Economics of Enterprise Answers

1.Calculate the midpoint price elasticity of demand using the price of $5 and $7. The demand function is:
Q = 1,500 - 200P
Where Q is quantity demanded and P is price.


2.A new company estimates fixed costs for its product of $50,000 per year and average variable costs of:
AVC=$0.5+$0.0025Q,
Where AVC is average variable cost (in dollars) and Q is output.
Calculate total cost and average total cost for the projected first-year volume of 20,000 units.


3.Calculate profit from the following demand and total cost functions at output level of 160 units:
Q = 448 - 16P
TC = 1000 + 5 Q

. An entrepreneur starts a small firm with one machine, and a small factory space and employs one person initially. With the aid of appropriate diagrams/table and theory, explain the process of production as he increases his output. Indicate clearly what law governs this process of production, the variable and the fixed factors used by this entrepreneur.

an entrepreneur starts a small firm with one machine, and small factory space and employs one person initially. With the aid of appropriate diagram and theory, explain the process of production of proas he increases his output.Indicate clearly what law governs this process

How does the political system of a country affect internationalization of its firms? Discuss with examples from two different political systems. 300 words

In late 1981, your father went to a Honda dealer in his home state and paid about $1,000 more for a Civic than he would have paid the year before. Why?

How would a manufacturer benefit by using fewer scarce resources?

What kind of market structure lux is operating within? Compare and contrast it with other market structures you have studied based on price,output and profit. Be sure to include graphs in your discussion.

According to less developed economies,dumping is not a preferable policy.why is it still in operation?China is doing dumping from long time,how it will change the world trade after covid19? Elaborate with facts?

According to less developed economies,dumping is not a preferable policy.why is it still in operation?China is doing dumping from long time,how it will change the world trade after covid19? Elaborate with facts?

discuss oligopoly behavior in detail with reference to collusion and the role that the south african competition act 89 of 1998?