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1. What is opportunity cost? Explain with the help of an example, why assumption of constant opportunity cost is very unrealistic?
2. (a) Explain law of demand with the help of a demand schedule and demand curve. (b) Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
3. "Cost function expresses the relationship between the cost and its determinants." Discuss this statement giving examples from any firm of your choice. 4. "A characteristic of oligopolistic market is that, once the general price level is established it tends to remain fixed for an extended period of time." Discuss the economic rationale underlying this phenomenon.
5. In any firm of your choice, try to find the effect of change in demand and change in supply on price and quantity of product.
6. Write Short Notes on the following:
(a) Value Maximization
(b) Envelope Curve
(c) Peak Load Pricing
A new competitor enters the industry and competes with a second firm, which had been a monopolist. The second firm finds that although demand is not perfectly elastic, it is now relatively more elastic.
Draw a standard supply and demand diagram which shows the demand for new housing units that are purchased each month, and the supply of new units built and put on the market each month.
Evaulate the price elasticity of demand for subway rides. The subway fare in your town has just been increased from the current level of 50 cents to $1.00 per ride.
Perform a White test for heteroskedasticity using auxiliary regression
The steady increase in demand for home computers has resulted in the massive increase in demand for web access, yet, the price of access has been steadily declining.
The Aggregate Demand for goods and services in an economy must at every moment equal the value of Real Gross Domestic Product because both are defined to be the sum of (C+I+G+X-IM).
Assume that the demand changes to QD = 600-2P and the supply function stays the same. Graph the new situation in Excel. Find the new equilibrium price and quantity, and show it on your graph.
Calculate the marginal and average variable product of each unit of labor input. Hint: plot your Units of labor and Units of Output vertically. Calculate total, average total, average variable, and marginal costs.
MICROECONOMICS
Rcognize the three phases of production and describe why the firm short run production has only one rational stage of production.
How might a Wal-Mart representative respond to the negative criticism that might arise as the result of sighting the new facility in a community ranging from traffic congestion to anti-union sentiment to unfair competition.
what are the capital (k) and labor (L) elasticities of production? What do these elasticities tell you? Log Q=-1.5+.52log k+.65log L
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