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Using carefully labelled demand and supply diagrams, show the impacts on equilibrium price and quantity in the following situations:
a) New cars are normal goods. What will happen to the equilibrium price and quantity of new cars if the price of gasoline falls, the price of steel increases, public transportation becomes more expensive and less comfortable, auto workers receive higher wages, and automobile insurance becomes less expensive? b) Scientists reveal that consumption of oranges decreases the risk of diabetes and, at the same time, farmers use a new fertilizer that makes orange trees more productive. Illustrate and explain what effect these changes have on the equilibrium price and quantity of oranges.
c) The impacts in a particular market for good ‘x’ which is an inferior good if buyers suffer a fall in their incomes and, at the same time, the price of inputs for good ‘x’ falls.
q.1. predict what would happen to the labor force participation rate of women if wages for women decreased. explain.2.
Suppose that the current exchange rate is 200 yen per dollar, the U.S. interest rate is 6%, the Japanese interest rate is 4%, and there is no risk premium. What do you expect the exchange rate to be a year from now?
You have been pondering opening a food cart, as one does in Portland. You will only be open for lunch and expect to charge $6.5 per meal. Food carts usually have a 5X on food costs so you expect to charge five times the food cost. What is the highest..
According to the Keynesian view “Businesses will undertake all investment projects for which the expected rate of profit equals or exceeds the interest rate.” Explain what this means.
The constant or intercept term in a statistical demand study represents the quantity demanded when all independent variables are equal to:
A monopolist faces a demand curve given by P=105-3Q P is price, Q is quantity demanded. Marginal cost of production is $15.00. No fixed costs. Explaim how much output in order to maximize profit.
A consumer must divide $600 between the consumption of product X and product Y. The relevant market prices are Px = $10 and Py = $40. a. Write the equation for the consumer's budget line. b. Illustrate the consumer's opportunity set in a carefully la..
Suppose Mike and Johnson produce two products- hamburgers and T-shirts. Mike produces 10 hamburgers or 3 T-shirts a day and Johnson produces 7 hamburgers or 4 T-shirts. Assuming they can devote time in making either hamburgers or T-shirts. Draw the p..
q1. the government of new holland is experiencing lower energy costs due to new technology in extracting energy sources
You receive payments at the end of each Quarter starting at the end of Quarter 1 and lasting 5 years (so the last payment you receive is at the end of Quarter 20). These payments are an equal series of payments of $500 for all 20 payment periods. The..
Do you agree with this statement? Could you make an argument that these markets are not competitive?
Fair cross Farms harvests its crops four times annually and receives payment for its crop 90 days after it is picked and shipped. However, planting, irrigating, and harvesting must be done on a nearly continual schedule.
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