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Question 1:
Briefly explain whether each of the following statements describes a change in supply or a change in the quantity supplied.
a. To take advantage of high prices for snow shovels during a very snowy winter, Alexander Shovels, Inc., decides to increase output.
b. The success of Red Bull leads more firms to begin producing energy drinks.
c. In the six months following Hurricane Katrina in 2005, production of oil in the Gulf of Mexico declined by 25 percent.
Question 2:
An article in the Wall Street Journal notes that during early 2009 the demand for Internet advertising was declining at the same time that the number of Internet sites accepting advertising was increasing. After reading the article, a student argues: "From this information, we know that the price of Internet ads should fall, but we don't know whether the total quantity of Internet ads will increase or decrease." Is the student's analysis correct? Illustrate your answer with a demand and supply graph.
For each of the following events, indicate whether the AD or the AS curve shifts. In brief describe the reasoning behind your choice.
Assume that the competitive firm's marginal cost of producing output q is given by MC(q)=3+2q. Suppose that the market price of the firm's product is $9. Find out level of output will the firm produce?
Think that the following entry game. Here, company B is an existing company in the market, and company A is a potential entrant. Company A must decide whether to enter the market or stay out of the market.
At a management luncheon, two managers were overeat arguing about the following statement "A manager must never hire another worker if new person diminishing returns". Is this statement correct? If so, why? If not, discuss why not?
Fronterra, created in 2001 by New Zealand lawmakers, profits some 13,000 dairymen instead of all the citizens of the nation.
The marginal and average cost curves of taxis in metropolis are constant at $.20/mile. The demand curve for taxi trips in metropolis is given by P = 1 - .00001q, where P is the fare, in dollars per mile, and Q is measured in miles per year.
What indicates that we have positive value of perfect information and what is the expected value of perfect information on reserves?
Provide the advantage of dynamic pricing over fixed pricing and what are the potential disadvantages of dynamic pricing?
Use technology and information resources to research economic problems and issues and write clearly and concisely about economic problems and issues using proper writing mechanics.
In what particular ways (if any) does a college education increase a worker's productivity? Take some special care with this problem.
Johnson Inc. is notified that local property taxes have raised. Johnson's economist states this will increase our cost of production and shift up our average total cost curve, average variable cost curve.
Each instance which follows is an example of one of four types of market failure (imperfect market structure; the existence of public goods; the presence of external costs and benefits; and imperfect information).
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