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Suppose you own a home remodeling company. You are currently earning short-run profits. The home remodeling industry is an increasing-cost industry. In the long run, what do you expect will happen to
a. Your firm's costs of production? Explain
b. The price you can charge for your remodeling services? Why?
c. Profits in home remodeling? Why?
Derive the average cost of producing 100,000, 200,000, 300,000, and 400,000 devices per year with plant A. (For outputs exceeding the capacity of a single plant, assume that more than one plant of this type is built.)
What should be the amount of her quarterly deposits in actual dollars? Support your answer with all necessary steps
what is the elasticity of substitution? if the production is Q= L ^1/2 K ^1/2. What is the total cost function ? What is marginal cost? What is average cost?
If the country imposes a specific tariff of t = 0.5 per unit of imported X, what are the equalibrium price, quanitity produced domestically, quantity consumed domestically, and quantity imported? e. Who gains and who loses fro the tariff? Does nati..
Identify the government department that compiles the statistics on unemployment. About how many business firms in the United States are proprietorships?
profit = (quantity of output) x (price - average total cost), marginal revenue = (change in total revenue)/(quantity of output).
Explain the rationale for government regulation of companies with market power. Is regulation in the customers interest or in producer's interest and how might this control special interest groups?
What is the most important factor leading to rising health care costs in the United States since 1980? a)The increased use of expensive medical technology b)Teh aging U.S. Population
Assume that the demand curve for apples is given by Qd = 140 - 5P, where Qd is number of pounds demanded per year and p is the price per pound. The supply of apples can be described by Qs = 40 + 3P, where Qs is the number of pounds provided.
Suppose that the probability that a used bike is a lemon (low quality) is 'p' and the probability that a used bike is a plum (high quality) is '1-p'. If a buyer is willing to pay $H for a plum used bike and $L for a lemon used bike,
Assume you are hired as a consultant by Barks Industries, a company in a monopolistically competitive industry. How would you advise the company in terms of pricing, output, resource usage, and advertising?
To take advantage of high prices for snow shovels during a very snowy winter, Alexander Shovels, Inc., decides to increase output and the success of Red Bull leads more firms to begin producing energy drinks.
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