Natural spring flows exclusively

Assignment Help Business Economics
Reference no: EM131088804

A natural spring flows exclusively on Ben's property. Residents of nearby Dry Gulch believe that minerals in the stream give the water special medicinal value. The graph below shows the demand for Ben's Miracle Water, the corresponding marginal revenue, and the marginal and average cost of selling the water. 4.2. If Ben is to maximize profit, how many gallons should he sell per week? Once you are satisfied with your positioning of the graph, click the Submit button.

Reference no: EM131088804

Questions Cloud

Old office building with estimated remaining service life : Your firm is considering purchasing an old office building with an estimated remaining service life of 25 years. Recently, the tenants signed long-term lease, which leads you to believe that the current rental income of $210,000 per year will remain ..
Interior latex paint claims one-coat coverage : The manufacturer of Glo-More flat white interior latex paint claims one-coat coverage of 400 square feet per gallon on interior walls. A painter keeps careful track of 6 gallons and finds coverage (in square feet) of 360, 410, 380, 360, 390, 400. At ..
Procompetitive and comparative advantage gains from trade : Assume a given country two industries X and Y, and in autarky X is produced by a monopolist (with constant returns to scale). Using a graph, explain the procompetitive and comparative advantage gains from trade.
Natural spring flows exclusively : A natural spring flows exclusively on Ben's property. Residents of nearby Dry Gulch believe that minerals in the stream give the water special medicinal value. The graph below shows the demand for Ben's Miracle Water, the corresponding marginal reven..
According to the National Retail Federation : According to the National Retail Federation, women spent an average of $317 over a recent Black Friday weekend. Assume that the standard deviation for this population is $90. A random sample of 50 women shoppers over this weekend was selected. What i..
Assume that the government plans to introduce tax cut : Assume that the government plans to introduce a tax cut next year. There are two groups of economists advising the administration on this issue. One group advocates business and investment tax cuts for firms and high income individuals. Take a positi..
Tax cut on business profits and interest income : You have just been appointed as the economic advisor to the president, who wants to fulfill his campaign promise of a tax cut for all deserving taxpayers. Two proposals are on the table. The first proposal suggests elimination of income tax for peopl..
Government initiates an economic stimulus package : Assume that the government initiates an economic stimulus package to help the sluggish U.S. economy. Further assume that, among other things, this package includes a one-time payment of $500 to retirees and Social Security recipients. State reason(s)..

Reviews

Write a Review

Business Economics Questions & Answers

  Suppose that the inverse demand curve

Suppose that the inverse demand curve is: p(q) = a − bq, and the cost function is: c(q) = cq. How much consumer surplus is generated when the price is p*? How much producer surplus is generated at p* If the monopolist can only set a linear price (tha..

  Services supplied by business in product market

How supply affects goods and services supplied by business in the product market. How demand effect goods and services in the consumer market. How supply effect factors of production in the factors market and how demand affects factors of production ..

  Induces firm to use cross-subsidization strategy

The special demand structure that induces a firm to use a cross-subsidization strategy is:

  Compute the intercept and slope of the demand curve

Graph the demand curve, and give some verbal interpretation. Compute the intercept and slope of the demand curve. Use the calculus formula to calculate the point elasticity at the price of $4.00. Give a verbal interpretation of this elasticity. Is th..

  Holding the capital-labor ratio constant

Suppose the level of technology is constant. Then it jumps to a new, higher constant level. How does this technological jump affect output per capita/person, holding the capital-labor ratio constant?

  What is the probability that he makes at least two

He is fouled attempting a three-point shot and is awarded three free throws. Assuming each free throw is independent, what is the probability that he makes at least two of the free throws?

  Reflect on your performance as a leader and a follower

Reflect on your performance as a leader and a follower. What do you know about these different roles now that you didn't before? How might you improve your own actions to be a better team mate?

  Absolute value-current consumption bundle is strictly

The absolute value of Mars’ MRS at his current consumption bundle is strictly greater than 2. Mars has convex preferences. Which of the following statements is (are) true? Justify your answer graphically.

  What is effective demand according to keynes

What is “effective demand” according to keynes? How can there be a lack of effective demand? How did keynes explain that aggregate production and aggregate spending might not be equal? What happens if aggregate production is greater than aggregate sp..

  Create the demand, marginal revenue and marginal cost curves

A monopolist faces demand given through: P=100-4Q and has marginal costs given through: MC=10+2Q Create the demand, marginal revenue and marginal cost curves. Compute and demonstrate how much this firm will sell and what it will charge.

  Shareholder theory versus stakeholder theory

Explain the basics of stakeholder theory as if you are talking to a friend. Should a corporation care about the interests of people other than shareholders? How would a corporation behave differently if it accepted a shareholder theory versus a stake..

  Why are entrepreneurs willing to supply goods and serices

Why are entrepreneurs willing to supply goods and serices for consumers at attractive price -  Is it because they care personally about the consumers?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd