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The short run variable costs below are for a firm in a perfectly competitive market. All firms producing this good have the same costs. The demand is the market demand for the good this firm produces
FIRM MARKET DEMANDQ VC P Q P Q1 12 10 500 19 3202 21 11 480 20 3003 31 12 460 21 2804 43 13 440 22 2605 58 14 420 23 2406 78 15 400 24 2207 105 16 380 25 2008 140 17 360 26 18018 340 27 160
Find the quantity this firm will produce in the short run if the price of output is $20. If $20 is the short run competitive equilibrium price, find the number of firms in the market.
(a) Calculate the equilibrium quantity and price for peaches. (b) Calculate the point price elasticity of demand and point income elasticity for peaches at the equilibrium. Also calculate the point cross price elasticity between peaches and aprico..
As a Plant Manager your plant team informs you that they have found a way to increase the size of the manufacturing run from 10,000 to 18,000 units in increments of 2000 units. The set up cost is 150,000 and defects cost $120 for removal/repair.
monthly payments on a loan is $1000 for the next 10 years. Determine the value of the loan if the nominal rate 6% compounded monthly. if we want to pay the loan in 50 months what is the monthly payment
Suppose the firms colluded to fix output at QS = 90 and QW = 70. Fill in the missing price and profit information in the payoff table below, where the other output choice is the output for each firm that you determined above.
Suppose the number of points on an economics midterm (P) can be characterized by the following production function: P = 10H-4B where H is the number of hours spend studying and B is the number of beers in the week prior to the midterm.
Gary and Diane must prepare a presentation. As part of their presentation, they must do a series of calculations and prepare 50 PowerPoint slides. It would take Gary 10 hours to do the required calculation and 10 hours to prepare the slides.
Suppose that every driver faces 1% probability of an automobile accident every year. An accident will, on average, cost each driver $10,000. Suppose there are two types of individuals: those with $60,000 in the bank and those with $5,000 in the ba..
suppose the hourly wage is $2 and the price of each unit of capital is $8. The production function is given by q = (E^1/2)(K^1/2) and the marginal product of labor and capital are MPe =(K^1/2)/(2E^1/2) and MPk =(E^1/2)/(2K^1/2) respectively.
suppose an economy's per-woker production function is y=3k^.5. Its saving, depreciation, and population growth rates are estimated at .2, .04, and .02 respectively. Calculate the steady state values of the capital-labor ratio, output per worker, an..
a) Calculate the coefficients for price, advertising, income and cross-price with soda pop. b) If the current company cost for a bag of popcorn is $0.45, including cost of corn, cost to pop it and the bag, is this the profit maximizing price?
During the current year, sales total $2,000,000, income is $84,700 per capita, advertising is $500,000, and competitor advertising is $300,000. Previous period levels were $77,000 (income), $400,000 (advertising), and $400,000 (competitor advertis..
The 2003 Zagat Restaurant Survey provides food, décor, and service ratings for some of the top restaurants across the United States. For 15 top-ranked restaurants located in New York, the average price of a dinner including, one drink and tip, wa..
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