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It has now become common for firms situating assembly plants (e.g., Ford, Toyota, Honda) to make states compete for their industry; states and local governments often race to offer the most generous tax profits, infrastructure improvements, and other forms of assistance to attract companies promising to provide jobs to people within a given locality. Is such competition for business healthy? What is the short-term and long-term impact of such competition? Should Washington enact rules and regulations that prevent states from racing to provide the most generous benefits to companies seeking to employ workers? Is there a danger that ultimately this competition will be a "race to the bottom," with states and localities paying far more in tax incentives than they will ever receive in the form of job creation or money reinvested in the community?
Based upon marginal revenue or marginal cost analysis, explain how output and price are determined in monopolistically competitive markets.
Critics of the minimum wage discuss that as an antipoverty device it is "poorly targeted." By this they mean that:
Now assume that there're five firms in the industry, and that they collude to set the price. What price will they set? What will be the output of each firm? What will be the profit of each firm?
John have many ice cream stores located across the nation. John does not like to work evenings and employee Marcy to work the store in the evening for $7.50 each hour.
What is the difference between explicit and implicit costs? Which of the costs is most closely associated with opportunity costs and why?
Describe three ways in which the Federal Reserve can change the money supply.
Demand for a managerial economics text is given by Q=20,000-300P. The book is initially priced at $30.00. Write the demand equation for which the price elasticity of demand is zero for all prices.
An interesting example of strategic behavior comes from the 1997 article regarding Microsoft's investment in Apple (New Straits Times, 1997). The article is included in Required Readings list.
Assume marginal cost increases to 25 as a result of imposition of a tax. What takes place to monopoly and competitive price and output?
Discuss the potential risks of using Web 2.0 tools. Provide several examples. What are the benefits of "build-to order" to buyers and sellers? Are there any disadvantages?
What are the pros and cons of conducting an experimental versus an observational study? What are examples of these studies? Can both types of studies be used for all projects?
Compute the best response function of each firm in terms of prices. Compute the resulting equilibrium price quantity combination for each firm. Describe your answer with a suitable graph. Also calculate optimal profits of each firm.
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