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Think about our economy. Irrespective of economic conditions, we consume many goods and services in various quantities. There is a constant allocation and re-allocation of resources. How does this happen? What economic mechanism helps allocate resources to the preferences of hundreds of millions of people? (Hint: Consumer's sovereignty).
State the rule for optimum input allocation to produce a given level of output at the lowest possible cost -when two inputs are variable and the prices of the inputs are given- and explain why it makes sense.
What are the factor markets like for the automobile industry? What global pressures does the automobile industry face? Foreign competition?
Now suppose that management believes the probability of weak demand in 2009 is 25% and the probability of strong demand is 75%. Using mean-variance analysis, explain which level of output should be chosen.
According to the lectures in class, although consumption spending is about 70% of the total spending in the US economy (C=70%, I=15%, G=15%) its effect is stronger than 70% on the economy why?
Incorporate tastes into economic models only to the extent that tastes determine whether pairs of goods are substitutes or complements.
Discuss the necessary conditions to make price discrimination work and the best practices to use price discrimination to maximize profits while avoiding price wars.
If the current price of capital is $10 and the current price of labor is $25, is the firm employing the optimal input bundle for its current output?
In consumer-directed health insurance plans it is possible to have low levels of deadweight loss from moral hazard, while also having low coinsurance rates and no supply-side restrictions.
Find the short run industry supply curve (or equation). Find the short run: price, industry output, firm output, and firm profit. What are the long run price(s) and quantity (ies)? Suppose the industry as in E above becomes a monopoly. Find the long ..
Mike finds a Coke machine in an abandoned part of town and is extremely thirsty. The Coke machine requires exact change - two quarters and a dime. No other combination of coins will make anything come out of the machine. Draw a graph that illustrates..
Do you think the industry environment is significantly dissimilar today.
Illustrate the price that consumers are willing and able to pay for this output is $40 per unit. Produces this output, the firm's average total cost is $43 per unit, and its average fixed cost is $8 per unit.
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