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Consumer Surplus: Equations. Eric Cartman likes to rent computer games on DVDs from a local
Blockbuster outlet in South Park. Cartman's DVD rental demand curve can be written:
QD = 5 - 0.2P
where QD is the number of DVD rentals and P is the rental price per month.
A. Plot Cartman's DVD rental demand curve, using price as a function of the quantity demanded.
B. Use the demand curve to help you calculate the number of DVDs rented per month and the amount of consumer surplus derived at a rental price of $5.
Suppose an economy only produces single consumption well. Consider permanent upward shift of production function. Graphically describe the effects on each of following:
Making dresses is a labour-intensive process. Indeed, the production function of a dress-making firm is well described by the equation Q = L - L 2 /800, where Q denotes the number of dresses per week and L is the number of labour-hours per week.
What was the cross-exchange rate between the Real and the Peso in 2001? Real____/Peso. What was cross-exchage rate between Real and Peso in 2002? Real_____/Peso.
Use diagram to describe how each of the following events affects the equilibrium price and quantity of pizza (draw a separate diagram for each event)
Earlier this year the Federal Government USA approved the merger between Sirius and XM satellite radio companies. What, if any, shortcomings arise from a monopoly pricing strategy (efficiency and consumer surplus)?
Suppose demand for the firms watches falls permanently to P = 20 - Q/20,000. In view of this fall in demand, what output should the firm produce in the short run? In the long run? Explain.
A firm with costs C(Q) = 1,000 + 60Q + 0.1Q2 is able to price-discriminate-What would happen if it were forced to charge all its customers the same price?
The following information describes a hypothetical economy (assume all numbers are in billion if necessary) Determine the value of the MPC of this economy?
Why is capital relative scarce in low-income developing countries and relatively abundant in high income countries? In brief describe the capital market institutions in a developing country that you are familiar with.
Discuss three automatic expenditures in the federal budget. What is the difference between discretionary fiscal policy and automatic stabilizers?
Time Magazine and Newsweek are two competing news magazines. Suppose that each company charges the same $5.00 price for their magazines. What is the Nash equilibrium for this sequential game?
Jermaine has a health insurance policy that has a deductible of $1,000, a $10 copayment on doctor visits, and coinsurance of 10% on all expenses other than those for which there are copayments.
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