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During World War II there was a freeze on wages, and corporations found they could evade the freeze by providing other fringe benefits such as retirement funds and health insurance for their employees. The Office of Price Administration, which administered the wage freeze, ruled that the offer of retirement funds and health literature was not a violation of the freeze. The Internal Revenue Service went along with this and ruled that employer-financed retirement and health insurance plans were not taxable income. Was the wage freeze an example of a price floor or a price ceiling? Use the model of demand and supply to explain why employers began to offer such benefits to their employees.
Suppose the own price elasticity of demand for good X is -3, its income elasticity is -2, its advertising elasticity is 3, and the cross-price elasticity of demand between it and good Y is -5. Determine how much the consumption of this good will chan..
Which of the following is not an example of a "lag" that diminishes the potential impact of fiscal policy?
Write an explanation for an interrogatory senator outlining explain how your expansionary acts would operate and what would be the effects on the economy
Suppose that in a certain market the demand function for a product is given by 10p + q = 2500 and the supply function is given by 40p − q = 380. If the government levies a tax of $3 per item on the supplier, who passes the tax on to the consumer as a..
New equipment was just purchased for $750,000. Estimated salvage in 10 years is $50,000. Calculate the depreciation and book value at the end of year 4 for each of the following methods:
assume which the benefit to the villagers of each additional cow grazing on the commons declines as more cows graze
An individual has an income of $1000 per month with which they buy the composite good with a price of $1 and food with a price $2/unit of food. Now assume that the government gives the individual food stamps worth $100. This is money that can only be..
Suppose Spain produces only cars and digital cameras. The resources that are used in the production of these two goods are specialized—that is, some resources are more suitable for producing cars than digital cameras, whereas others are more suitable..
A neighborhood convenience store is generally able to charge a higher price for its candy bars than the town’s Wal-Mart Super Center because the convenience store:
How does price discrimination help cover fixed costs?
For the next five questions, consider a monopolist. Suppose the monopolist faces the following demand curve: P = 180 - 4Q. Marginal cost of production I is constant and equal to $20, and there are no fixed costs. What is the monopolist's profit maxim..
Economists believe that it is generally not possible for firms in competitive and well-functioning markets to reap any extra profits from hiring superior factors of production in the long run. With the aid of diagrams, carefully explain the reasoning..
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