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1. Give an example of a monopoly, an oligopoly, and a cartel.
2. Describe the welfare effects of monopolies and oligopolies.
3. Which actions you think OPEC will take over the next year?
Competitive industry, market determined price =$12, Output = 50 units, ATC = $10, Marginal cost = $15, AVC = $7-Is this firm making the right profit maximizing decision? If yes, why and if not, what should this firm do?
Graph the supply and demand schedule for pizza using $5 through $15 as the value of p. In equilibrium, how many pizzas would be sold at what price?
Use the arc-approximation formula to calculate the price-elasticity of demand coefficient of a firm's product demand between the (quantity,price) points of (50, $10) and (54, $8).
A fashion firm manufactures outfits using two inputs, design skills (L) and expensive materials (M). The cost of fabrication is small and might be ignored as a first approximation.
Pick a good or service you are familiar with. Speculate how the price for that good or service may have been set and how well this price maximizes profit for the company and determine what shifts the company should make in its pricing strategy.
Explain how this tax or subsidy would achieve the socially efficient level of output. Among the various interested parties - the monopoly firm, the monopoly's consumers, and other taxpayers - who would support the policy and who would oppose it?
Assume The Big Enchilada Restaraunt has been offered a 1 year binding lease agreement for $5200/mth on an attractive site. Before the lease is signed, what is the incremental cost per month?
Compute the cross-price elasticity of demand between goods X and Y at the given prices. What is the own price elasticity of demand at these prices?
Describe why the profits of such firms tend to increase when there is the excess supply of the inputs they employ in their production process.
How do the concepts of accounting profit and economic profit differ? Why is economic profit smaller than accounting profit? What are the three basic sources of the economic profit? Classify each of following according to those sources:
Name any good or service which has a noticeable recent price change. Using concepts of supply and/or demand, what are some possible explanations for this change in price?
Sketch a production possibilities curve (not a straight line), with consumer goods on the horizontal axis and capital goods on the vertical axis.
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