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1. It would be reasonable for a typical purely competitive wheat farmer to lower his price per bushel in order to sell more. The higher sales level will cause average fixed cost to decrease and this will result in more profit for the individual farmer. True or false, and why?
2. In other situations it would be reasonable for a purely competitive wheat farmer to raise his price per bushel because he could reduce his variable costs by selling less at a higher price. True or false, and why?
3. Suppose that a price support system for cotton requires the federal government to pay farmers $3,000 per acre to not plant cotton. How would you shift either the supply or demand curve for cotton to illustrate the effect of this action? In your answer describe only one shift, not two.
What is the marginal opportunity cost of services in each country? Who has the comparative advantage in factory-stuff?
Cindy gains utility from consumption and leisure. The most leisure she can consume in a week is 168 hours.
Enrodes is a monopoly provider of residential electricity in a region of northern Michigan. Total demand by its 2 million households is Q4 = 1,000 P and Enrodes can produce electricity at a constant marginal cost of $2 per megawatt hour.
What is the present value of $300 to be paid in two years if the interest rate is 12%? What happens to reserves at Third National Bank if one person withdraws $2,000 of cash and another person deposits $750 of cash?
In which of the following circumstances is expansionary fiscal policy more likely to lead to a short-run increase in investment? Explain?
You have been hired as a plant manager for a firm that produces widgets (Q) in Angola, Indiana. Widget production requires machine time (K) and labor time (L).
With the help of an AD-AS diagram, explain the effect on the price level and real GDP. Use an upward sloping AS curve and be clear about the interconnections among markets.
A monopolist has a constant marginal and average cost of $10 and faces a demand curve of Q D = 1000 - 10P. Compute the monopolist's profit-maximizing quantity, price, and profit.
You are a manager of a large but privately held online retailer that currently uses 17 unskilled workers and 6 semiskilled workers at its warehouse to box and ship the products it sells online.
Shelly's preferences for consumption and leisure can be expressed as. This utility function implies that shelly's marginal utility of leisure is C-200 and her marginal utility of consumption is L-80.
You are the manager of a firm that manufacturers front and rear windshields for the automobile industry. Due to economies of scale in the industry
Illustrate and explain the interaction of households, businesses, government and global markets in the circular flow of economic activity.
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