Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Learning Objective: In terms of macroeconomics; Be comfortable with what shifts the supply and demand curve, and how shifts in either supply or demand or both supply and demand change equilibrium quantity and equilibrium price.
You must answer both. Strategy: explain whether each factor changes supply or demand and in what direction.
1. Music compact discs are normal goods. What will happen to the equilibrium price and quantity of music compact discs if musicians accept lower royalties, compact disc players become cheaper, more firms start producing music compact discs, and music lovers experience an increase in income?
2. What would happen to the equilibrium price and quantity of peanut butter if the price of peanuts went up, the price of jelly fell, fewer firms decided to produce peanut butter, and health officials announced that eating peanut butter was good for you?
Find the demand for L and R. (Hint: Use your result from part 3 and the budget constraint.) Now assume that the price of right shoes increases. What will be the substitu- tion eect from this price change? Explain.
An oligopoist is correctly charging a price of $100 and is selling 400 units of output per day. If the firm increases price above $100, the demand curve is P=110 - 0.025Q. If the firm reduces price below $100, the demand curve becomes P=140 - 0.1Q. I..
The manager of a local monopoly estimates that the elasticity of demand for its product is constant and equal to –3. The firm’s marginal cost is constant at $20 per unit. a. Express the firm’s marginal revenue as a function of its price. Instruction:..
The firm’s production function is Y = min {A/4; 2B} + 5C. Suppose that the price per unit of input A is 2 euros, the price per unit of input B is 6 euros, the price per unit of input C is 30 euros. What is this firm’s minimum cost of producing 40 uni..
Labor markets are characterized by asymmetric information because
Susan switches from going to Speedy Lube for an oil change to changing oil in her own car herself. Which of the following is correct?
Name one drawback to using a risk management approach to solve the "Risk/Benefit Problem" of technology that we discussed in class.
Jimmy Paul Miller starts his own bank, called JPM. As owner, Jimmy puts in $2,000 of his own money. JPM then borrows $4,000 in a long-term loan from Jimmy’s uncle, accepts $14,000 in demand deposits from his neighbors, buys $7,000 of U.S. Treasury bo..
Suppose that two Cournot duopolists serve the Peoria-Dubuque route, and the demand curve for tickets per day is Q=200-2p (so p=100-Q/2). Total costs of running a flight on this route are 700+40q where q is the number of passengers on the flight. Each..
The report must address what income, Social Security, and Medicare taxes are and why U.S. citizens must pay them.
An industry consists of a dominant firm with costs C(Qd) = Qd and 8 identical fringe firms, each with costs c(q) = 1 + q^2. Market demand is Q = 20 - p. What is the supply schedule for a fringe firm in the long run? Sketch the supply. (You would need..
Explain the “objective theory of jurisdiction.” How does it apply to an organization doing business within a foreign country?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd