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Opportunity Cost
Please explain “opportunity cost” and give three examples from your own life. Please include and identify both “explicit” and “implicit” costs in your examples.
Conclude by choosing a position for or against ethnicity-based jury nullification and defend your decision.
And in this market there are two firms with MC=AV= $10. Perfect competition price, quantity, and consumer surplus?
Suppose the demand for oranges in the U.S. is: P = 5.35 - .012 Q. Where Q is the quantity demanded for oranges in the U.S. (measured in millions of boxes per year) and P is the price per box.
A major defence supplier expects to generate additional revenue from its recently won government contract. The company expects the revenue will be $110 million in the first year and the revenue increasing by $2.5 million each year for the next 4 year..
In order to create an effective incentive compensation scheme, you must have
The ratio of total productivity to the total quantity of a variable input being used in production is. In the long run all production inputs are variable. Decreasing returns to scale prevail when output increases by a proportion that is smaller than ..
Gene has the following utility function: U = XY + 2Y, the Px = $4, the Py = $1 and I=$6. Is the MRSx,y increasing, decreasing, or constant with respect to X? What is the slope of the budget constraint? Find the optimal X and Y.
What is the marginal cost per bushel of apples produced? If the market price of a bushel of apples is $5.50, and is unaffected by the farmer’s production decision, then the marginal revenue of a bushel of apples is $5.50. In that case, how many bushe..
If the probability of Verizon not advertising even though AT&T does not is 10 percent, what is expected payoff to AT&Ts decision to not to advertise?
Please provide and discuss two examples of positive externalities and two examples of negative externalities regarding government regulation on business. Choose any two of these four examples and discuss what the government could do to correct these ..
When the price of bubble gum is $0.50, the quantity demanded is 400 packs per day. When the price falls to $0.40, the quantity demanded increases to 600. Given this information and using the midpoint method, you know that the demand for bubble gum is..
A sample of 16 ATM transactions shows a mean transaction time of 67 seconds with a sample standard deviation of 12 seconds. When testing whether the mean transaction time is different from 60 seconds, what is the test statistic?
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