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1. The law of diminishing returns says that at some point, as the firm's output increases, marginal product begins to fall and can eventually became negative. Why does this happen? ( in your own words)??
2. In purely competitive market, market demand is down sloping (quaintly sold increases as price decreases). However, from the point of view of the individual purely competitive firm, the demand for the firm's product is perfectly elastic, at the market price. ( In your own words) Why is this?
3. For the purely competitive marginal revenue appears to be the same as market price (MR=P). But for the other industry types (monopolistic competition, pure monopoly, oligopoly) MR is not viewed as the same as the demand curve (D) ; Mr is viewed as lower than D. (In your own words!) Why?
4. Price discrimination allows a firm to charge different price to different customers. Explain why a firm would find price discrimination to be attractive. (In your own words)?
The graph shown demonstrates a tax on sellers. Which of the following can be said about the effect of this tax?
What is being assumed about the timing of wage setting and price setting that enables us to say that the economy is always on the PS curve but only on the WS curve in a medium-run equilibrium? What timing assumptions would deliver the result that the..
q1. in signaling model assume high school graduates are paid a stream of income whose present value is 200000. college
Explain how each of the following will affect the average fixed cost, average variable cost, average total cost, and marginal cost curves faced by a steel manufacturer.
It is impossible for a price change to cause no substitution, income, or toal effects. If you believe the statement is false, sketch a graph demonstrating how a price change could cause no substitution, income, or total effects. A large pharmaceutica..
Distinguish between ongoing demand pull and ongoing cost push inflation. Carefully draw them. Why might it be difficult to establish the extent to which a given rate of inflation is either demand pull or cost push?
The subsequent cell-phone offer by Sprint is typical of Illustrate what one can get on a cell phone plan. Illustrate what is marginal cost.
Illustrate what are some more common restrictions on the activities of multinational corporations in host countries
For every of the subsequent goods, indicate whether you expect demand to be inelastic or elastic also explain your reasoning
Illustrate what are the three contingent environmental resource evaluation methods also Illustrate what is their significance.
Illustrate wage would a monopoly union demand. Explain how many workers would be employed under the union contract.
A consumer's willingness to pay directly measures
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