. Calculate the marginal and average variable product of each unit of labour input.
Most of the critics argue that America has too many elections, a surplus of elected officials, and unwieldy layers of government.
Explain how would either decision change if the government imposed a 20 percent tax on earnings and interest income. Illustrate what would happen if the government exempted interest income.
The raise of Hispanics in the labor force but required data showing what it means. Explain how much of and increase in the labor force.
Suppose that you believe that the average rate of inflation over the next 20 years will be 3.5 percent. Would you by the nominal or the inflation-indexed bond?
illustrate what it implies for the relationship between labour supply and productivity growth.
Ignoring transaction price explain how much would a buyer have to pay for one call option contract.
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