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Recently, the owner of a Trader Joe’s franchise decided to change how she compensated her top manager. Last year, she paid him a fixed salary of $50,000 and her store made $115,000 in profits (not counting payment to her top manager). She suspected the store could do much better and feared the fixed salary was causing her top manager to shirk on the job. Therefore, this year she decided to offer him a fixed salary of $27,000 plus 18% of the store’s profits. Since the change, the store is performing much better, and she forecasts profits this year to be $255,000 (again, not counting the payment to her top manager). Assuming the change in compensation is the reason for the increased profits, and that the forecast is accurate, how much more money will the owner make (net of payment to her top manager) because of this change? $ Does the manager make more money under the new payment scheme?
Firm Supply Curve. Calculate the average cost and marginal cost. From the firm profit maximization behavior, solve the firm’s short run supply curve.
Country A and Country B both have the production function: Does this production function have constant returns to scale? Explain. Suppose that both countries start off with a capital stock per worker of 1. What are the levels of income per worker an..
All of the following are instruments of fiscal policy except
Wages in the United States vary in every state, because each state has different minimum wages, but the best to my knowledge wages are determined and priced for every field profession and its factors. Is it possible you might revisit your thought on ..
An increase in the price of a product (P), along with an increase in the price of an input factor (PI), is certain to lead to an increase in quantity supplied (QS). An increase in the dollar amount of fixed costs increases marginal cost.
Problem associated with first video: Increasing transformation Consider the following utility function u(x1, x2) = x1x2. Calculate the MRS for this utility function. Compute and compare the MRS for the bundles (x1, x2) = (1, 2) and (x1, x2) = (2, 1)...
The long-term trend of a time series in the decomposition model is estimated using
Several states mandate that school district boundaries follow county lines, while other states allow several school districts to locate in the same county. Assume that county size is approximately the same in both of these groups of states. Think abo..
You are the owner of a local Honda dealership. Unlike other dealerships in the area, you take pride in your “No Haggle” sales policy. Last year, your dealership earned record profits of $1.3 million. What price should you charge for a midsized automo..
If Starbucks demand and supplies for premium coffee (one-pound bag) are in equilibrium and demand rises substantially. Illustrate what will happen if this market moves to new equilibrium.
Suppose Regions Bank has initially $10 million in reserve, $50 million in securities and a borrowing of $5 million from National Bank. Its total deposit is equal to $50 million. The desired reserve ratio is 10%. Would you recommend any actions for th..
How would the following developments affect aggregate demand and/or aggregate supply? Explain briefly. An increase in business subsidies. More funding for research and development in new technologies.
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