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Consider the market for footballs. Many firms produce identical footballs with identical costs. This graph represents one firm's average total cost (ATC), marginal revenue (MR), and marginal cost (MC) curves. Today, the market demand for and supply of footballs result in an equilibrium price of $9 per football.
1. How will the graph change over time as the industry moves to a long-run equilibrium?
2. Suppose that the market for footballs starts in long-run equilibrium. Then, as a result of media coverage of the Soccer World Cup, children in the United States start playing more soccer and less football.
How will this firm's marginal cost curve change (if at all) in the short run?
Assume that the federal government increases spending on public works programs, such as highway construction, by $40 billion. How does this change in spending affect the aggregate demand curve
Compare the automotive manufacturing industry today to the automotive manufacturing industry of the 1950's. Applying the economics of price and output, what is the difference between the industry of today and that of the 1950's.
Every worker in the factory works on one machine and is able to produce 6 shirts per hour. The cost of running the machine is half a loaf of bread per hour, the cost to employ each worker is 1.5 loaves of bread per hour.
a. What is the optimal number of lures and guitar picks for Anthony to purchase How much utility does this combination bring him b. If the price of guitar picks doubles to $2, how much income must Anthony have to maintain the same level of utility
how many bushels of apples should the farmer produce? If the government imposes a tax on the sellers which results in the sellers receiving $1 less per bushel sold, what amount of apples should the farmer choose to produce?
Suppose you are the production manager for Widgets, Inc. Your job is to produce a fixed amount of output at the lowest cost possible. When you take over the position, you find that the price paid for a unit of labor is $20 (W = $20), and the price..
Clean Supreme is a corporation that produces and sells powdered laundry detergent in the U.S. The company has estimated the following regression equation for the demand of its Brand Z detergent:
the claims for a new long-life battery were justified, a consumers' group tested a random sample of 20 batteries. Each battery was subjected to a standard heavy load until burnout, providing the following 20 lifetimes ( in minutes): 65.1 58.4 64.9..
The football coach at Midwestern university was given a 5 year employment contract that paid $225,000 the first year, and increased 8% uniform rate in each subsequent year. At the end of the first year the alumni demanded that he be fired.
a. If Firms B and C propose a merge, would the Antitrust Division likely challenge the merger Why or why not b. If firms G and H propose a merger, would the Antitrust Division likely challenge the merger Why or why not
Suppose the following equations are true: Production Function: Q = K1/3L2/3, which means MPK = 1/3K-2/3L2/3,MPL = 2/3K1/3L-1/3 MRTS = 2(K/L) Total Cost = rK + wL r = .2 w = $5
1. What is the consumption spending C at the equilibrium 2. The government is willing to consider an increase in public spending only if the multiplier is higher than 1.5. Base on your calculations will the government implement the increase in govern..
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