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Karl Marx argued that all value in goods and services (commodities) came from the expenditure of labor in production. Profit, interest, and rent are therefore the results of appropriating the surplus product of workers and hence constitute exploitation of the working class. Many economists argue, to the contrary, that entrepreneurship is a factor of production which adds value to the production process and therefore earns a legitimate return to its exertion. How would you evaluate these two contrasting views, and what are their implications for society?
Assume the Fed decides to buy $1 billion in Treasury bonds from the public. Suppose that the reserve requirement is 10%. What takes place to the interest rate and money supply?
Differentiate the way Keynes and Friedman approach the economy. Determine the key differences and similarities?
What is the condition that δ has to satisfy in order for the collusion to be sustained in both states and which can be sustained in equilibrium and gives the highest intertemporal profit?
Assume total benefits and total costs are given through B(Y) = 100Y-8Y(squared) and C(Y)=10Y(squared). Determine the maximum level of net benefits?
Compute the profit maximization level of activity. Compute total revenue, total cot and profit or loss at profit maximization level of activity. Compute elasticity of demand at profit maximization. Compute the breakeven level of activity.
The box industry was perfectly competitive. The lowest point on long run average cost curve of each of identical box producers was dollar four, and this minimum point occurred at an output of 1,000 boxes every month.
Employ the information in the above table to compute th average product (AP) and marginal product (MP). At the production level of 200,000 chips, is the company's average variable cost decreasing, at a minimum or increasing?
Find out the optimal crude oil allocation in the preceding example if the profit associated with fiber were cut in half, that is, fell to $0.375 per square foot.
Discuss and explain supply and demand as well as elasticity concepts of Walmart. Incorporate these ideas to validate how the corporation establishes its pricing strategy.
Suppose that the American imports of wine are a small part of total world wine production, draw a graph for the United States market for wine under free trade.
Price fixing is a per se violation of Clayton Antitrust Act. From the materials in library and the Internet, find out an example of the price fixing case or other violations of U.S. antitrust law.
Rcognize the three phases of production and describe why the firm short run production has only one rational stage of production.
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