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Firm i produces its product in a perfectly competitive market. In the figure below, the Average Total Cost and Marginal Cost of producing that product are given by the ATC and MC curves, respectively. The price is determined in the market. Like other firms who compete in this market, firm i is a price-taker. The market price is given by the horizontal line.
1. Find the profit maximizing quantity, and call it X*.
2. Explain how you determined X*.
3. Draw the profit/loss box.
4. Keeping market demand constant, would firm i enjoy greater profit or suffer from greater loss in the long run? Explain why.
A container contains 36 light bulbs, four of which are defective. What is the probability that, if a sample of eight is chosen at random from the carton of bulbs, x will be defective?
how would you treat the possible future costs of a lawsuit that may occur as a result of this project, where the cost of the lawsuit might range from $10,000 to $500,000 with an associated probability distribution?
A manufacturer has been selling 1600 television sets a week at 370 dollars each. A market survey indicates that for each 36 dollars rebate offered to the buyer, the number of sets sold will increase by 60 per week. Find out the demand function.
What is value of marginal propensity to consume (MPC) in this model Marginal propensity to save (MPS).
Briefly explain the difference between economic forecasting and business forecasting. What is the best economic tool to help the leaders to see future better than others economically 6 to 9 months before the cycles of the business cycles of the US ec..
In developing a vaccine for the SARS virus a pharmaceutical company incurs a very high fixed cost. The marginal cost of delivering the vaccine to patients, however, is negligible (consider it to be equal to zero).
q1. illustrate what is the marginal revenue from selling another book for the author? explain how does it compare to
An investor bought a one-acre lot on the outskirts of a city for $9000 cash. Each year she paid $80 of property taxes. At the end of 4 years, she sold the lot for a net value of $15,000. What rate of return did she receive on her investment?
Within two weeks sales had fallen. Using your knowledge of game theory, illustrate what do you think disrupted McDonald's plans.
What is the cross elasticity of demand for pipes and pipe tobacco.
U.S. Higher alcohol taxes, more traffic deaths. Why might re be more traffic deaths in states that have higher alcohol taxes.
A major defense 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..
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