Economics of Enterprise Answers

calculate the mean median from the following data and find out mode using relation among mean,median and mode. Class; 0-10 10-20 20-30 30-40 40-50 50-60 60-70 Frequency; 10 20 30 40 50 60 70

1)In Australia a consumer of electricity would save, on average, AUS$1000 by switching from the most expensive to the least expensive electricity supplier. However, 30% of consumers do not switch because of the effort required and 22% do not switch because they lack the necessary information. Evaluate possible reasons why consumers may behave irrationally.

2)Between Q4 2016 and Q4 2019 the global price of gold increased from $1275 to $1481 per ounce. Over the same period, the global supply of gold increased from 888.8 tonnes to 889.5 tones. Only 10 countries mine 62% of global output. Evaluate reasons why the supply of gold is price inelastic.

QUESTION 1.

How do business organizations survive for 100+ years? Obviously, they’ve seen a lot of historical events come and go. Choose one of these companies and research its history: Coca-Cola, Procter & Gamble, Avon, or General Electric. How has it changed over the years? From your research on this company, what did you learn that could help you be a better manager?

Question 2.

Juan Hernandez is a successful business owner. His landscaping business is growing, and a few months ago he decided to bring in somebody to manage his office operations since he had little time to keep on top of that activity. However, this individual can’t seem to make a decision without agonizing about it over and over and on and on. What could Juan do to help this person become a better decision maker?

The marginal cost of a trade has been found to be MC=3Q^2+8Q+400.

determine the total virable cost of producing 100 units of the trades product. And show by graph

Suppose the short run production function can be represented by Q= 60,000L^2-1000L^3. Then, determine

A) the level labor employement that maximizes the level of output

B) the level of employement that maximizes APL and the maximum APL

Justify

1)Merchandise exporters do not typically wish to be in speculative positions, which add an element of

uncertainty to their business.

2)Imbalance in the balance of payments may occur if the exchange rate is fixed, but it will not occur if the rate

is flexible enough to attain its equilibrium level.

Suppose the short run production function can be represented by

Q=60,000L^2-1000L^3 then, determine

A) the level labor employement that maximazes the level of output

B) the level of employment that maximazes APL and the maximum APL

Suppose you have the following production function , Q=f(L,k)=10L1/2K1/2. In addition the price of labor is$1and the price of capital is$4. So what is the optimal amount of labor and capital if you want to produce 20 units?

Assume a wheat producing farmer engaging in selling its product under perfect competition market faces cost functions as TC= Q3 -2Q2 +8Q and Average revenue of the farmer is given as Birr 8 . Having this information, A) Determine the optimal level of output and price in the short run. B) Calculate the economic profit (loss) the farmer will obtain (incur

price elasticity of a product is -0.8.if the firm raises price of the product,what happened to its revenue