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Indicate whether each of the following statements is true, false, or uncertain, and explain your answer.
1. A profit-maximizing monopolist never produces in the inelastic part of a linear demand curve. 2. The short-run supply curve of a competitive firm is its MC curve. 3. If a firm is producing at the profit maximizing level of output, it must be making a profit. 4. Perfect competition guarantees allocative efficiency. 5. Perfect competition guarantees technical efficiency. 6. A profit-maximizing monopolist can never be allocatively efficient.
Consumption accounts for about 60% of GDP, while investments accounts for about 20% for GDP. But many economists think that, to understand economic recession, it is more significant to look at investment than consumption. Why?
Short term Treasury bills [3 and 6 month] have current annual rates of interest around 0.5%. Use that info plus your best forecast of inflation to calculate the real rate of interest on those bills.
How much does the gross price increase in each market
Vulnerability Analysis
Define in general the term "internalize the externality" and explain its application in this case. Discuss a policy other than a tax or subidy that could cause individuals to internalize the externality. Explain briefly.
Decide if the values of the goods produced are included in the 2006 GDP and explain your reasoning.
The owner of the Los Angeles Dodgers has commissioned a study that showed the demand by fans for stadium seats (per playing date) to be P = 22 - 0.2Q-How much revenue does the owner make at the current price?
Explain in a nontechnical way why demand is elastic in the northwest segment of the demand curve and inelastic in the southeast segment.
What happens to his consumption of Y? Calculate the coefficient of price elasticity and of cross price elasticity. Also draw the demand curves for X and Y, noting the equilibrium points for this consumer before and after the price change in X.
Given the Demand curve for flyswatters Q = 500-50P, estimate the quantity demanded for the following prices.
Determine the profit maximizing level of output and price. Is this long run equilibrium? According to the theory of monopolistic competition, do you expect entry or exit taking place in this industry?
How many "spells" of unemployment occur each year in this economy? What percentage of the "spells" are only one month long?
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