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Assume that Joe derives utility based on the following utility function U(x,y) = (x1^0.6 + X2^0.6)^1/0.6
If Joe's income is $5,040 a month, and the price of goods X1 and X2 are $45 and $5 respectively, derive the following:
A) The quantity of X1 and X2 that maximize Joe's utility
B) The maximum level of utility Joe receives.
In a closed economy without a government sector, consumption is determined as 80% of the income available to households. Investment is autonomous at a level of £450.
In most developing countries, there are long lines of taxis at airports, and these taxis often wait two or three hours. Illustrate what does this tell you about the price in the market. Carefully Explain with supply and demand analysis.
Michael Illitch bought the Detroit Tigers in 1992 for $82 million, which amounted to $114.15 million in 2005 dollars. by 2005, the Tigers were worth $292 million. Calculate the real compound annual rate of return on that investment.
What would be the net marginal revenue of the marketing division of the firm for the pocket calculators? At what price should the calculators be sold on the external market?
After natural disasters, such as hurricanes, some commentators point to 'bright-side'. It is, for example, often pointed out that natural disasters reason GDP for a region to spike upward during the post disaster cleanup.
Illustrate what relative amounts of capital and labor will be employed to maximize output.
Comment on the effect of a recession on the investment curve (only) and on the level of savings, investment, and the equilibrium real interest rate in the financial crisis that hits United States first starting in fall 2007.
Provide each of the subsiquent price elasticities, determine whether marginal revenue is positive, negative, or zero.
Several believe that wage inequality in the United States will generate shifts in labor markets such that gap between most highly skilled in the population and least skilled will start to fall in the near future.
As we know about the own-price elasticity for good x.
Elucidate the difference between a monopoly and an oligopoly, and a cartel. Provide an example of a monopoly, an oligopoly, and a cartel. Describe the welfare effects of monopolies and oligopolies.
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?
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