Purchases its resources in purely competitive markets

Assignment Help Business Economics
Reference no: EM131172394

Assume a firm both sells its products and purchases its resources in purely competitive markets. Under the above assumption, state the criterion (necessary and sufficient condition) for a firm to employ its resources in such a manner as to minimize its total costs of producing any specified amount of output.

Reference no: EM131172394

Questions Cloud

Calculate the cost of goods sold : Calculate the cost of goods sold, ending inventory value and gross profit for the year, under the following cost flow assumptions: First-in, first-out (FIFO) and Last-in, first-out (LIFO)
About keynesian economics and fiscal policy : The event that changed many economistsí beliefs about economic equilibrium was: Which of the following will not shift the consumption function? According to classical economists, in times of unemployment the most appropriate counter cyclical, or stab..
Assume the current price of good-equilibrating process : Assume the current price of good X is too high (it is above the equilibrium price). In your own words, describe the equilibrating process that would take place in this market.
Generalized demand and supply functions for good : The generalized demand and supply functions for good X are Qxd = 100 – 2PX + 0.01M + 8 PY - 4Pz Qxs = 50 + 3PX – 6PI + PT Where Qxd = quantity demanded of good X Px = price of good X M = consumer income PY = price of good Y Pz= price of good Z Qxs = ..
Purchases its resources in purely competitive markets : Assume a firm both sells its products and purchases its resources in purely competitive markets. Under the above assumption, state the criterion (necessary and sufficient condition) for a firm to employ its resources in such a manner as to minimize i..
Which fiscal policy would be the most expansionary : Which fiscal policy would be the most expansionary?
Comparing the actual physical volume of production : Which of the following represents an argument in support of comparing the market value of the total output in various years, rather than comparing the actual physical volume of production?
Describe relationship between mortgage rates and inflation : Home mortgage rates have fallen to all time low recently while inflation has been relatively low as well, though low mortgage rates and low inflation do not always coincide. Describe a relationship between mortgage rates and inflation that would make..
Interested in the social-political and cultural factors : Political scientists are interested in the social, political, and cultural factors that lead the country to choose one policy direction over another. You learned about several theories that political scientists use to explain who has the power in pol..

Reviews

Write a Review

Business Economics Questions & Answers

  What is the average male-female wage differential

Suppose years of schooling, s, is the only variable that affects earnings. The equations for the weekly salaries of male and female workers are given by: What is the average male-female wage differential in the labor market? How much of this wage dif..

  Absolute value of donalds mrs is equal to the price ratio

Donald is a stamp collector. The only things other than stamps that Donald consumes are Harold's doughnuts. It turns out that Donald's preferences are quasilinear, represented by the utility function U(d, s) = lnd + s, where d is the number of doughn..

  The economy to the full employment level

To apply supply side economics, given that only 40% of the tax credits given to businesses are reinvested, how much tax credit do investors need to move the economy to the full employment level? You should assume that consumption and government spend..

  Present value of lifetime earnings in alternative

John lives for three periods. He is currently considering two alternative education-work options. Alternative 1: he can start working immediately, earning $100,000 in period 1, $110,000 in period 2, and $120,000 in period 3

  Steak knives be a normal good

Suppose that Lorena consumes only three different goods: steak knives, butter knives, and butcher knives. If, according to Lorena’s preferences, butter and butcher knives are inferior god, must steak knives be a normal good?

  The money supply-interest rates and aggregate demand

Suppose that you are a member of the Board of Governors of the Federal Reserve System. The economy is experiencing a sharp and prolonged inflationary trend. Explain in each case how the change you advocate would affect commercial bank reserves, the m..

  Determine the shutdown quantity of this firm

Aramco Inc operates in a competitive market with the cost function as follows: TC = 100 + q3 – 12q2 + 60q. If the price per unit is $ 20, find equilibrium level of output. Determine the shutdown quantity of this firm.

  As result of the kansas-nebraska act

As a result of the Kansas-Nebraska Act:

  Deflationary monetary policy contributed

Between the years of 1973 and 2003, Canadian real GDP trended downwards. Deflationary (contractionary) monetary policy contributed, at least in part, to the recession of the early 1990s. There is not much of a relationship between the growth rate of ..

  Explain the potential role that dojs leniency program have

Explain the potential role that the DOJ's leniency program might have on prosecutions and incentives for price fixing.

  Qapex corporation has an equity cost of capital of 144 and

q.apex corporation has an equity cost of capital of 14.4 and a debt of 6 and the firm maintains a debt equity ratio of

  Suppose the monopolist can only charge one price

Suppose a bar has two types of clients: men and women. Suppose the monopolist can only charge one price. What price would he charge? Suppose the monopolist engaged in third degree price discrimination. What prices would he charge?

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