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Economan has been infected by the monopolistic competitive bug. He takes over the Friendly Space Trooper Agency (FSTA) and makes it the only sweet deal available in the galaxy. The only variable input he employs is labor. He is currently producing 150 units of super-duper Trooper service and selling them for $20 apiece. He is considering the possibility of hiring an additional full-time employee. Economan estimates that daily output would increase to 160 units if he hired this additional person and that he would be able to sell all of those units at a price of $19 each. What is the MRP of labor equal to in this situation? Assuming that Economan takes the price of labor as a given, what is the maximum daily wage that would make it in his best interest to hire this additional employee? (Economan needs to have you explain your answer to him fully to award you full credit and a chance to be an honorary space cadet in the FSTA. Points are given for attempting to blast off.)
Excise tax is collected from fishermen, who protest that y alone are bearing burden of this policy. Why might this protest be misguided.
Indicate whether there will be economies of scale, diseconomies of scale, or constant returns to scale if the facilities are built optimally.
Derive an expression for average cost. Derive an expression for marginal costs.
Illustrate what economic cost will an owner of a family-run business or farm likely overlook when computing their "profits".
A federal government agency that purchases certain types of home mortgages, buys U. S. Treasury bonds from another government agency, elucidate how would this affect the net public debt, other things being equal.
Using the numbers that you calculated above, explain the relationship between the marginal cost and average variable cost.
Builders of a hybrid car declared it would build a car that would get 180 miles per gallon of unleaded gas. They figured it would cost $40,000 each car to build.
Show how the answer depends on the shape as well as location of the supply as well as demand curves.
Elucidate how production possibilities table or curve reflects law of increasing opportunity costs. Illustrate what do points along PPC recurrent (with respect to available resources).
Calculate the amount of former foreign monopoly profit that is transferred as tariff revenue to the home country when the home country imposes the tariff.
Assume that PY increases by 15%, what percentage effect on quantity demanded of product X could be expected.
If each test provides$6 net marginal revenue before labor and capital costs, is expansion advisable? Show all your work and explain your answer well.
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