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Assume the demand curve for gasoline is given by the equation P = 10 - 0.0005Q,
where P is the price per gallon and Q is the quantity of gasoline in gallons. Assume that the only supplier of gasoline in the region is General Gasoline Co. and that the marginal cost of production is constant at zero.
a. If the company is currently charging $4 a gallon, is it maximizing profit? If so, prove it. If not, find out the price that maximizes its profit, and compare the profits at the two prices.
b. Discuss the likely effect of the introduction of a fuel-efficient car in the region; that is, what would happen to the equilibrium quantity. Show the changes on a graph that displays (you don't need to show actual numbers) General Gasoline's pricing solution and explain.
At what price-quantity point does this demand curve have a price elasticity of one? Assume the government wishes to maximize its revenues from the expressway, what price should it set?
Two employees are assigned to work overseas for a two-year period. Which house do you think will be in better condition after the two years? Explain.
Assume the Kalamazoo Competition free Concrete's demand function is D=5,000-50P, its marginal cost is 40 dollar per cubic yard,
Carefully describe what will happen as we move from short run to a long run equilibrium in a monopolistically competitive industry if companies are making a positive profit in the short run.
MNCs have business units in different geographic areas. This leads to interaction in different languages and cultures.
Under what circumstances would a rightward shift in the ADI curve lead to a permanent increase in real national income?
Assume that the manager of a company operating in competitive market has estimated the company's average variable cost function to be AVC=4000-5Q+0.002Q^2
What if a company employs ten workers and pays each $15 each hour. Further suppose that the MP of the 10th worker is five units of output
1.If the government increases the tax on a liter of petrol by 5p, what will determine the amount by which the price of petrol will go up as a result of this tax increase?
If speculators had better information about future exchange rates, would their actions be more or less stabilizing than at present?
The board of trustees of the University of Medford has been asked to reconsider this policy. Provide an economic argument to explain why the board of trustees might want to continue this policy.
Prepare a cash flow statement for the Automated Ice Cream Store proposal based on the depreciation and Net Income taken from the income statement given - determine the internal rate of return.
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