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Aaron and Barry, living close to the entrance to the Yosemite National Park, sell the same kind of drinking water to tourists. Every day in the morning, Aaron carries some water to the park. Barry, observing how much water Aaron brings to the park, decides on how much water to sell himself. They have been selling water long enough to know that the price the tourists are willing to pay for the drinking water is determined by the quantity in this way: P = 40 – 2(QA + QB), where QA and QB are the quantities of water Aaron and Barry bring to the park, respectively. The drinking water is produced at zero cost. Both Aaron and Barry try to maximize their own profit. (a) Given any QA, how does Barry choose QB to maximize his profit? (b) Knowing the way Barry makes his decision, how does Aaron choose QA to maximize his profit? (c) Calculate the daily profit for Aaron and Barry.
The aluminum industry faces a private marginal cost curve PMC = Q and a market inverse-demand curve of PD = 20 – QD. However, production creates an externality with marginal damages of MD = 2. Graph the private marginal cost, the social marginal cost..
Unemployment occurs even during periods when the economy is growing. An increase in wages will shift the supply curve up and to the left. A decrease in population would shift the demand curve to the left. An increase in demand will cause the equilibr..
The steady state of the Solow growth model with exogenous technological progress and Cobb-Douoglas technology predicts that the real rental rate (ie: the price) of capital will not exhibit long run growth if the capital input market clearing conditio..
Using an aggregate supply/aggregate demand model chart the short run effects of decreasing government spending (assuming you began in a short run and long run equilibrium)
Think of some foreign products that are marketed in the United States. Have the foreign manufacturers used marketing that is sensitive to U.S. culture? Provide some specific examples.
The main drawback of the Herfindahl-Hirschman Index (HHI) is that:
Dividends paid last year were $.70. Flotation costs on issuing stock will be 10 percent of market price. Dividends and earnings per share are projected to have an annual growth rate of 15 percent. Illustrate what is cost of internal common equity ..
The city of Sheffield, England, has long been associated with the manufacture of high-quality steel and steel products. A Sheffield thwytel [knife] was even mentioned by Chaucer back in the 14th century.
A foundry uses 3,600 tons of pig iron per year at a constant rate. The cost per ton delivered to the foundry is $145. It costs $92 to place an order and $18 per ton per year for storage. Find the minimum-cost purchase quantity.
What kind of economies come from reductions in cost due to adoption of technology that has high fixed costs, but lower variable costs?
The short run for a company is
the cost of pollution in billions of dollars originating in the paper industry iscp 2p p2where p is the quantity of
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