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Carefully explain the difference between the marginal rate of substitution and the marginal rate of transformation. Be sure to explain the economic meaning of each of these terms. What value does each of them take? (Answer should be in terms of marginal utility and/or prices)
Suppose that macroeconomics forecasters predict that economy will be expanding in near future. How might managers use this information.
If the price of X drops from $1 to 80 cents, and the quantity rises from 2,000 pounds purchased to 3,000 pounds purchased what can we say about the relationship between total revenue from the sale of X and the value of the price elasticity od demand?..
what will happen to the value of the dollar? Use the demand-supply model of the dollar to explain. sales of luxury cars will decrease.
Assuming that this is rational behaviour by profit-maximizing "firms" elucidate what economic factors may influence such behaviour.
As oil prices rose during 2006, the demand for alternative fuels increased. Ethanol, one alternative fuel, is made from corn.
As the economy emerged from the most recent recession, household income rose by 6%. Over the same period, total expenditures on beef increased by 3%. Assuming that all other economic variables were held constant,
Assume reductions in the amount of ground level ozone shift the marginal cost of producing alfalfa from MC1= 45 + 2QS to MC2= 45 + 0.5QS. Use the producer surplus to estimate the maximum amount alfalfa producers would be willing to pay for this impro..
Consider an economy in which two factors of production , (labor and capital), produce two goods, (capital intensive pharmaceuticals and labor-intensive clothing). Suppose that both factors of production are freely mobile across both industries andtha..
De Beers is a monopolist which supplies diamonds with constant marginal cost and constant average total cost. Draw the average cost, marginal cost, demand and marginal revenue curves. Show the price charged by De Beers without price discrimination. U..
An increase in government spending
In what types of situations is conducting a census more appropriate than sampling? When is sampling more appropriate than a census?
Suppose the monthly demand for soda by a consumer is given by Q=10 - 8P . A/ If the price of soda is $1 per can, how many sodas will the consumer purchase in a typical month? B/ what is the elesticity of demand for soda?
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