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1) The demand and supply equations in a market are given as Q = 30 - 2P and Q = 10 + 2P. If the government imposes a tax of $0.50/unit on the suppliers, what would be the net loss in consumer surplus and producer surplus? What would be the deadweight loss? Also compute consumer's tax burden and consumer's new expenditure.
2) a.Give an example of positive externality. Using a graph explain how the usual framework of marginal private benefit and marginal private cost leads to underproduction (less than optimal production) in this case.
b. Give an example of negative externality. Using a graph explain how the usual framework of marginal private benefit and marginal private cost leads to overproduction (more than optimal production) in this case.
n a competitive market, all customers pay the similar price for the goods and services. Using the idea of consumer surplus, describe why each individual would be willing to pay a higher price
Suppose XYZ can sell up to 40 units of output per hour at a price of $.60 per unit but cannot even get a penny for units produced in excess of 40 units per hour. How much output should XYZ produce each hour in order to maximize profits?
Name three goods or services with highly elastic price elasticity of supply. Name three goods or services with highly inelastic price elasticity of supply.
A company wants to prepare the demand curve for its product that it is selling. How would it get the information to prepare the schedule? How could a company prepare the demand curve for the new product that has not been seen by the public?
During 2005, Orlando, Florida, was increasing rapidly, with new jobs luring young people into the area. Despite rise in population and income growth that expanded demand for housing,
Consider an electricity market with a daytime (peak-period) inverse demand of P=160-Q, and a nighttime (off-peak) inverse demand P=80-Q, where P is the price of electricity and Q is units of electricity.
What kind of market structure exists for the oil producers (i.e. the ones who pull it out of the ground and ship and sell it as crude oil)? What does this market structure tell us about the pricing
What are the marginal costs and benefits of pursuing additional education and inherent risks associated with this decision?
The demand for new homes in the United States is often described as highly cyclical and very sensitive to housing prices and interest rates.
Determine what do the laws of supply and demand forecast would be the result of an immediate removal of rent control in terms of price of rental housing and quantity available?
Assume the labor force decreases in size due to the large number of people reaching retirement age and subsequently entering retirement. At the same time real interest rates in the economy fall. What will happen in the economy?
Low income housing or subsidized housing in urban economics and the paper must be atleastten pages long
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