Assume Standard Oil owns all the refineries in the US. What would be the price it would charge for kerosene in the 1800s, if the demand for kerosene is P=100-5Q and its marginal cost is MC=20
Q: The supply and demand curves for a product are given by the following equations: P = aQs + b and P =...
A: Given information Demand function P=cQd+d Supply function P=aQs+b new demand function Q=1520-5P P=18...
Q: In Country X, the population is 100 million, 60 million people are employed, 5 million are not emplo...
A: Labor force is the sum of employed and unemployed who is actively looking for work.
Q: C. DISTINGUISH BETWEEN THE NEO-CLASSICAL, FREE-MARKET THEORY WITH DEPENDENCY THEORY?
A: Free market theory: It deals with the economic system which is not under the control of the governme...
Q: Suppose that the market for dress shirts is a competitive market. The following graph shows the dail...
A: Here, the given graph shows the marginal cost, average variable cost and average total cost curves o...
Q: Why is it important to know how to identify topic sentences or thesis statements?
A: A topic sentence is a sentence that summarises a paragraph's main idea. It encapsulates or organises...
Q: Q3: A new tractor is purchased and used on a farm to produce carrots which are sold in the grocery s...
A: A good is said to be intermediate good if it is used as input to produce other goods and services.
Q: . Calcul a te the annual real GDP for the period 2009 to 2014 2. Calculate the annual real growth r...
A: what is given in this situation Year Nominal GDP GDP Deflator Real GDP Real growth of o...
Q: Recent flooding in Australia, have driven up prices for items ranging from coffee beans to beef. Pri...
A: The supply of a commodity depends upon various factors like the price of the good, price of raw mate...
Q: What is Perfect competition? (50 words only)
A: A market arrangement in which numerous enterprises provide a homogeneous product is known as perfect...
Q: Critics of the current system of Fed independence contend that Question 1 options: a) voters...
A:
Q: What is a dominant strategy? the strategy that results from collusion in an industry the strategy th...
A: Nash equilibrium can still occur when players do not have any dominant strategy.
Q: The supply and demand curves for a product are given by the following equations: P = aQs + b and P =...
A: Given information Demand function P=cQd+d Supply function P=aQs+b new demand function Q=1520-5P P=18...
Q: Part B The equation of the demand function for luxury sparkling wine is given by QD = 1520 – 5P wher...
A: Tax refers to the collection of money by the government of a place to cover their expenditures relat...
Q: Adrienne and Sarah consume pizza Z and cola C. Their utility functions and marginal utilities are, r...
A: Given The utility function of Adrienne: UA=ZACA ... (1) The utility function of Sarah:...
Q: Calculate the capitalized cost of an equipment maintained at a rate of 6% every year for P10,000, re...
A: Capitalized value represents the current worth of an asset. Capitalized cost is an expense incurred ...
Q: Galaxy, a multinational corporation, has two plants, one in the United States and the other in Mexic...
A: Given, Wage in Mexico = USD 5 per hour Wage in the US = $25 per hour The productivity per worker in ...
Q: Use the Budget Line and Indifference Curve concepts to illustrate how a consumer can obtain the high...
A: The curve that depicts various combinations of goods and services which could provide different util...
Q: HANDBAGS What happens when the hot handbag trend is to not buy a new one? Sales of premium handbags ...
A: Market demand for a commodity can change as a result of a change in consumers income, their tastes a...
Q: E. DISCUSS HOW THE “STAGES OF GROWTH FRAMEWORK EXPLAINS ECONOMIC STRUCTURAL CHANGE.
A: In an economy, stages of growth framework include the stage of startup to growth, maturity and then ...
Q: Graph the following a. Flood destroys the rice crops. Demand remains constant. Show effects on marke...
A: Since you have posted a question with multiple parts , I have solved the first three sub parts for y...
Q: miles from an attraction you hadn't known about, but would really like to see. In computing the oppo...
A: ANSWER GIVEN BELOW,
Q: On the following graph, use the orange points (square symbol) to plot the nominal Interest rates for...
A:
Q: The input-Output coefficent matrix for 2-sector economy is given by: 03 03 A = 0.4 0.6 The final dem...
A:
Q: Consider the following dynamic game between two players. Each player chooses one of the actions "kee...
A: Given information There are 2 strategy each player plays Keep and Share 2 players P1 and P2 It's a ...
Q: Explain why and how the compensated demand curve should technically be used to measure consumer surp...
A: The compensated demand curve is a demand curve that only considers the substitution effect of a pric...
Q: Pat and Chris can spend their nonleisure time working either in the marketplace or at home (prepari...
A: A budget constraint in economics refers to all the combinations of goods and services that a consume...
Q: he demand (downward sloping line) and marginal cost (upward sioping curve) of a monopolist are shown...
A: From the graph, we can write, when Q=8, P=0 and Q=0, P=8 So the equation of demand function: P=8-Q ...
Q: Price ($/unit) Social Marginal Cost 40 Supply A 30 ....
A: The unregulated market operates at the intersection point of the demand and supply curve. Hence, th...
Q: If income elasticity of demand is 2.12, it means that quantity demanded will 2.12 percent for every ...
A: Let's first understand about the elasticity of demand. We know that income and demand has I relation...
Q: In Country X, the population is 100 million, 60 million people are employed, 5 million are not emplo...
A: In the labor force disguised unemployed are not included. Where disguised unemployed is one who is u...
Q: 1. Why do we need microeconomic models? Using appropriate diagram(s), explain how changes in a facto...
A: Microeconomics focuses on an individual's or a firm's choices in a world of scarcity and the ripple ...
Q: A demand function is given by: q = 3y+2y? -6p² - 5p-4 4. y>0 where q is quantity demanded, p is pric...
A: Answer:
Q: "At the time of the Great Depression the Secretary of the Treasury Andrew Mellon was quoted as sayin...
A: The answer is - he thought the economy have to squeeze out excess which had accumulated in the 1920 ...
Q: between the years 2000 and 2016 for India from the United Nations. Fill in the column for the real G...
A: Real GDP = (Nominal GDP/Deflator)*100 I copied this data into excel and then solved it using this fo...
Q: AC1 AC2 AC1 AC2 LRAC 01 02 Output per time period Refer to the graph above to answer this question. ...
A: The expenses that are being incurred by the business for carrying out its day-to-day transactions ar...
Q: 1. Why do we need microeconomic models? Using appropriate diagram(s), explain how changes in a facto...
A: Please find the answer below.
Q: In the United States, the dollar is backed by silver. backed by gold and silver. backed by Bitcoin. ...
A: A currency is backed means that a commodity backs or supports, like gold or silver. It means the cur...
Q: 2. Below is a tabular data of price and quantity demand and quantity supply for banana que. 10 40 20...
A: P 5 10 15 20 25 Qd 50 40 30 20 10 Qs 10 20 30 40 50 [a] To solve the demand and supply equati...
Q: Let us denote John's daily hours of work by H, and his hours of leisure by N = 24 - H. Suppose that ...
A: a) Wage rate = $30 This is the opportunity cost of not working. which means if Johns chooses not t...
Q: Each player simultaneously chooses a number from {1, 2,..., 10} and writes it down on a piece of pap...
A: We are given that each player simultaneously chooses a number from [1,2,3...,10]. Let the number cho...
Q: In a small open economy, output is $25 billion, government purchases are $6 billion, taxes are $5 bi...
A: Given Y=$25 billion Government purchases G=$6 billion taxes T=$5 billion C=2+0.6(Y-T)
Q: With the expanding global business platform, managers are facing the challenge of how to lead in a g...
A: Challenges of MNC(multinational companies) The MNC or international business operate in different co...
Q: Draw and carefully label the Euro-U.S. dollar foreign exchange graph. You must use the Euro/US $ exc...
A: In the international market, the exchange rate between two or more currencies depends upon the deman...
Q: The Policy Trilemma states that a country or a monetary union cannot pursue the following three poli...
A: The Policy Trilemma or Impossible trinity states that all the three goals cannot be met at the same ...
Q: Dave's Donuts sold 1,000 donuts. Total revenue was $400, and the cost of producing the 1,000 donuts ...
A: The amount of money received by businesses from the sale of their products is referred to as total r...
Q: Paolo is a skilled toy maker who is able to produce both boats and puzzles. He has 8 hours a day to ...
A: A production possibilities frontier characterizes the arrangement of decisions society faces for the...
Q: instructor wants to create a test that has true-false questions, multiple-choice questions, and essa...
A: Both 1st and 2nd part solved below,
Q: What is the elasticity of demand if the inverse curve of demand is P = (20 - 2Q)1/2 and 2 units are ...
A: Given Demand function: P=20-2Q1/2 .... (1) The formula for price elasticity of demand: e=d...
Q: The college graduates of 2000 could hardly have asked for better luck. The unemployment rate dropped...
A: The unemployment rate is a useful indicator of labour supply underutilization. It reflects an econom...
Q: what is monopolistic competition? (50 WORDS)
A: Monopolistic competition happens when an industry has many firms offering items that are comparative...
Assume Standard Oil owns all the refineries in the US. What would be the price it would charge for kerosene in the 1800s, if the
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- According to the Hanson Production: Pricing for Opening Day Case Study by Peter Famiglietti, How would pricing based on the competition work in this situation?The price-demand equation for the production of bluetooth speakers is: p = 250 - 1/20x, for 0 is less than or equal to x and x is less than or equal to 5000 where x speakers can be sold at $p per each speaker. The cost to produce x speakers is given as C(x) = 150,000 + 30x, where both C(x) and p are represented in dollars ($). - find the profit function and the marginal profit and interpret the quantity P'(4500) - find the marginal cost and interpret the quantity C'(3000) - find the revenue function and the marginal revenue and interpret the quantity R'(3000)A company is the sole producer of holographic TVs. The daily demand for these TVs is Q=10,200 - 100P, where Q is the quantity demanded and P is the price. The cost of producing the TVs is (note that this implies that marginal cost is equal to Q, MC = Q). What is the company’s total revenue schedule? What is the company’s marginal revenue schedule? What is the profit maximising number of TVs that the company must produce each day? What price should it charge per TV? What is the daily profit?
- A manufacturer of mountain bikes has the following marginal cost function: C′(q)=700/0.5q+2 where qq is the quantity of bicycles produced. When calculating the marginal revenue and marginal profit in this problem, use the approach given for the marginal cost and marginal revenue in the discussions in your textbook. a) If the fixed cost in producing the bicycles is $3200, find the total cost to produce 35 bicycles.Answer: $ b) If the bikes are sold for $250 each, what is the profit (or loss) on the first 35 bikes?Answer: $ c) What is the marginal profit on bike number 36?Answer: $Consider the following problem: Demand: q = 100-p Retailer: marginal cost of selling r = 10 per unit Manufacturer: marginal cost of producing = 40 per unit Neither firm faces any competitor Suppose now that the retailer and the manufacturer are separate firms. Write down the profit function of the manufacturer if it sells to the retailer at w. You solved for the quantity the manufacturer will sell a minute ago, so you can use that in the profit function, and then you will have a profit function for the manufacturer that does not have p, but only has w in it. Solve for the optimal w for the manufacturer to charge and calculate the quantitysold under that w.You are running a chocolate factory and need to decide on the price to sell the chocolate as well as the quantity to produce. Demand curve; Q = 8.5 - 0.05 * P. The cost curve is C = 100 + 38Q. The business is a profit maximizer. 1) What is the best price to charge each week? 2) What is the best quantity to make each week? 3) What are the expected profits Is it possible to get this in an excel with equation formulas
- I need to second half answered. JointJuice produces a prepackaged joint support supplement for relief of joint pain with 180 tablets per bottle and operates in a perfectly competitive market. Basically, all the firms in this competitive market have technologies (production and cost conditions) that are the same as JointJuice’s. Suppose JointJuice’s total cost function is given by the following where q is JointJuice’s quantity of packages per day: C(q) = 250 + 6q + 0.1q^2 The market demand function for the output in this market is given by: Q = 1848 - 2P If there are 20 identical firms in this industry, find the market equilibrium price for the prepackaged supplements. Calculate JointJuice’s optimal output level and profits given the market price for the product. If JointJuice is typical of the firms in this industry calculate the firm’s long-run equilibrium output, price, and profit level. - answers for first half JointJuice is a prepackages supplement-producing firm. Suppose…what would be its profit-maximizing price? Would that be the efficient level of output? Why or why not?Since firms are slow to change the prices they charge for their products, are firms more or less likely to be able to pursue an effective markup pricing strategy in their pursuit of positive economic profit, when the economy is heading into a recession? Explain your answer.
- There are two different demand curves at your movie theaters. During the weekends, the inverse demand function is P=20-0.001Q, on weekdays, it is P=15-0.002Q. The marginal cost if 25,000 per movie. Determine prices for the weekends and weekdays.Refer to the figure above. If this firm decides to operate and is producing the profit-maximizing quantity, then the firm's profit will be: $40 $0 - $40 $240Suppose the local electrical utility, a legal monopoly based on economies of scale, was split into four firms of equal size, with the idea that eliminating the monopoly would promote competitive pricing of electricity. What do you anticipate would happen to prices?