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Use demand-supply analysis – with appropriately drawn graphs – to briefly explain the effects (i.e., increase or decrease) on the equilibrium price and quantity from the following:
a. In the past, the success of Tiger Woods has encouraged many your people to become interested in learning golf. What has been the effect of this on the equilibrium price and quantity for golf clubs?
b. Suppose the price of pencils increase and at the same time, the price of ink used in the construction of ballpoint pens decreases. What is the effect on the equilibrium price and quantity of ball point pens?
c. The government decides to restrict the amount of beer sold annually to 1 million bottles. What is the effect on the equilibrium price and quantity of beer?
An individual purchases quantities a, b, and c of three different commodities whose prices are p, q, and r, respectively. The consumer spends m dollars, where m > 2p, and the utility function is given by. Show that the optimal expenditure on the seco..
If it decrease the percentage of its output devoted to capital goods, then its rate of growth will tend to increase. Its production-possibilities curve will shift to the left or its rate of growth will tend to decline.
The income elasticities of demand for movies, dental services, and cloting have been estimated to be +3.4, +1, and +.5, respectively. Interpret these coefficients. What does it mean if an income-elasticity coefficient is negative?
Assume that the market for Coca-cola in your area is perfectly competitive, with Demand P= 11-0.1Qd and supply P= 1+ 0.1Qs. Each firm that sells Coca-cola is indentical, with Total Cost TC= 1+0.5Q+2Q? Which gives Marginal Cost MC= 0.5+4Q. Currently t..
What is the equilibrium quantity and equilibrium price for the following demand and supply curves:
Suppose that the government is deciding how wide to make a public road that services one resident named Bob. Bob’s willingness to pay for each metre of road is described by 20 – 2Q. Graph Bob’s willingness to pay (demand) curve. Suppose that the marg..
A clothing manufacturer has factories in Los Angeles (LA), San Antonio (SA), and Newark (N). Sales (in thousands) during the first quarter of last year are summarized in the production matrix.
There has been a monetary expansion of Rmb2.5tn ($380bn). What is the relationship between money supply, money demand and the interest rate? With the use of diagrams explain and illustrate the effects of quantitative easing on consumption and investm..
When it is costly or impossible to exclude someone who hasn't paid to use a particular good from using it, then that good is classified as being: a. public good b. free rider c. un excludable d. non excludable
increases the equilibrium GDP also the size of that increase varies directly with the size of the MPC
Firms A and B are the only firms in the market for widgets. Each firm can choose between cooperating and fighting. If both firms choose to cooperate, each gets a profit of 10. If both firms choose to fight, each gets a profit of 5. Suppose firms choo..
Suppose there are n identical firms in a market. Each firm’s cost function is given by C = 25 + q2, where q is the amount that an individual firm produces. How much output will each of them produce? What will be the market price? How many firms will ..
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