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An American producer of steel produces and sells his products on two geographic regions: at home (H) and abroad (F). Demand on those markets is different. Also production costs in those two regions are different. Demand function on the home market is: PH = 260 – 0,1QH , and on the foreign market is PF = 240 (illimited amount can be sold for the price 240 dollars). Cost function on the home market is: CH = 1000 + 0,4Q2 H , and on the foreign market: CF = 5000 + 0,25Q2 F .
a. The products can not be exported due to high custom duties . Calculate amount of production and prices on home and foreign market to maximise profit. What will be profit? b. The company can export without limits and transport costs are low. Answer now the question from point a. c. Now suppose that transport costs are 16 dol. per ton. Answer the question from point a.
Elaborate the term Total Revenue and Marginal revenue also calculate TR and MR in the given table
If SAB were to introduce a rewards programme whereby employees who performed
Once an opportunity has been identified,defined and assessed as realistic and objective,the availability of resources needs to be evaluated. what is the next step in the entrepreneurial process?
Employment equity is the notion that.
Define the economies of scale
Elaborate the term Total Revenue and Marginal revenue also calculate TR and MR in the given table
In what way is applied economics important in tackling economic issues or problems of the country?
Why economics play a vital role in our daily lives?
In the summer of 2012, due to plentiful lobsters, the price of lobster in Maine fell to $1.25 a pound, which was 70% below normal and nearly a 30-year low. According to the Massachusetts Lobstermen's Association, "Anything under $4 a pound, lobstermen can't make any money. At least 30 boats announced that they would stay in port until the price rose. However, Canadian and other U.S. fishers continued to harvest lobsters. Why did some lobster boats stop fishing while others continued?
