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Wyandotte Chemical Company sells various chemicals to the automobile industry. Wyandotte currently sells30,000 gallons of polyol per year at an average price of $15per gallon. Fixed costs of manufacturing polyol are$90,000 per year and total variable costs equal$180,000. The operations research department has estimated that a 15percent increase in output would not affect fixed costs but would reduce average variable costs by 60cents per gallon. The marketing department has estimated the arc elasticity of demand for polyol to be 2.0. a. How much would Wyandotte have to reduce the price of polyol to achieve a 15 percent increase in the quantity sold? b. Evaluate the impact of such a price cut on(i) total revenue, (ii)total costs, and (iii)total profits.
A change in the real money supply can result either from change in the nominal money supply through Federal Reserve policy ( holding the price level constant) or from a change in the price level( holding the nominal money supply constant).
1. What do you think will be the basic problem of financing Social Security in the next 25 to 30 years 2. What would be the benefits of an open, free market for human organs 3. What do you think of a recommendation to privatize Social Security
write a 1400- to 1750-word paper on essential communication in a community crisis situation described in the
First, what does GDP measure? Even if we prefect the measure by correcting for price increaase, what does GDP really tell us? Is GDP a measure of the nation's economic health?
The greater the number of different goods available in an economy, A) the less likely it is that a double coincidence of wants will exist, and the less likely it is that monetary exchange will develop B) the less likely it is that a double coincid..
Devise a government subsidy that will induce private education providers to educate socially optimal number of students. Explain. Provide a $ amount for the subsidy.Does it ever make sense to not educate some students. If the example were couched ..
which of the following is an example of a demand shock? a hurricane harry knocks out oil drilling platforms in the gulf
A profit-maximizing monopoly faces an inverse demand function described by the equation p(y) = 50 - y and its total costs are c(y) = 10y, where prices and costs are measured in dollars.
why pepsis strategy of price reduction in 1930s was a right strategy while wang labs decision to raise price in 1990s
You just inherited $10,000. while you plan to squander some of it away, how much should you deposit in an account earning 5% interest per year if you'd like to have $10,000 in the account in 10 years.
Using the ideas of marginal costs and marginal revenues, describe why economic profits are maximized where marginal revenue equals marginal cost and why profits decline if price is above or below the profit maximizing price.
the demand for haddock has been estimated asnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbsp log q a b log p c i
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