Do a little research, then take a shot. What do you think? Hint: Maximize profit where MC=MR. In a perfectly competitive market MR=P. Hint2: the demand curve facing a firm in a perfectly competitive market is a horizontal line. (in economics terms: perfectly elastic)
Take a shot. what do you think?
follow the basic methodology that Drwls showed you in the previous post. Assume each color ball can be distinguished from each other. (e.g., name the green balls g1 and g2) First, the denominator. How many different ways can 3 balls from 12 be chosen. 12-choose-3 is 12!/3!(12-...
No, you are way off track. For utility maximization in spending on goods, you want the spend where the marginal utility per dollar is the highest. So, if MUx/Px is greater than MUy/Py then spend more on x and perhaps less on y. I presume your "10.00" is the price per...
I have no idea What is the question, and What does "5=(10,4)+40=(10,4)" mean.
I too am confused. The FDA's tested mean is below their "standard" of 30.2. How could they possibly conclude the acutual mean above 30.2??
There is no way these series could represent a linear equation. You have two different values for P -- 8 and 10. Yet both values have an associated Q of 110
do a little research, then take a shot. What do you think? Hint. Be sure to read up on the money multiplier.
Take a shot, what do you think? Hint: On a graph, Consumer surplus is the area below the demand curve but above price. Compare the area using the Price the Monopolist would change to maximize his profits vs the price where P=MC. You will need to use some geometry.
Microeconomics - Cournot
a) I agree b) I agree c) Cournot models can be tricky beasts. But in this example, I believe the soulution is easy because 1) both firms have flat MC curves and MCx < MCz. I believe firm X, in the end, will drive P down to 6 and Z will produced nothing. (I wish I had more t...
For Further Reading