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Problem: Consider a monopolist who has a constant marginal cost of MC = 20.
(a) Find the profit-maximizing quantity and price if the inverse demand curve is P = 620 - 25Q.
(b) Find the profit-maximizing quantity and price if the inverse demand curve is P = 520 - 2Q.
(c) Do your answers from a and b imply that the supply curve is downward sloping? If so, how is this possible? Is not, why not?
(d) Calculate the Lerner Index and Elasticity of Demand for both a and b.
Consider the owners of Cutitforme, a small lawn-mowing service. They can use one of two methods to mow lawns. Method 1 is to purchase a tractor that costs $200 a year to own and then spend $1 (for labor and gas) for every acre of grass cut. The total..
Explain why each of the factors may influence the own price elasticity of demand for a commodity - The narrowness of definition of the commodity.
Several questions in this problem set are based on the 8/19/12 Wall Street Journal article "Cartel Pushes Up Price of Rubber." This article is at the end of the module on Antitrust Policy. Stopping production of rubber-based products and diversifying..
A medical device company has a monopoly on a certain class of cardiac implants. Demand for the implants is given by P=28000-5Q and marginal revenue is given by MR=28000-10Q. The total fixed costs for the implants division is 50000 and the marginal co..
illustrate what is james opportunity cost of producing chickens which person has an absolute advantage in which activities which person has a comparative.
Assume that gross national debt initially is equal to $3trillion and the federal government then runs a deficit of$300 billion. What is the new level of gross national debt? If 100 percent of the deficit is financed by the sale of securities to feder..
Your company seeks to take over Good Deal Company. Companies offer for Good Deal is for $3 million in cash upon signing the agreement followed by 10 annual payments of $300,000 starting one year after the agreement. The time value of money is 10%. Wh..
Calculate the average cycle stock for this item using the order quantity in part a.Assuming there are 12 periods per year, calculate total cost per year.
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases
q1. consider the following market demand and supply curves.p9 .4 qsp30 - .3qdwhere p is the price per unit in dollars
Illustrate what can we conclude about the income elasticity of demand?is it positive or negative. what class of goods candy bar belongs to.
Suppose that the Indian government reduces its deficit and returns to a balanced budget. If other thing remian the same, how will the demand or supply of loanable funds in India change.
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