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Consider a consumer who has utility function u(x, y) = min{2x, 3y} where x, y are amounts of goods X, Y consumed respectively.
(a) If px = 1, py = 1, consumer has total budget w = 10. What’s the optimal consumption bundle of this consumer? Explain in detail, using either graph or algebra to justify your answer.
(b) If there is an inflation which doubled the prices px, py as well as the wealth w. Consumer preference is still the same as before. What will be the consumer’s optimal consumption bundle in this case? Explain your answer clearly.
Explain the viewpoints of classical and Keynesian economists. How did the economy that existed at the time of these theories influence them? Which theory is more appropriate for the economy today? Why?
Research monetary and fiscal policies that have affected healthcare industry. How have these policies affected employment rates for your chosen industry.
A building is expected to generate no cash flows for several years and then generate annual cash flows forever. What is the value of the building if the first annual cash flow is expected in 7 years from today, the first annual cash flow is expected ..
We have seen that the world saw a great deal of change from 300-900 as it was transitioning from antiquity to the Middle Ages. What do you think were the TWO most significant changes/differences? Your answers can extend to religion, politics, and cul..
The market supply curve for a perfectly competitive, constant cost industry is:
What does this imply about the relationship between the elasticity of the product demand curve and the magnitude of the scale effect? What does this imply about the relationship between the elasticity of the product demand curve and the elasticity of..
q.suppose a firm has the total cost functioncq1002q12q2afind the firms marginal cost functionb find the firms average
Pick an industry (personal computers, autos, etc.) and elucidate how it would function under market conditions of perfect competition, monopolistic competition, monopoly, and oligopoly. Of these, describe why you think one benefits consumers more ..
Suppose that after hurricane Irene, the average income in Cape Charles, Virginia decreased by 14%. In response to this change in income, suppose the demand for steak in Cape Charles decreased by 4%. What is the income elasticity of demand for steak?
In a large open economy, what is one of the reasons the demand for loanable funds is downward sloping?
Suppose the growth rate of the firm's profit is 7 percent, the interest rate is 9 percent, and the current profits of the firm are $90 million. The firm does NOT pay out dividends. What is the value of the firm? $4,905 million $613 million $405 milli..
A firm that makes car parts wants to adopt pay schemes that will best motivate its various workers to be productive and they hire you as a consultant. The firm is able to accurately measure the productivity of individual workers who make windshield w..
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