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The market demand curve is QD= 50 - P. The marginal cost curve is MC = 4Q + 6.
a. Supposing the marginal cost curve is for a competitive industry as a whole, find out the profit-maximizing level of output and price.
b. Supposing the marginal cost curve is for only one firm which comprises the entire market, find out the profit-maximizing level of output and price.
c. Compare the two results.
Assume the labor force decreases in size due to the large number of people reaching retirement age and subsequently entering retirement. At the same time real interest rates in the economy fall. What will happen in the economy?
Find out the total revenue (TR) and total profits in terms of Q. At what level of output (Q) are total profits maximized? What price will be charged? What are total profits at this output level?
A monopolist sells in two geographically divided markets, the East and West. Marginal cost is constant at $50 in both markets. Demand and marginal revenue in each and every market are as follows:
Determine the difference between Total Variable Costs (TVC), Average Variable Costs (AVC) and Marginal Costs (MC).
What impact would this have on the Kitty Litter market and the individual Kitty Litter producer in the SR? In the LR? Carefully Explain.
Compute output, marginal cost, average cost, price, and profit at the average cost-minimizing activity level. Compute these values at the profit-maximizing activity level.
On Valentines Day, the prices of flowers and chocolate are usually high compared to other times. How do the principles of demand and supply describe the reasoning behind such price increases?
Determine the trade volume necessary for PBI to reach a target return of $7,500 per month for a typical office. Determine and interpret the elasticity of cost with respect to output at the trade volume found in part A.
A competitive market is intended to result in improved efficiency, though it will not necessarily improve equity. That is, a competitive market might encourage efficient production but may not necessarily result in a redistribution of wealth
Airway Express has an evening flight from Los Angeles to New York with an average of 80 passengers and a return flight the next afternoon with an average of 50 passengers.
A firm with market power produces widgets at marginal cost of $10 per unit and zero fixed costs. It faces demand function given by P = 50 - Q. Find out the marginal revenue for the firm?
Describe the market equilibrating process and compare the demand for food with demand for Starbuck's coffee. Include academic research to support your ideas.
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