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In his recent book "The End of Poverty", economist Jeffrey Sachs of Columbia University advocates a big increase in gifts (not loans) from rich countries to developing countries. Suppose that rich countries surprisingly commit to much higher official aid, to be maintained for several decades. What would be the effect of such aid on?
(a) The real wage and hours worked in the short run;
(b) The real wage and hours worked in the long run? Explain your answers.
What is opportunity cost of producing a car in Canada? What is the opportunity cost of producing the tonne of wheat in Canada? Describe the relationship between the opportunity costs of two goods.
Compute the path of the economy, that is , calculate real GDP, the price level, the inflation rate and real money stock for each year until GDP I swithin 1% of the potential. (limit calculated values to 10 decimals points)
What is your economic cost of buying a ticket? What is your economic cost of attending the game (once you already bought the ticket)?
Assume the government imposes a tax of $2.00 per unit to reduce widget consumption and raise government revenues. What will the equilibrium quantity be?
What takes place to the equilibrium price and quantity of ice cream in response to each of the following? Describe your answers.
Suppose Shaqueena is currently earning income of $23,000 (I =23) and can earn that income next year with certainty.
What price should DD set to maximize profits? What would output be if DD acted like a perfect competitor and set P = MC?
In using the Taylor Rule as a guideline for monetary policy, what are the pros and cons of using forecasted values of inflation and output rather than observed values of these variables?
Find out the optimal weekly output and price of this firm. Find out the weekly profit from the production and sale of this product.
For a perfectly competitive firm the price is $2 per unit. At this price the firm is producing and selling 10,000 units. It costs $1.50 to produce the last unit. Should the firm produce more? Less? Why?
What might be included in the "total cost" of acquiring and watching movie on DVD? What about the "total cost" of seeing a movie at the multiplex?
Assume you hire a furloughed Wall Street analyst to aid you examine your production process, and she uses your historical cost records to estimate that your total cost function is C(Q) = 100 + 2Q + 3.5Q2. Using this equation, answer the following ..
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