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In 2005, APEX received a tax credit for production of its solar panels through the US Department of Energy's Energy Efficiency and Renewable Energy (EERE) procurement plan. The credit allowed APEX to reduce the selling price of its panels by 15 percent. In response to this discounted price, APEX experienced a 20 percent increase in the number of solar panels sold for home construction during the first 12 months following this price reduction. Over time, home builders found that, not only were the solar panels a cost-effective source of residential energy supply, but they also were an added plus in marketing for today's environmentally conscious customers.
The Department of Energy is considering diverting funds from the solar panel subsidy in order to provide more financial support for alternative energy research. The CFO has asked your team to make a projection of how APEX's sales volume might be affected if in fact this tax credit is repealed and solar panel prices rise by 15 percent this year. Is it reasonable to think that APEX will experience a 20 percent drop in the number of solar panels sold? Or, could you argue that the drop in sales might be something less or something more than this? Use economic reasoning to justify your forecast.
Distinguish between explicit & implicit costs, giving example of each and what are the explicit & implicit costs of attending college?? Why does the economist classify normal profit as a cost?
The switch to the use of HFCS from sugar in soft drinks was prompted in large part by its relatively lower price. Assuming a competitive market, what effect would this change have on the equilibrium price and output for soft drinks?
Consider some of products which are widely advertised on television. By what type of firm is each produced the perfectly competitive firm, an oligopolistic firm, or another kind of firm? How many major products can you think of that are not advert..
Suppose that the market for radios is perfectly competitive and there is the simultaneous increase in supply and demand. What can be said about the new equilibrium relative to one before the shifts in supply and demand occurred?
Select a product you have purchased in the past month from a clothing or shoe store. Explain how each of the four factors contributed to the elasticity of the good.
Why is the government so quick to regulate monopolies and potential monopolies? What are the major concerns and evils that arise from this market structure?
Using an aggregate supply diagram and aggregate demand or model of the economy, graphically explain and discuss the short-run and long-run effects.
The President of US is suggesting increased spending for a missile defense system and also proposing a major long term tax cut. Provide some predictions of possible outcomes for the federal budget categories,
You've been hired by an unprofitable firm to determine whether it should shut down its unprofitable operation. Help the management of the firm as to whether or not it should continue to operate at a loss?
Describe the difference between short run and long run as they are used in economics. Differentiate between Economics of scale and Diseconomies of scale.
Consider a market characterized by the following inverse demand and supply functions: PX = 10 - 2QX and PX = 2 + 2QX?
This document shows the uses supply and demand model to explain the evolution of the price of gold and silver.
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