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1. Which market assumption leads to the inability of firms to earn long-run economic profits? Explain.
2. Why do governments permit public utility monopolies (such as the municipal water department)?
3. Noting that just one or two firms might be able to produce and sell similar products at lower prices than the many firms that sell quite similar products in the US, some people argue that monopolistic competition is wasteful. Why would many consumers disagree?
4. A new lifesaving drug is under patent and sells for several hundred times the marginal cost of production. Should the government place a price ceiling at 2 times the marginal cost thus allowing many more lives to be saved? Explain why or why not.
5. Why are cartels inherently unstable?
Determine the profit maximizing price and quantity and socially efficient price and quantity and If the company is offered the contract, should it build the bridge? Why or why not?
Assume there're three firms with the same individual demand function. This function is Q=1,000-40P. Assume each firm had the diffeerent cost function these functions are: Firm 1: 4,000+ 5Q
Determine the impact of global financial crisis of 2008-2009 on the economies of industrialised nations and emerging markets. Discuss what effect do problems like these have on attitudes towards free trade?
When negative or positive externalities exist economists say that market has unsuccessful to make the right amount of the good at the right price. What do economists mean through this?
ublic offering bonds 20% and interst 6%. tyberius investment 10% and interest 10%. sludge FM bank 20% and interest 12%. retained earning 15% and interest 10%. commen stock 25 and interest 15%.
Suppose that you are a government official in charge of your country's fiscal policy. The country maintains a flexible exchange rate system. You are asked by your country's citizens to use fiscal policy alone to expand the country's..
Identify what problem this economy is facing and describe two specific policies the Federal Government might follow assuming the MPC in this economy is 0.67. Provide specific numbers when describing the outcomes of the two different policies and e..
How do costs play into your everyday life For example, why might it be cheaper to drive on a toll-road vs. a free-access interstate? Also, can you identify situations where you may fall victim to the sunk cost fallacy (we all do)
What are some of the ways these curves shift and what is the corresponding change to the point of equilibrium?
If the total cost of producing 20 units of output is $1000 and the average variable cost is $35, what is the firm's average fixed cost at that level of output?
What is wrong with this statement: Whenever the industry fails to achieve allocative efficiency by producing too little output, the shortage arises.
When Burton Denson graduated with honors from the American Trucking Academy, his father gave him a $350,000 tractor-trailer rig. Recently, Burton was boasting to some fellow truckers that his revenues were typically $25,000 per month
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