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Assume that the market demand for bus rides is given through Q=420-30P and market supply of bus rides is given through Q=30P, where Q is bus rides each week in thousands and P is the price per bus ride in dollars.
a. Find the equilibrium price/quantity combination for bus rides.b. How much is spent on bus rides? What is consumer surplus in dollars at this equilibrium? How much is the total benefit in dollars from bus rides?c. How much does it cost to provide these bus rides? What is producer surplus in dollars at this equilibrium? How much is the bus companies' total revenue?d. Graph your results (please be explicit).
Assume that the state government decides to tax bus rides in an attempt to reduce its budget deficit. The tax is $2 per bus ride. The tax will be collected by the bus companies and remitted to the state government.
a. Find the new equilibrium prices to bus riders and to bus companies, the new equilibrium quantity and total tax payments in dollars to the state government (Remember: Ps=Pb-T).b. What is the deadweight loss in dollars due to the tax?
what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?
Suppose a perfectly competitive firm is producing 300 units of output, P = $10, ATC of 300th unit is $8, marginal cost of 300th unit = $10, and AVC of the 300th unit = $6. Based upon this information, the firm is:
Company A plans to produce 300,000 units next year, the production budget is: Compute the total cost and cost per unit when the unit production is changed to 315,000 units.
Recently, there has been a lot of press about high lead content in toys made in China. This negative press can affect the foreign exchange rate in the United States dollar and Chinese yuan.
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
Assume a bank has $200,000 in deposits, a needed reserve ratio of 10%, and bank reserves of $50,000. Then the bank can make new loans in the amount of?
Suppose there is a market for an industrial compound, Weon. This industrial compound is used as an input for production of cleaning agents.
EconS 323 Problem Set 7'4, Questions on Hedonic Wage Theory and Employee Benefits, Risk and earnings, Teacher Quality and Compensating Wage Differentials
A change in real money supply can result either from a change in nominal money supply through Federal Reserve policy or from a change in the price level.
A Firm has total cost function given by following: What is the Total fixed cost when Q = 100? And Average fixed Cost when Q=100?
Write down a short memo to Ralph Sampson describing the analysis that the company should do before it makes this decision and any other considerations that would affect decision.
The Aggregate Demand for goods and services in an economy must at every moment equal the value of Real Gross Domestic Product because both are defined to be the sum of (C+I+G+X-IM).
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