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Consider a perfectly competitive market for a product X that is in its long run equilibrium. Suppose that this is an inferior good, and that consumer's income increases and the increase is expected to be permanent. Assuming that the prices of the inputs remain constant, then
the quantity of X traded will decrease in the short run and the number of firms in the industry will go up in the long run
the price of X will increase in the short run and the number of firms in the industry will go up in the long run
the price of X will decrease in the short run and the number of firms in the industry will go down in the long run
none of the above.
Explain which of the two classmates would you prefer as a partner. Would he also want you as a partner.
A firm has fixed cost of 2,000.Its short-run production function is y+4X and one-half, where x is the amount of variable factor it uses. The price of the variable factor is $3,000 per unit. Illustrate where y is the amount of output the short-run..
Explicates how the factors determining resource demand differ from those determining product demands.
Suppose two firms engage in Cournot (quantity) com- petition in a market described by the following demand curve: Q(p) = 40 − 2p. (1) Assume that the firms each have marginal costs equal to zero. Let q1 and q2 be the quantities produced by each firm ..
Write down the different costs associated with putting on an NFL game. Classify these costs as either fixed costs or variable costs. Assume that a single playing season constitutes the short run.
Twenty-seven amendments have been added to the U.S. Constitution. Obviously, all are important, in their own way. However, you will select three amendments, and in a minimum of three paragraphs, you will discuss why you believe each of these amendmen..
Which of the following could be an example of an opportunity cost
Elucidate Average costs are minimized when marginal costs are at their lowest point.
Economic inequality compares the share of the _____ in society that is received by different groups; such as comparing the share of income received by the _____ to the share of income received by the ______.
q.two alternative designs are under consideration for a tapered fastening pin. the fastening pins are sold for 0.70
You are offered a choice between $5000 today or $10,000 in 5 years. If you choose the $10,000 in 5 years, this implies that
q.postcard bangalore. hearts set on joining economy globally as indian it workers are brushing up on their
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