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In deriving demand curve in a perfectly competitive market, we use a benefit function B(Q) for consumers’ benefit from consuming Q units of the good. We assume that its first derivative is positive, B’(Q)>0 and its second derivative is negative, B”(Q)<0. Explain the economic meaning of these two assumptions.
In a perfectly competitive market, for a given price P, the quantity demanded is determined by P=B’(Q). Give an intuitive explanation for why this equation makes sense. How does this equation relate to the law of demand?
In deriving supply curve in a perfectly competitive market, we use a cost function C(Q) for producers’ cost to produce Q units of the good. We assume that its first and second derivatives are positive, C’(Q)>0 and C”(Q)>0. Explain the economic meaning of these two assumptions.
In a perfectly competitive market, for a given price P, the quantity supplied is determined by P=C’(Q). Give an intuitive explanation for why this equation makes sense. How does this equation relate to the law of supply?
Suppose the firms compete in quantities. If firm 1 deviates from collusion in one period, what is the profit of firm 1 in that period in subsequent periods.
Illustrate what feature of a PPF illustrates increasing opportunity cost also elucidate why does your PPF not have this feature.
Adam Sandler has a utility function U(C,L)=C^1/2L^1/2. The wages now available to him are $9/hour and non wage incomes in royalties are $6/day. Find the MUL and the MUC. Find the MRS for leisure to consumption to find the optimal ratio of leisure to ..
Illustrate what the effects would be if real GDP is growing also both the velocity of money also the money stock are constant. Please converse.
When sellers have more information about hidden characteristics of a good than buyers have, more low-quality units are likely to be sold than high-quality units.
A monopolistic competitor wishing to maximize profit will select profit will select a quantity where: If a firm is producing a quantity where marginal revenue exceeds marginal cost, the firm should ____existing levels of production, in order to____. ..
Given a sample of observations on yt and xt what is the most efficient estimator of mu? Is this estimator unbiased? What is its variance? What is the OLS estimator of mu?
How many people are unemployed according to the Burea of Labor Statistics? What is the unemployment rate according to the BLS?
Explain rational expectations in your own words. Using the rational expectations model is the U.S. stock market efficient? Why or Why not?
Solow Diagram and Transition Paths. Assume that initially an economy is saving at a rate that exceeds its golden rule saving rate and that the economy is in a steady state equilibrium. Suppose that the economy reduces its saving rate towards the gold..
What makes it conceivable for a country to experience constant debt to GDP ratio and at the same time experience continual government budget deficits is: Government budget surplus or deficit is: A rise in the government budget deficit will have a :
What is the impact of World Aggregate Supply (WAS) on the trade deficit and domestic employment? Referring to the Aggregate Supply and Aggregate Demand model (AS/AD) and the material in Chapter 11 what challenges does structural stagnation pose for m..
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