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Suppose that the Acme Gumball Company has a fixed proportions production function that requires it to use three gumball presses and two workers to produce 1000 gumballs per hours. (a) Please find the cost per hour of producing 1000 gumballs. (Suppose r is the hourly rent for gumball presses and w is the hourly wage.) (b) Assume Acme can produce any number of gumballs they want using this technology. Please find the total cost function in this case. (Suppose q is output of gumballs per hour, measured in thousands of gumballs.) (c) Please find the average and marginal cost of gumball production (again, measure output in thousands of gumballs). (d) Please graph the average and marginal cost curves for gumballs assuming r=2, w=3. (5) Now graph these curves for r=3, w=3. Have these curves in part (e) shifted?
What statistic is designed to detect multicollinearity in a regression model?
Which of the following possibilities is consistent with the property of diminishing marginal product.
Make sure that you consider two cases. In the first case, the consumer does not pay any tax before x is reduced, and in the second case, the consumer pays a positive tax before x is reduced.
q1. select two products or services with which you are familiar - one produced in the u.s. and the other produced in
Suppose the US economy is in a recession and in our personal opinion, need to select a single strategy from this list. (monetary policy, fiscal policy, supply-side policy, or laissez faire policy) Which one is best to bring the economy back to full e..
You're trying to determine whether to expand your business by building a new manufacturing plant. The plant has an installation cost of $17 million, which will be depreciated straight-line to zero over its 4-year life. If the plant has projected net ..
Explain how firm could employ computed elasticities in its pricing and marketing decisions. Which of se variables have statistically significant relationships with sales.
Describe a situation in which market equilibrium occurs. How do prices serve as a regulator? Discuss an example.
A new vehicle costs $20,000. Its salvage value decreases 15% per year. Its maintenance is estimated to be $700 at the end of year 1, $1,400 at the end of year 2 etc. At a MARR of 10%, what is its economic service life in years?
In 2010 few firms were investing in new projects or expanding. Yet, interest rates were extremely low. Why, with this very low cost of capital would firms not be investing in new projects?
Using Porter’s Diamond of Competitive Advantage, explain U.S. manufacturing today, and how it could change in the next five to ten years. Consider the role of government in the success of the sector and the future competitiveness of a nation.
Suppose the price of airfare from SFO to JFK increases from $330 to $360 while no other variables change. In consequence, the quantity of tickets sold decreases from 180 to 140. Calculate the absolute value of the price elasticity of demand. (Hint: u..
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