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Suppose it has been determined that the demand (in thousands of dollars) for a certain item is given by the equation
and the cost of producing x hundred items is given by C(x) = 5x + 10. Determine
(a) the revenue function,
(b) the Profit function,
(c) estimate the level of production x, at which profit will be maximized,
(d) from your estimate in (c), what price should be charged to maximize profit?
What is the income elasticity of demand for kitty litter when P(D)=30,P(C)=20, m=50? What is the cross-price elasticity of demand for kitty litter when P(D)=30,P(C)=20, m=50? Are kitty litter and cat food substitutes or complements?
Derive the trade balance equation (19.34) from the capital market clearing equation (19.26).
A monopolistically competitive firm produces a level of output at which price equals $80, marginal revenue equals $40, average total cost equals $100, marginal cost equals $40, and average fixed cost equals $10.
Home has 1,200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 3, while in banana production it is 2.
On the (admittedly unlikely) assumption that the interest rate before the money supply increase equals the long-run interest rate, is the long-run increase in the price level more than proportional or less than proportional to the money supply cha..
Characterize the steady-state equilibrium and the transitional dynamics in this economy.
First Cost: $500 Uniform Annual Benefit: $122 Salvage Value: $0 (a) Construct a choice table for interest rates from 0% to 100% (b) If the minimum attractive rate of return is 8% which alternative should be selected
Consider a Stackelberg duopoly game of quantity competition. Firm #1 is the "Leader" and firm #2 is the "Follower." Market demand is given by the inverse demand function p=100-4Q.where Q=q1+q2 is the total output of the two firms.
This would cover years 4 and 5, after the manufacturer's warranty has expired. Suppose that the expected repair costs for years 4 and 5 are $850 per year. If your discount rate is 5.5% per year, should you purchase the extended warranty.
What is the dollar value of the total surplus (producer surplus plus consumer surplus) when the allocatively efficient output level is being produced How large is the dollar value of the consumer surplus at that output level
Explain why their contrasting views on the shape of the aggregate supply curve lead some economists to argue much more strongly for stabilization policies to fight unemployment and other economists to argue much more strongly for stabilization pol..
Suppose that the price of a stock is $50 at the beginning of a year and $53 at the end of the year, and it pays a dividend of $2 during the year. Calculate the stock's current yield, capital-gains yield, and the return.
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