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Say you are the manager of a perfectly competitive firm selling a product. Your business is making a loss because total revenue is less than total costs. What would you do--shut down or continue to operate? Use hypothetical numbers to explain. Information you need to provide include--state the product you are selling, the price of the product, the quantity of the product you produce, fixed costs, total cost, figure out total revenue, total and average variable costs. Then go ahead and make your decision. Explain carefully why it makes better sense to shut down rather than continue to operate or to continue to operate rather than shut down, as the case may be. How do fixed costs play a role in your analysis? What is the difference between shutting down and going out of business?
Suppose that in the short run k=100. Moreover, wage of labor is w=5 and price of the product is p=10. What are the optimal units of labor?
If consumption and government purchases go up, what happens to GDP in the long run. Show this graphically.
How many bushels of corn are purchased by consumers and at Illustrate what cost. By government. How much does program cost government. How much income do corn farmers receive.
show the impact of the expeted future in gasoline prices on the current demand for gasoline by shifting the demand curve on a graph.
We never entertained the possibility that more than one market failure might exist simultaneously.
In what ways and to what extent did coffee production contributed to the growth and development of the Brazilian economy before 1930.
Democratic Republic of the Congo grows at a healthy 3% per capita, how long will it take Democratic Republic of the Congo to catch up with Luxembourg.
Why does the assumption of independence of risks matter in the examples of insurance.
Traditionally, taxi drivers were only paid by the mile. A couple of decades ago, Yellow cab experimented with paying the same per mile rate plus a fixed fee every time a customer got in the cab. How does this change driver behavior?
Without using the midpoint formula, can you tell whether demand is elastic, inelastic, or unit-elastic over this price range.
Discuss the pros and cons of annuities when compared with other financial instruments and whether they provide a better investment opportunity for some people.
Elucidate how free market features could be introduced to help improve the problem. As your answer also include a discussion of the risks of introducing market mechanisms.
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