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1. An individual competitive firm's short-run supply curve is the portion of its marginal cost curve that equals or rises above the average variable cost. Explain why.
2. If all the assumptions of perfect competition hold, why would firms in such an industry have little incentive to carry out technological change or much research and development? What conditions would encourage research and development in competitive industries?
3. Describe the demand and marginal revenue curves faced by a firm in a purely competitive market. Are they different from those faced by a firm in oligopolistic competition? If so, why?
4. Although there is relatively little difference in the cost of producing hardcover and paperback books, these books sell for very different prices. Explain this pricing behavior.
5. An emissions fee is paid to the government, whereas an injurer, who issued and held liable, pays damages directly to the party harmed by an externality. What differences in the behavior of victims might you expect to arise under these two arrangements?
Solve for aggregate expenditures (AE) as a function of Y, and compute the equilibrium level of national income. Elucidate your equilibrium in a diagram with AE.
Illustrate what is the minimum efficient scale for each technology. Illustrate what if it was more optimistic about summer sales.
The price level in the economy in 2007 and 2008 rose from 100 to 105. In 2008 and 2009, the price level increase from 105 to 110.25. How does the short-run Phillips curve forecast the unemployment rate will change as a result?
Elucidate the multiplier concept as it applies in this case. Explain what are the qualifications and limitations of the multiplier model.
The marginal damage to your neighbor's business is a function of how many alligators you keep and the amount of money spent on a fence that separates your properties:
Illustrate what do laws of supply and demand predict would be result of an immediate removal of minimum wage in terms of price of labour and quantity available.
What role did Red cloud play in the factional splits that occurred in the late 1860s and 1870s.
Identify at least three such factors that, in your view, should be included in the GDP calculations; then elucidate and illustrate how could they will help to improve the GDP as a tool for measuring the well-being of a nation.
Provide one quote and its context for both a positive and normative statement. Evaluate the statement choices of your fellow students.
Suppose the interest rate on 6-month treasury bills is 7 percent per year in the United Kingdom and 4 percent per year in the United States.
it is estimated that the price elasticity of demand is -3.0. Is the firm charging the optimal price for the product. Demonstrate how you know.
Using this information, draw a Lorenz curve for each country. Remember to convert the above table into a cumulative %. Illustrate which country has the most equal distribution of income.
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