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Suppose your college charges you separately for tuition and for room and board. What is a cost of attending college that is not an opportunity cost?
What is an explicit opportunity cost of attending college?
What is an implicit opportunity cost of attending college?
Discuss the welfare effects of four possible policies: price floor, price support, production quota and voluntary production reduction. Which policy is least efficient? Discuss the differences in the benefits to farmers and the cost to the governme..
A Firm has total cost function given by following: What is the Total fixed cost when Q = 100? And Average fixed Cost when Q=100?
The production possibilities frontier can be used to demonstrate which of the following?If Lindenderry is at point U, producing 1300 tons of corn and 34 million automobiles, what is the opportunity cost of an additional 11 million automobiles?
Given the following total-revenue function tr=9q-q2 (a) derive the total-, average-, and marginal- revenue schedules from q=0 to q= 6 by 1's
Although Ken Brown (discussed in problem 3-16) is the principal owner of Brown Oil, his brother Bob is credited with making the company a financial success. Bob is vice president of finance.
A price floor is set by the government to protect the producer of the good to which price floor has been attached. There're two possible outcomes for market in price floor setting.
What is the first order condition for profit maximization for firm 1? compute the optimum quantity x1 for firm 1 as function of quantities x2 and x3.
what are these prices? b) How much output is sold at these prices and what is the profit in each market? c) Based on your answer in part a, justify why would the firm charge same or different prices.
Gentleman Gym just paid its annual dividend of $3 per share, and it is hugely expected that the dividend will raise by five percent per year indefinitely.
Show that if oil is produced from two reservoirs, one with high marginal cost and one with low marginal cost, it is not possible for the Hotelling rule to be satisfied for each reservoir simultaneously. Give two reasons that oil might be produced ..
A supply curve differs from a supply schedule because a supply curve is a graph and the supply schedule is a table. represents all firms in the market, whereas the supply schedule represents one firm. holds the number of suppliers constant, wherea..
suppose that lin jun subscribes to the 88 yuan per month plan. (i) how much calling time would she consume? (ii) what would be her total benefit? (iii) what would be her buyer surplus (benefit less charges)?
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