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The own price elasticity of demand for a pack of cigarettes is estimated to be -.4. Current price and consumption are $4.00 and 2 million units per year. Assuming a linear demand relationship determine the demand equation for cigarettes. Show all your calculations.
The production function for a firm is given by
Q = L+K+LK where Q denotes output; Land K labour and capital inputs. Wage rate and rental rate are given by w and r respectively.
(a) Show whether or not the above production function exhibits diminishing marginal productivity of labour.
(b) Determine the nature of the Return to Scale as exhibited by the above production function
(c) Using the Lagrangean Multiplier method, calculate the least cost combinations of labour and capital and the resulting long run total cost function for the above production function. Explain the economic significance of the Lagrangean Multiplier and calculate its value.
(d) Using Excel- Solver verify your answer to (d) above.
Using the following schedule, define the equilibrium price and quantity. Explain the situation at price of $10. What will occur? Discuss the situation at a price of $2. What will occur?
Calculate the expected level of demand in a typical market. Indicate the range within which actual demand is expected to fall with 95% confidence.
Two identical firms face linear demand. Market demand is given by P=30-Q.Solve for Stakelberg equilibrium prices and outputs.
Compute the expected value (revenue) from each project. Compute the coefficient of variation of each project, and find out which project should the company choose. Compute the variance and standard deviation of expected value from each project.
Using the dynamic augmented Phillip's Curve model (Y/PC/MR), demonstrate the effects of the Following changes. Show both the short-run and long-run effects.
Provide a report to management of the firm as to whether or not it should continue to operate at a loss?
Given the table of marginal utilities for CD's and century books, calculate the optimal quantity and total utility at equilibrium. Draw Sarah's budget line for part a and her budget line for part b on the same graph.
What is the income elasticity? Interpret the elasticity in a mathematic and economic context -- what does this number tell you? Is the own price elasticity consistent with economic principles? Explain.
The requirement is:- term paper on International Business from economic view point. The topic is effect of corruption on Chinese and Indian economy and how India's IT sector.
When the Bank of Canada sells the government bonds to a commercial bank, the commercial bank experiences a decline in reserves and in increase in bonds. Total assets are unchanged; this is just a portfolio switch between bonds and cash.
Article: Why you should worry about big oil. The oil industry is in the business of extracting and selling oil. It is the goal of the oil companies to do this as efficiently as possible.
Essay on Market imperfection associated with negative externalities
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