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Question about Finding Optimum price and output levels
You have an exclusive contract with Major League Baseball to manufacture Dodgers baseball jerseys and sell them in two markets: Los Angeles and Brooklyn. You produce all the jerseys in a single factory located in Seattle. Your total cost function associated with producing the baseball jerseys is c(Q)=Q2+400 where q is the total amount of jerseys you produce. The inverse demand function for your jerseys in Los Angeles is PLA(QLA)=60-QLA where qLA is the quantity of jerseys sold in Los Angeles. The inverse demand function in Brooklyn is PB(QB)=40-2QB. Assume there is no transportation costs.
How many baseball jerseys will you sell in Los Angeles and how many in Brooklyn? What will be the price of your jersey in Los Angeles and what will be the price in Brooklyn? What will be your total profits?
Elucidate that the indirect utility fuction of quasi convex function of prices and income
There are many factors might change AD and AS, and equilibrium. Please evaluate the effect of following scenario on the AD curve, AS curve, and accordingly the effect on equilibrium price level and equilibrium GDP/output.
Graphically illustrate the impact of an open-market purchase by the Federal Reserve on the equilibrium interest rate using the theory of liquidity preference and the market for real money balances. (Be sure to label:
Elucidate the difference between a monopoly and an oligopoly, and a cartel. Provide an example of a monopoly, an oligopoly, and a cartel. Describe the welfare effects of monopolies and oligopolies.
Tax rebate and a tax refund is a tool of fiscal policy. A deduction in tax rates is not the similar thing as a tax cut.
Suppose that a perfectly equal distribution of income existed in Disneyland. Which of the reccent residents would have the same income he or she has in present distribution?
Illustrate what would happen to the demand for iPhones if consumer income rises by 10%. Be specific. Are iPhones a normal or an inferior good.
Assume that the nominal wage rate equals 60. In the short-run, aggregate demand and aggregate supply are equal at a price level of 1.0.
What will be the effect of this change in policy on both the real and the nominal interest rate in the long - run?
you select to work more hours or fewer when offered a higher hourly salary.
Assume that you're a member of the Board of Governors of Federal Reserve System. The economy is experiencing a sharp decline into a recessionary phase of the business cycle.
Karen earns $75,000 in the current period and will earn $75,000 in the future. Assuming that these are the only two periods, and that banks in her country borrow and lend at an interest rate r = 0, draw her inter-temporal budget constraint.
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