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Consider a perfectly competitive market for a product X that is in its long run equilibrium. Suppose that this is an inferior good, and that consumer's income increases and the increase is expected to be permanent. Assuming that the prices of the inputs remain constant, then
the quantity of X traded will decrease in the short run and the number of firms in the industry will go up in the long run
the price of X will increase in the short run and the number of firms in the industry will go up in the long run
the price of X will decrease in the short run and the number of firms in the industry will go down in the long run
none of the above.
Suppose the U.S. and Mexico both produce 2 goods, tablets and cereal, using 2 inputs, capital (K) and labor (L). The production of tablets is capital-intensive, and that of cereal is labor-intensive. The U.S. is a capital-abundant country, and Mexico..
q.given the following annual information about a hypothetical country answer questions a through d.billions of
Examine the impact on a small country following an outward flow of immigrants that decreases its labor force. Assume that land is specific to agriculture and capital is specific to manufacturing, while labor is free to move between the two sectors. T..
q.describe the following terms in your word.bull gross domestic product gdp bull real gdp bull nominal gdpbull
How do I find the change in unemployment rate? Population is the same at let's say 80 million between 2014 and 2015. Unemployment rate for 2014 in 5.4% and for 2015 it is 4.3%. Then what is the change in unemployment rate between these two years? Is ..
Assume that the United States imposes an import quota on Italian shoes. Relative to the equilibrium world price that would exist in the absence of import quotas, the equilibrium price of shoes in the United States will most likely _____, and the equi..
Explain how many tons of coffee does the United States import. If the world price of a computer is $500, what is the world price of a ton of coffee.
Using a supply-demand diagram, show a labor market with a binding minimum wage. Now, use the diagram to show those who are helped by the minimum wage, and those who are hurt by the minimum wage.
For rice production, why might labor productivity among workers in some southeast Asian countries be lower than labor productivity in Arkansas (Note: Arkansas exports the 4th largest amount of rice in the world).
Using the SPSS Output from Case Exhibit 22.1-1 on page 551 of your textbook, comment on the appropriateness of the statistical test used (make sure that your response includes information on the types of variables used and the scales of measurement)...
Suppose a dairy farmer in Murfreesboro is concerned with developing a minimum cost per day feed-mix from two sources, alfalfa (X) and corn (Y), which meets (or exceeds) certain nutritional requirements. Write about the objective function and constrai..
Consider the demand for mobile phones. Suppose the price elasticity of demand for the market as a whole is .80. A. If all mobile-phone companies simultaneously increased their prices, will total revenue in the industry increase of decrease.
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