Learn more about our help with Assignments: Economics
Search & Filtering
Consider a firm operating in a perfectly competitive market economic system, and
her production function is defined as Y= (L, K) and total cost is C= wL + rK, where L
and K are respectively labor and capital, and w and r are unit prices of labor and
capital respectively. If the production system assumes the Cobb-Douglas function
and the product Y is sold at a unit price (p), then
a) Formulate the profit function for the firm
b) Determine the derived demand functions for each factor that would maximize
the firm's profit
c) What should be the conditional output supply function that maximizes the firm's
profit?
her production function is defined as Y= (L, K) and total cost is C= wL + rK, where L
and K are respectively labor and capital, and w and r are unit prices of labor and
capital respectively. If the production system assumes the Cobb-Douglas function
and the product Y is sold at a unit price (p), then
a) Formulate the profit function for the firm
b) Determine the derived demand functions for each factor that would maximize
the firm's profit
c) What should be the conditional output supply function that maximizes the firm's
profit?
Tippalee Ventures Inc. provides helicopter tours of the wilderness. The fixed monthly cost for the helicopter, gear, and airport space is $42,500. The variable cost per tour is $6,500. The helicopter tours sell for $3,500 per person, and the helicopter seats three customers. Assuming every helicopter is filled to capacity, what is the break-even volume for the company? What is the break-even volume if each helicopter only carries two customers?
Following is the information of two plants located at ABC City and XYZ City
ABC City Plant
Total Fixed Cost (TFC) $100,000
Average Cost per unit (AVC) $10
Selling Price per unit $20
Capital labor (K/L) 2:1
Output rate (Q) 22,000
XYZ City Plant
Total Fixed Cost (TFC) $200,000
Average Cost per unit (AVC) $8
Selling Price per unit $22
Capital labor (K/L) 2:1
Output rate (Q) 16,000
Determine the profit elasticity for each plant.
ABC City Plant
Total Fixed Cost (TFC) $100,000
Average Cost per unit (AVC) $10
Selling Price per unit $20
Capital labor (K/L) 2:1
Output rate (Q) 22,000
XYZ City Plant
Total Fixed Cost (TFC) $200,000
Average Cost per unit (AVC) $8
Selling Price per unit $22
Capital labor (K/L) 2:1
Output rate (Q) 16,000
Determine the profit elasticity for each plant.
I had a question : Does Bangladesh and India's economy face similar economic obstacles (Poverty, education, unemployment etc) or are they different in their own terms ? I'd be extremely grateful if you could answer this question as I really need it for my EPQ. Many thanks.
If we add up the current account balances for every nation in world, the overall balance will equal
Select one:
a. the size of world GDP.
b. spending minus savings.
c. zero.
d. the value added in all sectors of each nation.
Select one:
a. the size of world GDP.
b. spending minus savings.
c. zero.
d. the value added in all sectors of each nation.
Suppose a family's annual income is $58,000; if the marginal propensity to save (MPS) is 0.25, and the income for the family decreases by $15,000, then the decrease in consumption will be
Select one:
a. $3,750.
b. $10,500.
c. $11,250.
d. $1,500
Select one:
a. $3,750.
b. $10,500.
c. $11,250.
d. $1,500
WheWhen, in the absence of exchange rate adjustments, there is a balance of payments deficit, this is known as a(n)
Select one:
a. incipient balance of payments deficit.
b. balance of payments depreciation.
c. balance of payments appreciation.
d. incipient balance of payments surplus.
Nextn, in the absence of exchange rate adjustments, there is a balance of payments deficit, this is known as a(n)
Select one:
a. incipient balance of payments deficit.
b. balance of payments depreciation.
c. balance of payments appreciation.
d. incipient balance of payments surplus.
Nextn, in the absence of exchange rate adjustments, there is a balance of payments deficit, this is known as a(n)
Economics
Many service industries such as restaurants, night clubs, movie theatres and hair
dressers experience much higher demand during weekends compared to week
days. Explain a pricing strategy which would increase profits compared to a
single price profit maximizing strategy. Be sure to include a graph which
explains your demand, marginal revenue, and marginal cost.
dressers experience much higher demand during weekends compared to week
days. Explain a pricing strategy which would increase profits compared to a
single price profit maximizing strategy. Be sure to include a graph which
explains your demand, marginal revenue, and marginal cost.
Economics
Q. 6 Fixed cost s are those costs
a. that are subject to diminishing marginal productivity
b. that are embodied in the calculation of marginal cost
c. that are independent of the rate or output
d. that are implicit to a competitive firm.
a. that are subject to diminishing marginal productivity
b. that are embodied in the calculation of marginal cost
c. that are independent of the rate or output
d. that are implicit to a competitive firm.
Jack spends his whole budget and purchases 8 units of hamburger and 5 units of cake. The price of hamburger is twice the price of cake. The consumer’s income doubles and the price of cake doubles, but the price of hamburger stays the same. If the consumer continues to buy 5 units of cake, what is the largest number of hamburger that he can afford?
