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A doctoral student has just completed a study for her dissertation and found the following demand and supply schedules for hand held computers to be as follows: Price/Computer Quantity Demanded Quantity Supplied $200 1000 2200 175 1250 2050 150 1500 1900 125 1750 1750 100 2000 1600 75 2250 1450 50 2500 1300 25 2750 1150 Questions: Using Microsoft Excel, draw a graph illustrating the supply and demand in this market. What is the equilibrium Price and Quantity in the market? Now suppose the government imposes a special tax on these computers. Describe what would happen in this market in terms of the supply and demand curve. Disregard the new tax in part three. Now assume that the government imposes a price ceiling of $100 in this market, as a result of protests of price gauging by the sellers. What would happen to the price and quantity in this market? Disregard the events of part four. Assume that the manufacturers of this product lobby the government’s lawmakers, in terms of this product being an essential for college students but they are considering halting production due to the lack of profits. The lawmakers agree and now set a price floor at $150. What would happen in this market? If consumers’ expectations were such that they were concerned about the economy and jobs, what would you think would happen in this market?
If none of the high-cost firms makes a positive profit, how large is n. Elucidate how much profit do the low-cost firms make.
Wall Street Journal costs $206, payable now, for a two-year subscription. Newspaper is published 252 days per year. What is a subscriber's cost per copy of newspaper, taking interest into account.
You learn that the market price of illegal drugs is falling. Which hypothesis is consistent with this information on drug prices.
Explain what do you think McDonald's new launch will have a sustainable impact on its bottom line.
Illustrate what are the levels of income every worker also consumption every worker at the initial period. Remembering that the change in the capital stock is investment less depreciation.
Ronnie operates a lawn-care service. On each day, the cost of mowing the first lawn is $10, the cost of mowing the second Lawn is $12, and the cost of mowing the third lawn is $15.
Using specific examples, relate the concepts of Cross Elasticity and Income Elasticity to this product.
Some of the largest import tariffs tax on imported goods is on shoes. Strangely, the cheaper the shoes, the higher the tariff.
Imagine that you borrow $5,000 for one year and at the end of the year you repay the $5,000 plus $600 of interest. If the inflation rate was 4%, illustrate what was the real interest rate you paid.
Demand graph to assist in explaining the increase in the price of chain saws after Hurricane Andrew. The mayo clinic in Minnesota is known for top-quality medical care.
Using the concept of net present value also opportunity cost, explain when it is rational for an individual to pursue
Is the price mechanism of a perfectly competitive market a good mechanism to allocate gasoline.
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