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Suppose that there is a consumer who consumes 2 types of goods: Good A and Good B. The consumer has $84 and the price per unit of Good A is $4 and the price per unit of Good B is $7. However, the consumer is not completely free in making decisions as he is restricted by some policy rules. The government restricts the consumer in the following way: If he/she consumes more than 4 units of Good B, he/she gets 20% subsidy per unit of Good B consumed in excess of 4 units. Also, the maximum amount of Good B that can be consumed is 9 units. There is no restriction on the consumption of Good A. Draw the budget line with either Good A on the vertical axis or Good B on the vertical axis. Clearly state the intercept points with the axes and the critical kink points if there are any.
Imagine an economy with a standard Cobb-Douglas production function, population growth of 2%, 1% total productivity growth, a savings ratio of 10% and a profit share of 20%. Assume that machines depreciate by 5% per annum.
A pallet recycler has offered to purchase pallets, which are of certain sizes and in good condition. The pallets that are in these sizes and in acceptable condition amount to half the scrapped pallets. The pallet recycler is offering to pay $1.00 ..
A local business in a small college town has a major portion of their business to college bookstore. On the side they also provide services to other local businesses. The local demand is Q=200-5P. The average and marginal cost is $8.
a graduated payment plan with the first payment set at 1500 at year 1 and a gradient of $600 afterward, plus a remaining lump sum at end of year 5. determine the lump sum amount so that the pay back is completed in full, considering the interest r..
Each subsequent year, this cost is expected to increase by $100. How much would you need to set aside when you bought a new car to pay all future maintenance cost if you planned to keep the vehicle for 7 years? Assume interest is 5% pear.
John is considering bidding against Dave for an endorsement contract. He estimates it will cost $ 1 million to prepare the demo that must accompany the bid. The profitability of the contract depends on the bid price John submits. He could choose t..
Calculate the price elasticity of demand at each of these quantities using the formula that includes the slope of the demand curve: Q=1; Q=2; Q=3; Q=4, Q=5. Is the elasticity constant as we vary Q
A firm is considering two alternative projects. Project A needs an investment of $800,000. Project B needs an investment of $750,000. Relevant annual cash flow data for the two projects over their expected seven-year lives
A small manufacturing company has an estimated annual taxable income of $95,000. Due to an increase in business, the company is considering purchasing a new machine that will generate additional before-tax annual revenue of $50,000
Assuming that David is rational and possesses convex indifference curves, draw a diagram to show his optimum point if he consumes exactly 50 donuts a month. Show that if this is his optimum point, then marginal rate of substitution is not necessar..
What is economics system? What are the types of economics system? Briefly explain each type of economics system by giving examples of nations that are close to each type
Joseph starts to make quarterly deposits of $1,500 (at the end of a quarter) into an investment account at the age of 45. If he wants to have $250,000 when he retires at the age of 65, what must be the nominal and the effective interest rates per ..
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