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1. Discuss and explain the differences between short and long run costs?
2. For the short run, discuss what the relationship is between cost theory and production theory and the concept of diminishing returns?
3. What is diminishing returns and how does it shape production and cost curves?
4. Discuss what the relationship is between short run cost curves and long run cost curves?
5. Finally discuss the concept of economics of scale and how long run costs curves shape the economic structure of industries?
Discuss and explain the interest parity idea using formal methods Describe IS and LM curve behavior and nominal interest rate in the domestic economy,
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Describe the major characteristics of monopolistic competition and oligopoly.
The market is perfectly competitive which constant input prices and each firm has the same cost structure from the table listed below;
Political Economy GV307 : Consider the model of “no theft” where the consumer pays the official government price plus a bribe in order to obtain X. Assume that the official marginal revenue for selling the good in this context is given.
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution.
Provide two examples of actions taken by a company, government, or organization whose effect is to prevent specific markets from reaching equilibrium. What evidence of excess supply or excess demand can you cite in these examples?
The details about three identical firms operating in Cournot competition are given. The demand curve with marginal revenue, profit maximization, optimum quantity, total demand and market price related questions are answered.
Find out the optimal price and quantity with standard pricing. Which is the per-customer profit for the gym? What is the consumer surplus?
Find out the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $30 is imposed in this market. Also determine the full economic price paid by consumers.
Give one business example for increasing returns to scale and decreasing returns to scale respectively. How does this characteristic affect its business strategies? Justify your arguments.
Suppose that the euro zone is the home "country" and the US is the foreign country, which means that exchange rate, which has the dimensions of local currency per unit of foreign currency, is in units of euros per dollar.
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