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Answer to Economics question: Profit Maximization
A state owned company is providing electricity at the price of $0.105and faces the demand for electricity P=1.255-0.001Q. The company has a cost function C(Q)=100.625+0.105Q. The state sells the firm, now the firm's only goal is profit maximization.
a. What is the number of kilowatt hours of electricity produced and what is the price that the company will charge?
b. Compute the price elasticity at the profit maximizing price combination.
c. How much more profit will this firm make as a result of privatization.
Let the market demand for rye bread be given by Q = 500 + I - 250P rye + 400P wheat , where Q is monthly demand in number of loaves, I is average monthly income in dollars
For the product shown, assume that the minimum point of each firm's average variable cost curve is at $2. Construct a demand and supply diagram for the product and indicate the equilibrium price and quantity.
Suppose the marginal expense of hiring another worker is $150 and the marginal expense of hiring current workers for an extra hour is $10.
A pure monopolist determines that at the current level of output the marginal cost of production is $2.00, average variable costs are $2.75, and average total costs are $2.95.
Assume that there're 10 million workers in Canada and South Korea and each worker in Canada and South Korea can manufacture four cars per year.
What is likely to happen to the number of gliders sold if Emerson follows company policy and raises the glider price to that calculated in part b?
If salary in the private organization are set equal to the value of the marginal product, how much will they rise yearly.
Compare and contrast the monopolist and the monopolistic firm Monopolistic competition is an inefficient form of organisation. Discuss
Discuss how each of the following developments would affect the supply of the money, the demand for money, and the interest rate. For each case, describe what happens in closed economy and in small open economy. Describe your answers with diagrams.
Using the IS/LM/BP model, demonstrate the effect of each of the following changes. Assume that the economy is a small country with perfect capital mobility and a flexible exchange rate.
RainAway, Inc., makes polymers used to coat the windshields of car's, planes, and boats-Complete the following table based on the RainAway product's price, output and costs per year:
Suppose that the town of Grayrock had a population of 10,000 in 1998 and a population of 12, 000 in 2003.
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