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Consider a city that has a number of hot dog stands operating throughout the downtown area. Suppose that each vendor has a marginal cost of $1.50 per hot dog sold and no fixed cost. Suppose the maximum number of hot dogs that any one vendor can sell is 100 per day.(a) If the price of a hot dog is $2, how many hot dogs does each vendor want to sell?(b) If the industry is perfectly competitive, will the price remain at $2 for a hot dog in the long run? If not, what will the price be?(c) At the price in part (b), if each vendor sells exactly 100 hot dogs a day and the demand for hot dogs from vendors in the city is Q = 4400 - 1200P, how many vendors are there?(d) Suppose the city decides to regulate hot dog vendors by issuing permits. If the city issues only 20 permits and if each vendor continues to sell 100 hot dogs a day, what price will a hot dog sell for?(e) Suppose the city decides to sell the permits. What is the highest price that a vendor would pay for a permit?
Suppose a random experiment can be represented by 2 sets of events ,Ai and Bj, with each pair of sub events (A1 and A2, and B1, and B2) being mutually exclusive and collectively exhaustive.
After a careful study, a firm has estimated its production function as follows: ln Q = 0.375 ln K + 0.625 ln L, where Q = units of output, K = units of fixed factors and L = units of variable factors. What kind of returns-to-scale does the firm e..
Spookmart and Scaretown are the only two halloween costume stores in town. Both the stores are wondering how many Miley Cyrus twerking costumes to order. Each costume costs $2 from the supplier (i.e., marginal cost for the stores is $2) and market..
Find the firm's marginal production function exhibit diminishing marginal returns to labor? explain b. Capital is r=$5 per unit and that labor costs w=$20 per unit. What is the cost of producing q=100 units of K and 100 units of L? c. What is the m..
Data for the market for graham crackers is shown below. Calculate the elasticity of demand between the following prices.Price of crackers Quantity Demanded (per month)$3 80 $2.5 120
Lenders perceive that you are risky, so you must pay 12 percent annual interest to borrow from one of them. You only receive 6 percent on funds you have deposited in the bank. Do the opportunity costs of borrowing and using your own funds differ i..
women and selected minorities are systematically excluded from high-paying occupations and crowded into low-paying occupations, decreasing their wages and reducing domestic output. B. employers having high discrimination coefficients will be crowde..
Suppose your designing your computer, with the same benefits from additional RAM described in the proceeding problem. How much RAM do you desire if the price of RAM falls to $50? 2,4,5, or 50. Suppose you are designed a new computer and want to mak..
Lorena likes to play golf. The number of times per year that she plays depends on both the price of playing a round of golf as well as Lorena's income and the cost of other types of entertainment-in particular, how much it costs to go see a movie ..
Determine unemployment in the cattle Industry. Explain a current status of unemployment in the Cattle Industry.
Suppose you have some information on a sample of investment bankers, and are interested in impacts of height and of seniority on their success.
Now assume that intermediaries come from a competitive market with an equilibrium price of $8 per unit for their services, that is, any buyer or seller who wants an intermediary's services must pay $8 for them. What is the maximum per unit that se..
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