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Say you are the manager of a perfectly competitive firm selling a product. Your business is making a loss because total revenue is less than total costs. What would you do--shut down or continue to operate? Use hypothetical numbers to explain. Information you need to provide include--state the product you are selling, the price of the product, the quantity of the product you produce, fixed costs, total cost, figure out total revenue, total and average variable costs. Then go ahead and make your decision. Explain carefully why it makes better sense to shut down rather than continue to operate or to continue to operate rather than shut down, as the case may be. How do fixed costs play a role in your analysis? What is the difference between shutting down and going out of business?
Elucidate why might an economist be skeptical of Billy's discrimination complaint. Billy works for the local piano-moving company part-time after school.
Name at least one reason why an insurance company might set a deductible. Explain when can forcing everybody to buy full insurance at market rates help everybody?
Illustrate want the government to impose a price ceiling on pump gas.
If the Treasury has just paid for a supercomputer and as a result its deposits with the Fed fall, illustrate what defensive open market operations will the manager of the open market desk undertake.
The Wall Street Journal's experience after an increased its price to 75 cents. Illustrate what implicit assumptions are the publisher and the analyst making about the price elasticity.
Illustrate what problems would occur if the managers of each division were given incentives to maximize each division's profit separately.
The subsequent cell-phone offer by Sprint is typical of Illustrate what one can get on a cell phone plan. Illustrate what is marginal cost.
Illustrate what is the effect of this policy on the interest rate in the long run.
You observe a positive relationship between price that your store charges for CDs and total revenue from CDs. Is demand for your CDs elastic or inelastic.
If the government raises your marginal income tax rates and uses the money in a way that does not affect you in any way.
Conclude how fixed and variable costs should be adjusted to maximize profit and identify methods to reduce costs.
Decide to conduct a SWOT analysis to evaluate the value and risks. Provide a SWOT analysis and briefly discuss each factor.
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