Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The demand schedule (or demand function or curve) for a good shows the total quantities (Q) that buyers are willing and able to buy at various prices (P) in some period of time. For example, here is a demand function illustrating the very special but convenient case of linear demand (withQ measured in some physical unit of quantity such as tons and P measured in dollars):Q = 2100 - 50PSometimes it is convenient to express this in the inverse form showing the prices that buyers are willing to pay for various quantities. (P is a function of Q.) This is called the demand-price function.
a. State the demand-price function corresponding to the above demand function.
b. Plot the corresponding demand curve on graph paper - with Q on the horizontal axis and P on the vertical axis. Label this demand D1.I. The Case of Fixed SupplyA supply schedule (or function or curve) defined analogously shows the total quantities (Q) that sellers are willing to sell at various prices (P) in a given period of time. One very special case is that of a fixed supply, where the quantity supplied is a constant, independent of price, such asQ = 1200 (This type of supply may apply, for example, in the short period of time when a given quantity of a perishable commodity is brought to market and must be sold at any price or go to waste; or, in a slightly different meaning of supply, again in the short run, it may apply to a service such as housing, or even in the long run to the services of a permanent resource such as land.)
Assume there are 12 firms in an industry. The percentage of total sales is given in the following table:
Allan Sports sells snowmobiles in a Northern Suburb of the Twin Cities. For the third year in a row sales have been dismal.
Assume that Jim goes to work at age twenty-five, earns an average $40,000 a year for 40 years. He inherits $320,000 when he starts working. He expects to live to be 75.
What is opportunity cost? Explain with the help of an example, why assumption of constant opportunity cost is very unrealistic? Explain law of demand with the help of a demand schedule and demand curve.
What was the growth rate of nominal GDP between 1999 and 2000? (Note the growth rate is the percentage change from one period to the next).
Illustrate what do you think about the goal of the IMF's aid to distressed countries. What has been the controversy surrounding the IMF austerity programs.
The demand function for gadgets is providede by the following formula. Illustrtae what is the point price elasticity of demand.
Find out the optimal weekly output and price of this firm. Find out the weekly profit from the production and sale of this product.
Elucidate and discuss if and how this has changed over the past 5 years. Write a brief description of the fiscal policy of the United States.
Calculate the price elasticity of demand for the following products and state whether demand is price elastic, inelastic, or unit elastic, a. Raw sugar prices rose by 3% and raw sugar consumption declined by 2%.
Illustrate the difference among the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution.
Determine absolute advantage and comparative advantage and explain why will resources specialize according to their comparative advantages?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd