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Two partners who own Progressive Business Solutions, Which currently operates out of an office in a small town near Boston, just discovered a vacancy inan office bldg. in downtown Boston. One of the partners favors moving downtown because she believes the aditioanl business gained by moving downtown will exceed the higher rent at the downtown location plus the cost of making the move. The other partner at PBS opposes moving downtown. He argues," We have already paid for the office stationery, business cards, and a large sign that cannot be moved or dols. We have spent so much on our current office that we can't afford to waste this money buy moving now." Evaluate the second partner's advice not to move downtown. Illustrate and fully explain using an example of relevant cost ( a cost whose value does affect the optimal decision) and an example of irrelevant cost ( a cost whose value does not affect the optimal decision) to the business regarding this decision.
If the firm wants to produce one unit of output at minimum cost, how much should it produce in each plant? If it wants to produce two units of output?
Consider an economy composed of identical individuals who live for two periods. These individuals have preferences over consumption in period 1 and 2 given by U = (c1)0.5 × (c2)0.5. They receive an income of 100 in period 1 (young) and 20 in perio..
John Davis, a recent IE graduate from Tennessee Technological University, bought an SUV for $30,000 with a down payment of $10,000. John had a little business on the side and did not have a girlfriend when he was at school and hence he was able to..
Total explicit costs of using market-supplied resources for Quest Realty- partial income statement from Sizzling Foods
As a result of Barry's recommendation, Texas Crude purchased the tool for $30,000 on January 1, 2005. By January 1, 2006, the tool had saved a total of $5,000 and went on line full time. After going on line full time, the tool saved Texas Crude $9..
If the federal government enacts a tax on a monopoly, how would expect the additional tax to affect the following Output produced by the monopoly or else.
A monopoly firm is different from a competitive firm in that: there are many substitutes for a monopolist's product while there are no substitutes for a competitive firm's product. a monopolist's demand curve is perfectly inelastic while a competiti..
Pick a social problem where free markets aren't allowed to function and explain how free market features could be introduced to aid alleviate the problem.
We make choices as consumers every day. Opportunity cost is defined as a person's "next best alternative" or "the cost of what you give up when you make a choice."
When Wal-Mart locates in a smaller town, often the local retailers (e.g., hardware, clothing, and appliance stores) are unable to successfully compete and are driven out of business.
A hotel owner, having heard that new hotels consider to open in area, says, We have too many hotels in this town already. Statistics show that vacancy rates average 20% on any given night.
1. What types of things do you need to consider if you want to change your default electives? What resources will you use to help you to make your decisions? 2. Are you satisfied with your default electives or do you think you should choose alterna..
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