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An oligopolistic firms's demand curve will be kinked at the current market price if: a. firm acts as a price leader in the industry, b. the firm produces a differentiate product, c. there is free entry and exit in the market, d. the firm expects other firm's to match all price changes, e. demand is elastic for price increases by the firm.
Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as macroeconomic or microeconomic.
Can you please provide a real-world example of product (a good or service) which has either an external cost or external benefit associated with it and propose the government policy to adjust for the over- or underproduction of this product.
Describe the factors that may cause economies and diseconomies of scale. Give an example of each. Describe the economic concept of the law of diminishing marginal returns. Please give an example. Why is this important?
Define the term Consumer surplus, Gien good and Income elasticity of demand using graph and equation.
To maximize profits, a perfectly competitive firm should produce until: price is greater than average total cost.marginal cost is equal to price. average total cost is minimized. per unit profits are maximized.
Perform a Google search to find what externalities these proponents claim. Do you believe that these externalities claimed are truly externalities and justify government subsidies of home ownership.
Find an expression for the marginal product of labor, MP L , when the amount of capital is fixed at 16 units, and then illustrate that mardinal producer of labor depends on the amount of of labor hired by calculating the marginal porducto of labor..
I. Marginal revenue is the additional revenue from selling one more unit of output. II. A firm will always produce at an output at which marginal revenue is greater than marginal cost, except when it is minimizing its losses.
Give real world examples of each of them. How would you construct an argument around the comment "more money you have the more problems you have".
Make a paper analyzing the current market situations of Airline industry including a supply and demand analysis that answers following questions:
Differentiate the expenditure versus income approach to GDP and discuss why are the results the same? What are some of the drawbacks of using GDP while doing international comparisons among countries?
Suppose a firm in the short run under perfect competition with P=250, TC=1,000 + 100Q + 2.5Q^2 , and MC=10+5Q-Find out the level of output that the firm needs to produce to maximize profits?
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