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In the 1970s, the United States experienced periods of severe gasoline shortages due to OPEC policy and unrest in the Middle East. The price of gasoline increased as a result of these shortages. In response, the federal government imposed a price ceiling on gasoline.
1. Construct a demand and supply diagram. Use a demand curve that you think reflects the normal short-run price elasticity of demand for gasoline and a supply curve that you think reflects the normal short-run price elasticity of supply of gasoline. That is, if you think the demand for gasoline is relatively inelastic, draw a relatively steep demand curve; and if you think the supply of gasoline is relatively inelastic, draw a relatively steep supply curve. Indicate an original equilibrium price and equilibrium quantity.
2. Construct a demand and supply diagram. Indicate an original EP and EQ.
Compute the best response function of each firm in terms of prices. Compute the resulting equilibrium price quantity combination for each firm. Describe your answer with a suitable graph. Also calculate optimal profits of each firm.
A company is manufacturing output in a competitive market, where demand is P = 24 - 2Q. Describe the nature of the market failure and derive Pareto optimal level of output.
If Congress wants to use fiscal policy to prevent a recession, suggest whether they should cut taxes if there is a suspicion of a recession, cut taxes when there is confidence that a recession will happen
The industrialization period of the late 1800's saw several new forms of energy developed, including 1. more effective use of humans and animals to power machinery using treadmills.
Explain the process or mechanism underlying how a market-based economic system allocates scares resources. Identify how this process might differ from a centrally planned or command economy.
Many demographers predict that the United States will have zero population in the 21st century in contrast to average population growth of about 1 percent per year in the 20th century. Use the Solow model to forecast the effect.
What is the question you want to use the dataset to try and answer? What is your key independent variable(s)?
State the direction of the alternative hypothesis used to test whether the proportion of analysts correctly anticipating the Board's decision had changed. Type gt (greater than), ge (greater than or equal to), lt (less than), le (less than or equa..
Indifference theory can explain all rational choices and behavior and try the theoryout on this situation. Suppose the only consideration for couples to have a bby or not was money. If a baby costs $8,000 a year.
Scarcity shapes decisions about how to distribute goods. Because resources are scarce consumers buy fewer good.
Show that the optimal amount of the public good isthe same in every Pare to efficient allocation. What is this amount? Will the optimalamount of the public good change if the initial wealths of the two individuals change?
Suppose the government reduces taxes by $20 billion, that there is no crowding out, and that the marginal propensity to consume is 3/4. a) What is the initial effect of the tax reduction on aggregate demand
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