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The rent control agency of New York City has found that aggregate demand is
QD = 160 - 8P. Quantity is measured in tens of thousands of apartments. Price, the average monthly rental rate, is measured in hundreds of dollars. The agency also noted that the increase in Q at lower P results from more three-person families coming into the city from Long Island and demanding apartments. The city's board of realtors acknowledges that this is a good demand estimate and has shown that supply is QS = 70 + 7P.
a. If both the agency and the board are right about demand and supply, what is the free market price? What is the change in city population if the agency sets a maximum average monthly rental of $300, and all those who cannot find an apartment leave the city?
You are the manager of a small U.S. firm that sells nails in a competitive U.S. market (the nails you sell are a standardized commodity; stores view your mails as identical to those available from hundreds of other firms).
(a) Find Carmen Sandiego's utility by maximizing the choice of domestic and foreigntravel. Find her utility consuming that bundle. (b) Suppose the price of domestic travel increases to P D = $300 per day. Find the newoptimal bundle at this price ..
Suppose a firm has total cost function given by TC(Q)=10Q+70. What are its marginal costs when producing 10 units of output?
Due to severe damage, a gas pipeline supplying gas to Arizona was shut down for some weeks in summer of 2003. Gas became scarce in Arizona, and prices increase,
Suppose a hedge is desirable, what hedging techniques are available to the treasurer and what are the advantages and disadvantages of each.
What is a budget constraint? How does a budget constraint explain consumer choices when used in conjunction with indifference curves? Explain what happens if a household looses half of their income, using a budget constraint and indifference curves i..
The demand scheme for the product created by a monopolist. Quantity demanded Price Total revenue Marginal revenue Price elasticity.
The goal of this exercise is to get some practice on the workings of the principle of double entry bookkeeping, as well as to get acquainted with the international accounts.
Illustrate what happens to the AFC per paper, the MC per paper, and the minimum amount that you must charge to break even on these costs.
At what price will she buy four visits? Eight visits? What is the elasticity of between a price of $5 and $6 per visit? Between a price of $29 and $31?
Use the following general linear supply function to answer the question, Where Qs is the quantity supplied of the good, P is the value of good, PI is the value of an input, and F is the number of companies manufacturing the good.
1 an important reason why economies at an early stage of development tend to operate inefficiently isa they tend to be
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