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You are the manager of a firm that sells a "commodity" in a market that resembles perfect competition, and your cost function is C(Q) = Q + 2Q^2. Unfortunately, due to production lags, you must make your output decision prior to knowing for certain the price that will prevail in the market. You believe that there is a 60 percent chance the market price will be $100 and a 40 percent chance it will be $200.
a. Calculate the expected market price.b. What output should you produce in order to maximize expected profits?c. What are your expected profits?
What is the relationship between goods x and y? Explain carefully. Using income as your primary factor, identify what category Good X falls into. Find the price elasticity of demand. Find the income elasticity of demand. Find the cross-price elast..
The short run optimal cost of Ohio Bag Company is 2Q. Price is $100. The company operates in a competitive industry. Currently, the company is producing 40 units per period. What is the optimal short run output.
Executives estimate that they will have gross revenues of $500,000, total costs of 300,000, 30,000 in allowable tax deductions, and a one time business start up credit of 8000. What is taxable income for the first year.
Suppose that the rural part of a country is hit by a major earthquake that destroys 10% of the countries housing stock. The government and private sector respond with a major construction effort to help rebuild houses. Discuss how this episode is ..
Abby consumes only apples. In year 1, red apples cost $1 each, green apples cost $2 each, and Abby buys only 10 red apples. In year 2, red apples cost $2, green apple costs $1, and Abby buys only 10 green apples. a. Compute a consumer price index ..
Explain how you would test null hypothesis that b1=0 in the multiple regression model, Y=b0+b1*X1+b2*X2+b3*X3+u. Also, explain how you would test the joint null hypothesis that b1=b2=0
The applicable discount rate is 7 percent. One annuity pays $4,000 on the first day of each year for twenty years. How much does the second annuity pay each year for twenty years if it pays at the end of each year.
If twinkies cost $0.10 each and soda costs $0.25 per cup, how should paul spend the $1 his mother gives him to maximize his utility B) If the school tries to discourage Twinkie consumption by increasing the price to $0.40, by how much will Paul's ..
You bought a car for $16,000 including sales tax and cost of the title. You agreed to pay 60 equal monthly payments to pay for the car at 6% annual interest compounded monthly. The dealer charged you $350/month. You thought that this is a bit more..
At a particular academically challenging high school, the average GPA of a high school senior is known to be normally distributed with a variance of 0.25. A sample of 20 seniors is taken and their average GPA is found to be 2.71
Suppose the demand curve for a monopolist is QD = 500 - P and the marginal revenue function is MR = 500 - 2Q. The monopolist has a constant marginal and average total cost of $50 per unit. a. Find the monopolist's profit-maximizing output and price..
The payoff depicts service competition between two hospitals in a southwestern city. (Each payoff represents profit in millions of dollars) Hospital B's Service Basic All-Purpose Speciality Hospital A's Basic 5,7 5,4 12,6 services All-Purpose 4,5 ..
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