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(a) "Lately the price of gold keeps going up and up, and people keep buying more and more. The demand for gold must be upward sloping." Does this statement contain an analytical error? Fully explain your reasoning
(b) What happens to the demand for pizza if the price of that product decreases? What happens to the supply of tomatoes if the wages of tomato pickers increase? If national income falls, what happens to the demand for pizza? What happens to the demand for pizza if the price of hamburgers increases? What happens to the demand curve for pizza? What are the effects on equilibrium price and quantity of pizza?
(c) Suppose that a big football game is a sell-out on a college campus at a given ticket price of $25.00 and that the quantity demanded far exceeds the quantity of tickets supplied at that price. "Scalping" results. Fully explain this on the basis of supply and demand. What will occur?
Assume an economy in which the reserve ratio is 15 percent, people hold 10 percent of their deposits in the form of cash, and there are no other leakages.
Illustrate each of the following events using a demand and supply diagram for bananas.
You are trying to decide whether to buy some laptop computers for your business in either Canada or in United States. Looking at identical machines on the Dell Canada and the Dell US web sites, you find that they sell for US $2000 (US dollars) in ..
For a perfectly competitive firm the price is $2 per unit. At this price the firm is producing and selling 10,000 units. It costs $1.50 to produce the last unit. Should the firm produce more? Less? Why?
If you assume that the forward rate is a predictor of the future spot rate, does it suggest that the Dollar should have appreciated or depreciated from 2001 to 2002? (round to nearest integer)
Now, assume the ECB also employs comparably aggressive policy. Copy your results from the left graph and show on the right graph how the ECB could affect the USD/EUR exchange rate.
Explain why competitive markets normally lead profit maximizing firms to make choices about resource use that lead to an "efficient" allocation of resources to the market?
Show the effect of moving to a consumption tax on the loan able funds market if people react favourably to the incentive to save. Choose which curve or curves you believe are affected.
What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and P x = $5, P y = $10, X = 20, and M = 500?
What is the marginal opportunity cost of services in each country? Who has the comparative advantage in factory-stuff?
Find out the optimal weekly output and price of this firm. Find out the weekly profit from the production and sale of this product.
Explain the impacts of an expansionary fiscal policy such as a tax cut on the levels GDP, Consumption, Investment, interest rate and unemployment and price.
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