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In an article on the steel industry, The Wall Street Journal noted that as steel prices were falling, steelmakers were not cutting production since "steelmakers can't afford to lose any sales because their costs, especially their fixed costs, are so high." What does this statement mean? Explain.
2. Managerial Decisions for Firms with Market Power
Tots-R-Us operates the only day-care centre in an exclusive neighbourhood just outside of Washington, D.C. Tots-R-Us is making substantial economic profit, but the owners know that new day-care centres will soon learn of this high profitable market and attempt to enter the market. The owners decide to begin spending immediately a rather large sum on advertising designed to decrease elasticity. Should they wait until the new firms actually enter?
Explain how advertising can be employed to allow Tots-R-Us to keep price average above cost without encouraging entry.
Assume you own a home re-modelling company. You are currently earning short-run profits. The home re-modelling industry is an increasing-cost industry.
You are a budget analyst in a California State legislative budget committee and have been asked to prepare a policy brief on the budget issue for the state.
Dell Electronics just stumbled upon a new supplier of personal computer (PC) circuitry in Costa Rica that can supply standardized computer inputs at $70 per PC.
Imagine the opera has a capacity of 3000 seats and that all costs are fixed. If they can discriminate between the two groups, what is optimal price to charge to each group and how many tickets will each group buy?
The entire satisfaction consumer gets from consuming a good or service is________ utility, but the extra or additional satisfaction that a consumer gets from a good or service is ________ utility.
Suppose in country Triniland employers are required to pay overtime at 50% above the normal wage rate for workers who work beyond 8 hours a day.
Tom have only $60, and he want to spend it all on clothing (X) and food (Y), Price of clothing is $4. Find out the optimal values of both goods (Y*,X*) and Utility?
What is the profit-maximizing price and output? What is the total profit? What is the price elasticity of demand at the profit maximizing output?
Fill in the missing data for price (P), total revenue(TR), marginal revenue (MR), total cost (TC), marginal cost (MC), profit (π), and marginal profit (Mπ) in the following table:
What is national saving? What is private saving? What is public saving? How are these three variables related?
The winners of the Nobel Prize in economic science were recently announced-who were they? For what contribution to our understanding of economics were they recognized?
How is interest rate described? Why is there a lower present value of goods to be delivered in future? What are their respective interest rates? Illustrate the adjustments which you think will ensue.
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