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Smiling Cow Dairy can sell all the milk it wants for $4 a gallon, and it can rent all the robots it wants to milk the cows at a capital rental price of 100 a day. It faces the following production schedule:
Number of TotalRobots Product0 0 gallons1 502 853 1154 1405 1506 155
In what kind of market structure does the firm sell its output? How can you tell?In what kind of market structure does the firm rent robots? How can you tell?Calculate the marginal product and the value of the marginal product for each additional robot.How many robots should the firm rent? Explain.
Many states offer drivers an opportunity to customize their license plates for the price of a small premium paid to each state; these plates are known as vanity plates. When vanity plates were originally introduced in Texas they could be acquired ..
1. The three fundamental economic questions of what, how, and for whom: a-exist because of scarcity. b-are much more serious in a socialist system. c-are not serious in a capitalistic system. d-are not relevant in the industrialized world of today.
What is the cost function, marginal cost function, and average cost function for each plant? b) What is the efficient scale and minimum average cost for each plant? c) What is the cost function for the firm?
Suppose that you believe the fundamental value of Wal-Grey stock is about to rise from $50 to $100 because of its new management team. You have $20,000 that you can risk in the market, where the market interest rate is 6%. You can think of four po..
Market research at Apple Corporation has shown that the demand function for its new iPhone is as follows: QA = 3 - 0.02PA + 0.0002I + 0.01PS where QA is the quantity demanded (in thousands) of iPhones, PA is the price of an iPhone, I is consumer i..
Suppose 1 year Treasury-bills were currently yielding 5.5%. Also suppose that a bank estimated that a particular loan applicant had a 30% chance of defaulting on a one year loan and that in the event of default the bank would recover only 25% of i..
At a student café, there are equal numbers of two types of customers with the following values. The café owner cannot distinguish between the two types of students because many students without early classes arrive early anyway (i.e., she cannot p..
You are the manager of a monopoly. A typical consumer's inverse demand function for your firm's product is P = 250 - 40Q, and your cost function is C(Q) = 10Q. a. Determine the optimal two-part pricing strategy. Per-unit fee: $ Fixed fee: $
now suppose the firm is able to charge an entry fee, as well as a price for every unit sold. What is the optimal entry fee, the price per unit, and the deadwight loss. Calculate them and show these on the graph below.
The following statement was released through FOMC following recent meeting on March 21. The Group, although hopeful for a future of moderate growth with moderating inflation,
If you invest $10,000 in this certificate at the beginning of year one and do not add or withdraw any money for five years what is the value of the certificate at the end of the fifth year.
Suppose that the marginal cost faced by a shoe company is $10 for a pair of shoes. If the demand elasticity for the company's shoes is also constant, and is equal to 5, what price should the company charge for a pair of shoes
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