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Question 1:
The demand for watermelons is highest during summer and lowest during winter. Yet watermelon prices are normally lower in summer than in winter. Use a demand and supply graph to demonstrate how this is possible. Be sure to carefully label the curves in your graph and to clearly indicate the equilibrium summer price and the equilibrium winter price.
Question 2:
Following are four graphs and four market scenarios, each of which would cause either a movement along the supply curve for Pepsi or a shift of the supply curve. Match each scenario with the appropriate graph.
a. A decrease in the supply of Coke. b. A drop in the average household income in the United States from $44,000 to $43,000. c. An improvement in soft drink bottling technology. d. An increase in the prices of sugar and high- fructose corn syrup.
Summarize the differences between the four market types. Provide a general explanation of how business may maximize profit within each market type.
What are the advantages and disadvantages of the oligopolistic structure? How would an increase in a monopolist's fixed costs affect its profit-maximizing choice of price and quantity?
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.
Environmental Protection Agency regulations tend to go by several stages of review and approval before they are implemented.
What are the consequences for farm output as a result of this guaranteed price and what does the term "equilibrium" mean in the context of a market economy?
In the competitive market, the market demand is Qd=48 - 5p and the market supply is Qs = 7P. The equilibrium price is4
Find an expression for the marginal product of labor, MP L , when the amount of capital is fixed at 16 units, and then illustrate that mardinal producer of labor depends on the amount of of labor hired by calculating the marginal porducto of labor..
Suppose that a profit maximizing companies short run cost is TC=700+60Q. If the demand curve P=300-15Q, which of these options should it do in short run?
What is statistical discrimination and why does it occur, Provide an example of statistical dis-eliminations. Is statistical dionimination likely to persist overtime or will it eventuly disappear. Explain
In the early 1980's just as serious health effects were being noted regarding sugar consumption, Kellogg's changed the name of Sugar Pops to Corn Pops (the sugar content didn't change) and the name of Sugar Flakes to Frosted Flakes (still sugar co..
Sources used to research this person 4-5 non-web based (Periodical, date, pages, etc. MLA) with works sited on the last page. Do not reference the course text book.
Is your explanation consistent with the fact that franchised tutoring services often charge a fixed royalty per student enrolled?
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