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Answer to 18.2 Punchline Algebra book b What law firm is famous for sneaky legal tricks?
Dewey cheetham and howe
What is the difference between SML and CML?
Differences between CML and SML· Capital market line measures risk by standard deviation, or total risk· Security market line measures risk by beta to find the security's risk contribution to portfolio M· CML graphs only defines efficient portfolios· SML graphs efficient and nonefficient portfolios· CML eliminates diversifiable risk for portfolios· SML includes all portfolios that lie on or below the CML, but only as a part of M, and the relevant risk is the security's contribution to M's risk· Firm specific risk is irrelevant to each, but for different reasons
What is the importance of a y intercept in a graph?
Graphically, it is the point where the graph intersects the y-axis. It gives the value of the y-variable when the x-variable is 0. If, to take a simplistic example, x represented the number of units produced by a firm, and y was the total cost, then the y-intercept would represent the fixed costs - the amount the firm would have to pay even if it produced nothing - eg for land, rent etc.
Is harder a verb?
It is an adjective. It can also be used as an ADVERB. Ex: Adjective: This couch is hard, but that one is harder. (As in "firm.") Adverb: I think our team played harder in today's game, in comparison to the last one. (As in intensity or power.)
What are the characterstics of perfect compitition?
CharacteristicsThe four characteristics of perfect competition are: (1) large number of small firms, (2) identical products, (3) perfect resource mobility, and (4) perfect knowledge. Large Number of Small Firms: A perfectly competitive industry contains a large number of small firms, each of which is relatively small compared to the overall size of the market. This ensures that no single firm can exert market control over price or quantity. If one firm decides to double its output or stop producing entirely, the market is unaffected. The price does not change and there is not discernible change in the quantity exchanged in the market.Identical Products: Each firm in a perfectly competitive market sells an identical product, what is often termed "homogeneous goods." The essential feature of this characteristic is not so much that the goods themselves are exactly, perfectly the same, but that buyers are unable to discern any difference. In particular, buyers cannot tell which firm produces a given product. There are no brand names or distinguishing features that differentiate products.Perfect Resource Mobility: Perfectly competitive firms are free to enter and exit an industry. They are not restricted by government rules and regulations, start-up cost, or other barriers to entry. While some firms incur high start-up cost or need government permits to enter an industry, this is not the case for perfectly competitive firms. Likewise, a perfectly competitive firm is not prevented from leaving an industry as is the case for government-regulated public utilities.Perfect Knowledge: In perfect competition, buyers are completely aware of sellers' prices, such that one firm cannot sell its good at a higher price than other firms. Each seller also has complete information about the prices charged by other sellers so they do not inadvertently charge less than the going market price. Perfect knowledge also extends to technology. All perfectly competitive firms have access to the same production techniques. No firm can produce its good faster, better, or cheaper because of special knowledge of information.
How relevant is linear equation to a firm?
The line of best fit is used to predict future decisions.
What type of curve does the perfectly competitive firm face?
perfectly elastic demand function.
Distinguish between industry demand and firm demand?
Industry demand is subject to genera economic conditions. Firm demand is determined by economic conditions and competition
When a firm's marginal revenue is zero what can be said about the elasticity of demand for the output of the firm A. Demand is inelastic. B. Demand is elastic. C. Demand is unit elastic.?
Demand is unit elastic.
Why is slopes and linear function so important?
First of all, many relationships are inherently linear. For example, distance travelled is a linear function of time where the slope is speed. Beyond that, linear functions are extremely simple. Because of this they can be used to model pieces of more complicated functions in a simple way. Thus, you can study the properties of the complicated function by studying a piece of it at a time, in a sense. Many mathematical objects can be said to behave as linear operators. This means that a firm undertstanding of lines, slopes and linear functions transfers to these objects. Linearity is fundamental to a great deal of mathematics.
What is the equilibrium of a firm?
The equilibrium of a firm depends with the elasticity of a demand curve.
What is Demand Estimation?
Demand Estimation is the art of forecasting firm sales.
Which market structure is the demand curve of the market represented by the demand curve of the firm?
oligopoly
What is the demand curve for output of a perfectly competitive firm?
Demand = Price = Marginal Cost.
What is secondary demand?
It is the demand for specific goods/services of a firm. Due to differentiation of goods in the industry.
What is the distinctive feature of the demand curve of a firm in pure competition?
The demand curve would be perfectly elastic.
How does a firm respond to a higher demand for its goods?
it raices prices
