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The industry demand in for plumbers is given by the equation W = 50-0.08L, and there is a fixed supply of 300 qualified plumbers.
(a) Draw a diagram illustrating the supply, demand and equilibrium.
(b) Solve the supply and demand equations for the equilibrium wage, W.
(c) If the plumbers now form a union, and supply their labour at a wage of $30 per hour, illustrate the new equilibrium on your diagram and calculate the new level of employment.
An analyst wants to use the Black-Scholes model to value call options on the stock of Ledbetter Inc. based on the following data: The price of the stock is $40. The strike price of the option is $40. The option matures in 3 months (t = 0.25).
The marginal cost (which equals the average variable cost) of serving an additional patron, either senior or everyone else, is equal to $4. Fixed costs are equal to $1000.Ps = 80 - Qs Pe = 100 - 2Qe Show that MRe = MRs = MC
The New York Taxi Cab Company has just purchased a new fleet of models for the year 2000. Each brand-new cab cost $20,000. From past experience, the company estimates after-tax cash returns for each cab as: An = $65,800 - 30,250(1 + 0.15)^(n-1)
You are the manager of a monopoly, and your demand and cost functions are given by P= 200 - 2Q and C(Q)= 2000 + 3Q^2, respectively. a. what price-quantity combination maximizes your frm's profits b. calculate the maximum profits.
In a competitive industry, the market-determined price is $12. For a firm currently producing 50 units of output, short-run marginal cost is $15, average total cost is $14, and average variable cost is $7. a. Is this firm making the profit-maximiz..
A "mathematically fair bet" is one in which the amount won will on average equal the amount bet, for example, when a gambler bets, say, "$100 for a 10 percent chance to win $1000 ($100 = .10 x $1000). Assuming diminishing marginal utility of dolla..
Briefly explain the demand curve for Eskom as well the implication of the economy with regards to market power
Xon, a small oil company, purchased a new petroleum drilling rig for $1,800,000. Xon will depreciate the drilling rig using MACRS depreciation. The drilling rig has been leased to a drilling company, which will pay Xon $450,000 per year for 8 year..
1. Set up the system of equations in matrix form. 2. Solve the system of equations to obtain the equilibrium vales of Y, C and G 3. Obtain the equilibrium budget balance
The industry demand function for bulk plastics is represented by the following equation: P=800-20Q Where Q represents millions of pounds of plastic. The total cost function for the industry, exclusive of a required return on invested capital, is TC=3..
Determine the capitalized cost of a series of cash flows starting at the end of the first year with $400 and increasing at the rate of $100 for the next 5 years. The series of cash flows from year 1 to 6 repeats forever. MARR= 6%
a. Draw each budget line. Represent the chosen bundles, naming them respectively A, B, C, D, E. b. Is this consumer's behavior compatible with the weak axiom of revealed preferences? c. Circle in red those points you are sure they bring less utilit..
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