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1. Draw a supply-and-demand diagram to explain the effect of a negative externality that occurs as a result of a firm's production process.
2. The federal government tests the safety of car models and provides the test results free of charge to the public. Do you think this information qualifies as a public good? Why or Why not?
3. Define and give an example of a public good. Can the private market provide this good on its own? Explain.
Suppose Jonah and Carlos have a contract, which Carlos chooses to breach. Jonah sues, and a court orders Carlos to pay him the amount he expected to gain at the time they made the contract, net of any amount he actually did receive after the breac..
(1) they cannot be purchased in regular grocery or hardware stores and (2) the presence of salespeople creates another "layer" that simply adds on the price. Was the government's argument correct, economically speaking Why or why not
Use the first order conditions for profit maximisation to show that a monopolist will never produce on the inelastic portion of his demand curve.
Output maximisation and cost minimisation
What happens to the federal funds rate when the Federal Reserve increases bank excess reserves and the money supply through open market operations What happens to the federal funds rate when the Federal Reserve decreases.
those polices were predicated on 1930s Keynesian assumptions that economic recoveries always run out of steam and at certain points need artificial stimulation of demand and fine-tuning to keep them running at acceptable levels .The evidince of th..
Critics of traditional welfare programs often argue that a downside of traditional welfare programs is that when the government gives lower income people money, it causes them to work less. Compare and contrast the theoretical implications on lab..
Suppose that the market for some product has a linear downward?sloping demand curve and a linear upward sloping supply curve. Then suppose that the price of a substitute good increases and the price of an input to production also increases.
The four kinds of market structures are Perfect Competition, Monopoly, Oligopoly, and Monoplistic Competition. Given dynamics of competition, think of the different sequential paths of market structures which firms can move by over time (any of th..
At what sales/output level will marginal costs (MC) reach a minimum and estimate the value of TVC for sales/output level 250,000 units, and calculate the 95% confidence interval for your estimate.
Bob is the company's best hourly worker, but his boss knows that Bob wishes to spend more time with his kids at home. Bob's boss gives Bob a huge increase in his hourly pay hoping to entice him to work more hours.
An article in Business Week warned of the dangers of deflation as the collapse of numerous Asian economies was creating worries that Asia might try to “ export its way out of trouble”.
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