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A smart card, also known as an electronic purse, is a plastic card that can be loaded with a monetary value. Its developers argue that, once widely accepted, it could replace the use of currency in vending machines, parking meters, and elsewhere. Suppose smart cards came into widespread use. Present your views on the following issues:
a.Would you count balances in the purses as part of the money supply? If so, would they be part of M1? M2?
b.Should any institution be permitted to issue them, or should they be restricted to banks?
c.Should the issuers be subject to reserve requirements?
d.Suppose they were issued by banks. How do you think the use of such purses would affect the money supply?
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.
Suppose the two countries are not trading and that both desire to have equal numbers of feet of timber and baskets of fruit. How would they allocate workers to the two sectors?
Calculate the elasticity of demand for good X with respect to advertising on good X. Interpret your answer. Can you tell whether the firm is spending too much or too little on advertising?
Institutional economics, especially applied to metropolitan areas, highlight problems with human capital theory and help us better understand wage differentials. Explain factors that shape wage differentials by metropolitan areas.
You heard that you are being transferred to California where housing is 50% more expensive. In negotiating a new salary, your objective is to keep your real income constant.
Assume the following data describe the gasoline market: Price per gallon $2.00 2.25 2.50 2.75 3.00 3.25 3.50 Quantity Demanded 32 30 29 28 22 21 20 Quantity Supplied 16 20 24 28 32 36 40 (a) What is the equilibrium price?
How does knowledge of value elasticity between different groups of consumers or for several products enable managers to price discriminate, change different prices for these groups?
we know that when an economy starts out at long-run equilibrium and the government cuts taxes, this will result in inflation int he long run. what happens if the economy is producing a level of output below the full employment (long run equilibriu..
Consider the relationship given by QCars = 100 + 4xPCars - 2xPSteel - 0.2xPWorkers, where QCars is the quantity of cars (in thousands), PCars is the price of cars and PWorkers is the wage earned by autoworkers.
Which of the following statements best describes the retail market for electricity - Estimate the (own) price elasticity (of demand).
Determine what are the reporting reasons on why gasoline prices have been fluctuating and trending upward for the past twelve months.
car breaks down and you are deciding to have it repaired. The most relevant issue in this economic decision is:A. How much you spent on past repairs on the car B. How much you paid for the car when you bought it
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