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1.2 Soft drink advertising. (5%) The soft drink producer may use TV advertising for stimulation of sales. The cost of advertising is 20 000 euro per 30 seconds commercial, but after ten commercials per day there is a discount of 50% for all additional commercials. How much TV advertising should be bought if it is known that the first commercial increases the revenue at 100 000 euros, but every additional commercial has a 10 000 lower return that the previous one
2. 3. Optimal number of children (10%) Provide marginal analysis of the choice of number of children a person prefers to have. Explain shape of all functions you draw. (Draw your answer on paper and insert a photo of this drawing in this file, instead of my template. If you cannot do this, describe the shape of curves in all graphs by words). a) for average man b) for average woman c) for Rich family-lover man d) Rich society lioness
3. Alburg and Bewille (20%) There are two cities on the opposite sides of the river: Alburg and Bewille. The demand and supply for milk in Alburg is described by functions: Qs= 0,5P - 100 and Qd = 2000 - P. The demand and supply for Bewille is described as: Qs= 0,5P - 200 and Qd = 2800 - P. a) Find equilibrium prices and output of milk in both cities if there is no bridge or ferry service between them. b) How equilibrium will change if there is a bridge and the transportation costs are zero. c) How equilibrium will change if transportation of 1 liter of milk from one city to another costs 10. d) How equilibrium will change if the city administration of Alburg introduces 5% tax on sale (every buyer should pay 5% from every purchase to city budget)? (let us suppose that transportation costs are again zero).
4. 5. Export ban (20%) Russian government introduced the export ban for European food. List all markets which will be affected by this decision and explain how equilibrium will change in these markets (you may describe shifts of curves and change in prices and quantities by words, i.e. without graphs).
Higher interest rates have an impact on the value of the dollar. What is the effect and how does this relate to foreign trade?
Suppose consumers' income is $50,000 and the price of satellite TV service is $90. At what price would the demand for cable TV services be 55,000 households?
Using the same product example above, analyzing how the risk tolerance factors play in supplying the good or service and how this should influence management's decisions.
What is the level of equilibrium income in the economy and what is the value of the marginal propensity to expend?
Diagram the total product, marginal product and average product functions showing the division points between stages I, II and III of the production process. How do these stages of production relate to isoquants.
Consider the RPM (resale price maintenance) model of consumer service. Show that the levels of customer service that emerge in equilibrium are below the levels that would emerge under vertical integration
What is a budget constraint How does a budget constraint explain consumer choices when used in conjunction with indifference curves Explain what happens if a household looses half of their income, using a budget constraint
Assuming that poor and rich countries have the same production function, illustrate how the poor country will converge with the rich country. Describe how this mechanism works. 2. In the data, countries with low living standards have capital-to-wo..
Research on stages of business development and incorporate your findings in a three to four page paper. Include examples of organizations that fit into each stage.
Explain graphically and verbally what happens to the market in the short run and in the new long run equilibrium if factor prices and demand are assumed to remain the same as before.
Many states provide firms with an "investment tax credit" that effectively reduces the price of capital. In theory, these credits are designed to stimulate new investment and thus create jobs
Through what channels does monetary policy affect the economy? That is, what are the monetary policy transmission mechanisms? List first them, then clearly describe two of these channels.
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