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Last year, a toy manufacturer introduced a new toy truck that was a huge success. The company invested $2.5 million for a plastic injection molding machine(which can be sold for $2.0 million) and $100,000 in plastic injection molds specifically for the toy (not valuable to anyone else). Labor and cost of materials necessary to make each truck is about $3. This year, a competitor has developed a similar toy that has significantly reduced demand for the toy truck. Now, the original manufacturer is deciding whether they should continue production of the toy truck. If the estimated demand is $100,000 trucks, what is the breakeven price for the toy truck? Should you shut down?
compute the marginal products associated with K, L, F. Illustrate what is American's MRTS between K and L.
For each scenario, calculate equilibrium price and quantity, total consumer surplus and total producer surplus.
If the average worker produces $80,000 of GDP, explain by how much will GDP increase if there are 150 million labor-force participants and the unemployment rate drops from 5.2 to 4.5 percent.
Illustrate what is the basic objective of monetary policy. What are the major strengths of the monetary policy. Why is monetary policy easier to conduct than fiscal policy in a highly divided national political environment.
Who has the comparative advantage in what product. Once they specialize, how much does output increase. What are the terms of trade if the United States trades 1 can of soda for 5 units of clothing.
Suppose that average household in a state consumes 800 gallons of gasoline per year. A 20-cent gasoline tax is introduced, coupled with a $160 annual tax rebate per household. Will household be better or worse off under new program.
Illustrate what will happen to the equilibrium quantity also price of a product in a competitive marketplace when the increase in demand exactly offsets the decrease in supply.
Panel B shows how the demand for X shifts when the price of related good Y increases from $60 to $68. Use the information in Panel B to calculate the cross-price elasticity. Are goods X and Y substitutes or complements?
Does either player have a dominant strategy? Explain why or why not? Is there a dominant solution for this game? c) Identify the Nash equilibrium of this game. Explain.
Assume your town decides to levy a tax to raise funds for construction, maintenance also other expenses for local schools. Should the tax be proportional, progressive or regressive.
Explore in particular how the two companies respond to the macroeconomic conditions in terms of their.
Identify five activities you do to enhance production (but not counted as cost of production at moment) which should actually be counted as part of your implicit cost.
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