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Suppose that a perfectly competitive firm faces a market price $10 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output (Q) level of 1,200 units. If the firm produces 1,200 units, its average variable costs equal $6.50 per unit, and its average fixed costs equal 0.50 cents per unit.
1) What is the firm's profit-maximizing (or loss minimizing) output (Q) level?
2) What is the amount of its economic profits (or losses) at this output level? What would be the firm's decision at this price/output level?
What are externalities? What are positive and negative externalities? Give examples of Positive and negative externalities and give a brief introduction about your chosen merit good and explain the role of government in providing this merit good to..
Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 123034.4703 23311.13897 5.277926165 0.000358709 71094.01589 174974.9248 71094.01589 174974.9248 y 0.238078372 0.017797354 13.37717818 1.04516E-07 0.19842..
We have three variables, Information is 2000-2005. I use OLS to Determine the model and get a standard result.
An economic bad is something you don't want to consume, i.e. less bad is better. Define an economic bad mathematically and name one economic bad in reality. Suppose you had to consume a certain amount of a given economic bad but could pay to get r..
What total output must the cartel produce in order to maintain this price and what output will an individual firm be restricted if this price is to be maintained (assume all firms are permitted to produce the same level of output)?
Suppose the daily demand for coffee in Seattle is Q^d = 100,000(3-P)^2 A. What is the elasticity of demand at a price of $2 B. At what price would the total expenditure on coffee be the largest?
Government consumption in our model is simply a "waste", that is it does not affect anyone's utility or affect the production process. Use the Pareto Optimality framework. For each of them, solve the social planner's problem and show the equations..
In the name of Simon Kuznets is the concept that the relationship in GDP and inequality is nonlinear. Kuznets hypothesized three phases in economic development.
Interpret the coefficient of LOG (AVGINC). Are its sign consistent with your expectations and determinant factors that explain students' performance in fifth-grade tests. We observe a sample of 420 districts in California
The following table gives the joint probability distribution between employment status and college graduation among those either employed or looking for work (unemployed) in the working age U.S. population for 2008.
Select three macroeconomic indicators that you feel have greatest impact on operations or considering for Kohls. Discuss and describe why they are important to current or future situation of your organization.
The United States is currently recovering from its bad recession in over twenty-five years. Applying the resource provided in this and earlier modules of course describe what factors or activities you think helped cause this economic condition.
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