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Assume that a firm faces the following cost function:
TC= 450 + 10q^3 − 5q^2 + 20q
a) Derive the supply curve for this individual firm.
b) If market price is equal to p=40 what quantity would be supplied?
c) Calculate profit at p=40.
d) What would be quantity supplied if p=20?
e) With free entry and exit and identical firms what would be the long term supply curve for this industry?
What was the rate of growth of per capita real GDP before the increase in population growth? If the rate of growth of real GDP remains unchanged, what is the new rate of growth of per capita real GDP following the increase in the birth rate?
If a firm’s short-run average total cost function and its short run variable cost function satisfy: SAC(200, w, r, K) = 16, SAVC(200, w, r, K) = 12, SAVC(400, w, r, K) = 16, at a specific wage w, a specific rental rate r, and specific fixed capital l..
In recognition of the post-purchase role of promotion, what strategies would you suggest for; (a) a busy hospital emergency room, (b) an executive fitness program that provides health screening and fitness evaluation, and (c) an occupational medicine..
What happened to the Leontief paradox when human capital embodied in U.S. exports was accounted for as a separate factor of production? Does this help to explain why college graduates might favor international trade more than those with significantly..
Your friend, Sarah Occupy, is complaining, “The one percent is at it again! They want to cut the payroll tax that employers pay to finance unemployment insurance. This will help employers but do nothing to help the workers.” Is Sarah right or wrong? ..
Distinguish between comparative advantage and competitive advantage (may take some research on your part). Which is used by economists as a justification for international trade? Why?
Suppose the welfare benefit formula is. How large is the benefit if wages equal. What is the marginal tax rate on.
The substitution affect isolates the change in the consumption of a good caused by: The slope of the budget line represents. Given that income is $300, the price of good Y is $15, and the price of good X is $20. What is the vertical intercept of the ..
In a recession, consumers have less income to spend. As a result, if dining out is a normal good, then which of the following would happen to the demand curve for dining out?
Each of the players chooses an (integer) amount between $180 and $300. Both players receive the lower amount. Five dollars are transferred from the player who chose the larger amount to the player who chose the smaller one. Find the Nash equilibria f..
Evaluate why only the convexity of preference relation cannot guarantee that the indifference curve is strictly convex to the origin.
List at least one advantage and one limitation of international trade you encountered in the simulation. Define absolute and comparative advantage in your own words.
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