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Andrew has decided to open an online store that sells home and garden products. After searching around, he chooses the software company Initech to provide the software for his website since their product required the least amount of specialized investments for him to use it. They agreed upon price of $7,000. To use Initech’s software, Andrew makes $2,600 in sunk capital investments and spends 70 hours learning how to use Initech’s software, which is very different from other software packages. Both Andrew and Initech view Andrew’s time as worth $32 per hour and Initech is fully aware of the investments Andrew must make to use their product. After Andrew’s investments were made, Initech came to Andrew and asked for more money. How much do you think they asked for?
The property in that area is rapidly appreciating in value because people anxious to get away from urban developments are bidding up the prices.
A medical device company has a monopoly on a certain class of cardiac implants. Demand for the implants is given by P=28000-5Q and marginal revenue is given by MR=28000-10Q. The total fixed costs for the implants division is 50000 and the marginal co..
Introduce and explain the concept of social welfare - define and describe the laws of demand and supply
Contractionary monetary policy
Explain factors that weaken the case for the public sector action such as: the special interest, the shortsightness effect, rent seeking, and weak incentives for operational efficiency.
2 companies are competing for output. The leader firm knows the market demand to be P=1200-Q. The demand for the other company is Q2=400-0.5Q1. Both companies are have marginal cost $200. How much output will the leader company produce?
An investor has an opportunity to buy a parcel of land for $100,000. He plans to sell it in two years. What will the sale price have to be for the investor to get a 25% constant dollar before-tax ROR with inflation averaging 10% annually? What escala..
Consider a market characterized by the following demand and supply curves: Qd = 1600 - 20p and Qs = - 900 + 30p. If regulators decide to restrict payments by setting a price ceiling equal to $35, how many units will be sold or bought? Calculate the ..
What price will the firm charge in each market? Based solely on these two prices, which market has the higher price elasticity of demand? What will be this monopolist's total economic profit?
Illustrate what is the elasticity of demand if you raise the price of your airline's tickets by 6% also the number of tickets sold decreases.
When the addition of one more unit of input results in a smaller increase in output then the previous unit, what type of return is occurring?
Presently, at a price of $1 each, 100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply.
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