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You are the manager of a firm that produces output in two plants. The demand for your firm's product is P = 80-Q, where Q = Q1 + Q2. The marginal cost associated with producing in the two plants are MC1 = Q1 and MC2 = 8. What is the profit maximizing price that the firm should charge? AND How much output should be produced in plant 1 in order to maximize profits? Show work. (answered incorrectly many times for some reason on here)
Which of the following examples is an adverse-selection problem and which is an incentive problem? Explain why. In each case, give one method that the restaurant might use to reduce the problem. A restaurant decides to offer an all-you-can-eat buffet..
the bureau of labor statistic and federal reserve bank in st. louis both have a lot of economic information. base on
Write down the total and marginal revenue functions (d.) Suppose there is a 4 % increase in advertisement. What will be the effect on demand?
If asked to find a supply function for a firm in the long run, the easy for doing it is to compare AC to MC. In some cases though, that does not give the correct answer, and the profit function must be used. Can you advise in what cases this is true?..
What is the equilibrium Price and Quantity in the market? Now suppose the government imposes a special tax on these computers. Describe what would happen in this market in terms of the supply and demand curve.
q1. is it advantageous for all countries to utilize cheaper labor or does importing your goods back to the u.s. still
Suppose the government increases expenditures by 120 billion dollars while increasing taxes by 120 billion dollars, and mpc = 0.8. Assume that there is no crowing out, or acceleration effects. What is the combined effect of these changes on GDP? In o..
Assume the farmer buys insurance that pays 3$ if it doesn't rain but costs 2$. Illustrate what is their consumption when it rains.
Use this table to find opportunity cost of production for footballs and basketballs: What is the opportunity cost of OH producing a football? basketball? What is the opportunity cost of MI producing a football? basketball?
You have the responsibility for establishing the pricing for a product to be released in three stages. A different and cheaper version of the product will be sold at the 2nd and 3rd stages. discuss the optimal pricing for the company in a case where ..
find a transformation of the data to be able to use the same data to estimate a model that satisfies the Gauss-Markov assumptions. be clear and explicit about the process.
If the resource prices faced by a firm rise, the result is a(n) The law of supply says that
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