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A pharmaceutical company can produce each pill of a new drug at a constant marginal cost given by MC = 5. Note that since the marginal cost is constant, then the average cost of producing pills is also 5. Inverse demand for the pills is given by P = 25 – Q and the company’s marginal revenue curve is thus given by MR = 25 – 2Q.
"Sweep" accounts are combination checking/money market accounts which large banks currently offer to their corporate customers. These accounts sweep just enough funds out of the money market portion of the account to prevent checks written on the ..
In a simple model of duopoly, two company manufacture the same good, for which each firm charges either a low or a high price. Each firm wants to achieve the highest profits.
Production procedures elucidate the law of increasing opportunity costs.
A possible international monetary regime consists of a world central bank conducting monetary policy and issuing a single currency used throughout the world. Elucidate what would the advantages and disadvantages of such a system be.
Compare the automotive manufacturing industry today to the automotive manufacturing industry of the 1950's. Applying the economics of price and output, what is the difference between the industry of today and that of the 1950's.
Enrodes is a monopoly provider of residential electricity in a region of northern Michigan. Total demand by its 2 million households is Q4 = 1,000 P and Enrodes can produce electricity at a constant marginal cost of $2 per megawatt hour.
Draw a diagram showing the current situation of the firm. In addition to the above information, suppose the price of the output is $13/unit, if the firm wants to maximize its profit, what should it do? Explain in detail with the aid of a diagram.
The rules of the federal government influence outcomes of many activities in that economy. When government rules change or unplanned events occur, the resulting economic activity will usually change.
Evaluate the following: The laws of supply and demand cannot apply to the labor market because labor is not a commodity to be bought and sold like machines.
Draw a diagram describing autarky and a pattern of comparative advantage for your example.
Utilizing free markets and the price system always results in a more efficient resource allocation than central planning. Just look at what happened in Eastern Europe.
Suppose that rich countries surprisingly commit to much higher official aid, to be maintained for several decades. What would be the effect of such aid on?
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