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Two suppliers have been contracted by a government agency to provide a total of 250 hours of training services to help agency employees learn how to use a new computer system. The marginal cost curve of firm 1 is MC1=15+.4Q1, while the marginal cost curve for Firm 2 is MC2=30+.6Q2. There are no fixed costs. Firm 1 provides 175 hours of training services each week, while firm 2 provides 75 hours of training services. What is the total cost to firm 1 of providing 175 hours of training? What is the total cost to firm 2 of providing 75 hours of training?
We assume that competitive firms are "price takers." Explain what this means. What is keeping competitive firms from setting prices? Is this a plausible assumption? For which industries is it a likely assumption? For which is it not plausible?
Critically analyze the pros and cons of putting a price ceiling on prescription medicine. Make sure to use concepts from both chapters seen this unit such as government intervention, inefficiencies, price elasticity, etc. in your answer. In the first..
In the aggregate expenditures model, if aggregate expenditures exceed real GDP, the economy will:
Assume an open, mixed economy. That is, foreign trade is part of the economy, and the economy includes both a public (government) and a private (consumers and businesses) sector. Will these actions by Congress expand or contract the economy or are th..
Describe perfect competition and long-run equilibrium. Provide detailed descriptions, definitions and concrete examples of your findings.
Neither monetary policy nor fiscal policy alone can be effective in formulating sound economic policies for recession." Do you agree or disagree? Share your thoughts.
Suppose that the? long-run aggregate supply curve is positioned at a real GDP level of $14 trillion in base year? dollars, and the? long-run equilibrium price level? (in index number? form) is 120.
Consumers borrow money for many different reasons, including the purchase of a home, car, and appliances, to remodel, or to help pay for college. Approximately 75% of U.S. households carry some debt. What is the median amount of household debt? Provi..
Which of the following is not one of the long-run consequences of large sustained budget deficits?
As we observed in this chapter, central banks, rather than purposefully setting the level of the money supply, usually set a target level for a short-term interest rate by standing ready to lend or borrow whatever money people wish to hold at that in..
what are the examples to producers take advantage of the internet to implicitly fix the prices
Illustrate what is Gillette's advertising elasticity. Is Gillette's Demand more or less responsive to advertising than other firms in its peer group. Elucidate also Elucidate how all calculations.
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