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Supply Function: A review of industry-wide data for the jelly and jam manufacturing industry suggests the following industry supply function:Q = 59,000,000 + 500,000P - 125,000PL - 500,000Pk + 2,000,000WWhere Q is cases supplied per year, P is the wholesale price per case ($), PL is the average price paid for unskilled labor ($), Pk is the average price of capital (in percent), and W is weather measured by the average seasonal rainfall in growing areas (in inches).A. Determine the industry supply curve for a recent year when PL = $8,Pk = 10 percent, and W = 20 inches of rainfall. Show the industry supply curve with quantity expressed as a function of price and price expressed as a function of quantity.B. Calculate the quantity supplied by the industry at prices of $50, $60, and $70 per case.C. Calculate the prices necessary to generate a supply of 4 million, 6 million, and 8 million cases.
if real GDP in 2002 were $10,048.8 billion and nominal GDP in 2002 were $10,049.6 billion calculate the percentage change from 2001 to 2002 in nominal GDP, real GDP and price level. What is the value of the GDP deflator in 2002
You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below. Workers Cost Output Revenue 1 $300 50 $350 2 600 140 675 3 900 ..
Determine the uniform quarterly series in quarters 0 through 12 of a cash inflow of $5,000 in quarter 1; $10,000 in quarters 2 to 5; and $12,000 in quarters 6 - 12 with an interest rate of 15 %.
An oligopoly firm faces a kinked demand curve with segments given by:P=100-Q and P=120-2Q, where P is the price and Q is the quantity demanded. The firm has a constant marginal cost, MC of $45. A. Determine the firm's profix maximizing level of ou..
Country A produces two goods, elephants and saddles. In the year 2006, the 100 units of elephants produced sold for $2,500 per unit and the 30 units of saddles produced sold for $200 per unit. In 2007, the 120 units of elephants produced sold for ..
a firm faces a demand cure, p=80-3q, and has a cost equation c=200+20q Find the optimal quantity and price for the firm, now suppose that demand changes to p=1103Q. find the new optimal and quantity. has there been an increase or a decrease in dema..
Suppose the total market value of all final goods and services produced this year in economy X is $4 million. Of the $4 million worth of goods, $3 million is sold and $1 million is held in inventory. For this year, the GDP for economy X is
Cindy consumes goods x and y. Her demand for x is given by x(px, m) = 0.05m -5.15px. Now her income is $419, the price of x is $3, and the price of y is $1. Now , assume the price of x rises to $4, the income is still $419.
Compute the opportunity cost in forgone tanks for each additional truck produced: Truck output 0 1 2 3 4 5 Tank output 5 4.5 3.8 3.0 2.0 ..
Suppose that the amount of saving that occurs at each level of national income falls by $20 but that the values of b and (1 - b) remain unchanged. Restate the saving and consumption equations inserting the new numerical values.
A retailer has offered you two options to purchase kitchen and laundry appliances: A. $3598.88 cash today; or B. a down payment of $912.50 plus three additional identical payments 80 days, 160 days, and 320 days from today.
A firm operating a chain of drug stores consider to open a new store in one of locations. The management of firm figures that at the 1st location the store will show an yearly profit of $20,000 if it is successful and an yearly loss of $2,000 if it i..
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