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1. If people assume that future rates of inflation will follow the pattern of inflation rates in the? past, they are said to have
A. unstable expectations.
B. adaptive expectations.
C. rational expectations.
D. accommodative expectations
2. As a result of crowding out in the short? run, the effect on real GDP of an increase in government spending is often
A. unrelated to the increase in government spending.
B. less than the increase in government spending.
C. equal to the increase in government spending.
D. more than the increase in government spending
Suppose that in voting fraud around the country the government is forced to spend billions of dollars in legal fees. Analyze the effects of such a massive increase in government spending in both the classical and fixed price Keynesian models when the..
e marginal cost of making a copy is $.50 (50 cents). The average customer makes 4 copies at a time. Illustrate what pricing strategy will maximize your profits.
How can a compensation scheme designed to enhance worker motivation lead to this result.
A brilliant young scientist is killed in a plane crash. It is anticipated that he could have earned $240,000 a year for the next 50 years. The attorney for the plaintiff’s estate argues that the lost income should be discounted back to the present at..
In the late 1990s, the federal Minister of Finance announced that expenditures would rise, yet he still predicted that the budget surplus would increase. How is it possible that in the face of rising expenditures the budget surplus may increase? Unde..
Suppose a war breaks out in the Middle East, which raised the price of gasoline in the United States. How would this impact the supply and demand for gasoline in the Unites States? Please illustrate using a graph and explain in words.
Assume that there are two identical firms in an industry, each producing the same good at the same constant marginal cost of $60. Make a table, similar to the one we made in class, for the Bertrand, Cournot and Monopoly models, showing the following:..
what will happen to the price level and output? Using the AS/AD model, demonstrate your predictions graphically. what policy might you suggest to the government?
Suppose that your firm's marginal cost of producing a pencil is 5 cents and the average cost of producing a pencil is 3 cents. If your firm is interested in minimizing average total costs, what should your firm do?
If demand for medical care is perfectly inelastic, hospitals and physicians are able to charge any price (up to some maximum) without losing any patients. Explain your answer using the model in Dranove & Satterthwaite (1992, 2000).
The manager of a paint supply store wants to estimate the actual amount of paint contained in 1?-gallon cans purchased from a nationally known manufacturer. The? manufacturer's specifications state that the standard deviation of the amount of paint i..
Why should a profit maximizing manager who is setting prices care about elasticity demand curve for a product. Elasticity only accounts for how price changes revenue.
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