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Jim enters the town and makes a factory, which is employed by the locals. Every worker in the factory works on one machine and is able to produce 6 shirts per hour. The cost of running the machine is half a loaf of bread per hour, the cost to employ each worker is 1.5 loaves of bread per hour.
The customers of the factory are the families of city A.
The time it takes to travel back and forth to the factory is 5 minutes per kilometer. For example, someone who is 2 kilometers away from the factory will lose 10 minutes to make the trip back and forth to the factory.
Which of the families in the city will buy their shirts from the factory rather than make them themselves?
Assume the following was overheard at the water cooler: "I think our medical device company should take advantage of economies of scale by increasing our output, thereby spreading out our overhead costs."
What is the market clearing price for this market? What is the market quantity and calculate the Consumer Surplus (CS), the Producer Surplus (PS), and the Social Welfare (SW).
Explain the circumstances in which a monopolist may encounter a free rider problem and determine the senses in which a perfectly-discriminating monopolist is efficient or inefficient.
what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?
Suppose the price that year rose by 8% and the real rate of return in the stock market was 4%. Your friend says she or he was being more than fair giving you more than the rate of inflation as a return, What do you think and Why?
Compare the work and formulas for computation of Expected Value, Absolute Risk Measurement, and Relative Risk for both projects.
Suppose you were the manager of a bank that raised most of its funds from short- term variable-rate deposits and used these funds to make fixed-rate mortgage loans. Should you be more concerned about rises or falls in short-term interest rates? ..
Question about micro economics- Sam Smith owns an internet radio company that has subscribers in Houston and Dallas
Evaluate this statement: " profit-maximizing firms lack an incentive to provide job safety, and consequently, the federal government must intervene legislatively to protect workers against unsafe working conditions that will surely result."
Determine the profit maximizing output?
What is the underground economy? What is the impact on the underground economy of instituting a tax on a certain productive activity?
Draw the total market demand curve. Label the axes and intercepts. Discuss how the price elasticity of demand changes along the demand curve.
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