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Q. On basis of three individual demand schedules below and assuming se three people are only ones in society, determine (a) market demand schedule on assumption that good is a private good and (b) collective demand schedule on assumption that good is a public good.
Q. For a product, at a price of $3, quantity demanded is 60 units and at a price of $5 quantity demanded is 40 units. Using midpoint formula, calculate value of price elasticity of demand.
Elucidate what other evidence could a manager look for to infer whether a market is in equilibrium. What are possible causes of the shortage.
Algebraically describe the market equilibrium price/output combination. Find out the price below which the firm will go out of business.
Suppose that the nominal rate of interest is holding steady at 8 percent even as the anticipated rate of inflation rises.
Explicate how firms decide on where to produce depending on the marginal product and average product.
Suppose that one company acquires all the suppliers in the industry and thereby creates a monopoly. Illustrate what are the monopolist's profit-maximizing price and total output.
Assume that health production is subject to diminishing returns and that each unit of health care employed entails a constant rate of iatrogenic (medically caused) disease. Expalin why would the product of health function eventually bend downward.
Compute the minimum rate of interest, and, therefore, the risk premium, at which you would lend $1000 on the informal market. Suppose you are risk-neutral.
Sketch a diagram that illustrates what happened to the Bridgewaters' budget constraint. Could they have been made worse off by the change.
One unit of labor can produce either 4 tons of papayas or 1 ton of bananas. Elucidate type of economic analysis is limited to testable, verifiable statements.
Illustrate what are the concepts gender planning, gender budgeting and gender mainstreaming mean.
Find out the contingent demand function for labor and capital and the corresponding total cost function. Find the long-run average cost and the long-run marginal cost of both inputs.
Evaluate how sale of novels would change during a period of rising incomes. Assess probable impact if competing publishers raise their costs.
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