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Suppose there are two technologies for producing steel. Under technology A, a firm's short-run total cost function is STCa(q)=1/2q^2+100q+10 with SMCa(q)=q+100, and using technology B it is STCb(q)=2q^2+6 with SMCb(q)= 4q. Assume there are 100 firms using technology A and 400 firms using technology B.
If market demand is given by Q = 50,000 -100 p what is the short-run equilibrium price, quantity, and output per firm?
Compute the cash flow for the 20 years for the cogeneration system as an increment relative to the avoided cost of utility electricity and natural gas
Calculate the magnitude of the consumer surplus and producer surplus in the pre-tax equilibrium and calculate the tax revenue in the post-tax equilibrium
Does it appear as though this firm is pricing its automobiles optimally? Why or why not? What advice would you give this firm with regards to its pricing policy and what would be the effect on the U.S. dollar-euro
Find an expression for average costs (AC) and average variable costs (AVC). Graph them together with marginal costs and find the firm's short run supply curve. Is the whole curve relevant to the long run?
The widget industry in Springfield is competitive, with numerous buyers and sellers. Consumers don't differentiate among the various brands of widgets (no product differentiation). The industry demand curve is given by: Qd = 998 - 5Pw + 4 Y - 6Pg
Determine the short run average variable cost and the marginal cost functions. Determine the output level that minimizes short run average variable costs
The questions asked that suppose that, because of important technological improvements, the society in question can double its production of tractors at each level of food production.
Determine the rate of can rent capital and marginal productivity of labor at its new targeed level of output. To minimize the cost, the car company should hire capital and labor until the marginal rate of subsitution reaches what portion?
Explain the law of diminishing returns in your own words. This idea can be applied to other concepts in economics. Think about your own utility from consumption. Give a personal example of diminishing utility.
How big will that budget have to be before he would spend a $1 buying a first cup of coffee?
Write an assembly language subroutine
Does Budweiser have a dominant strategy and what is the equilibrium for this advertising strategy game? That is, in which cell will the firms end up?
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