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1. Provide an example of each of the factors of production and how the government may alter the factor to expand the productive ability of the economy? Provide a chart if needed?
2. Explain the concept of comparative advantage. How does this concept explain that it is advantageous for the US to trade with a country at a markedly lower level of technological development? Provide a chart if needed?
3. Explain how a minimum wage may allow for more discrimination to occur in a workplace. Is this a certain conclusion? What market conditions would mitigate this outcome? Provide a chart if needed?
4. Explain the assumptions behind the model of perfect competition? Provide a chart if needed?
5. Explain the sources of the recent housing price "bubble"? Provide a chart if needed?
6. Using the PPF and Circular Flow models explain how a government shutdown will likely alter the short- and long-run health of the economy? Provide a chart if needed?
During 1980's the movie Wall Street seemed to accurately capture themes of the day. Michael Douglas starred in movie as Gordon Gecko
Governments have sometimes not remembered about elasticity when they formulate tax rule. A few years before the city fathers in Washington DC wanted to raise revenues so they raised gas tax by ten cents a gallon.
Calculate the marginal and average variable product of each unit of labor input. Hint: plot your Units of labor and Units of Output vertically. Calculate total, average total, average variable, and marginal costs.
Compute the quantity supplied by each firm at prices of $1, $1.50, and $2. What is the minimum price necessary for each individual firm to supply output?
Assume marginal cost increases to 25 as a result of imposition of a tax. What takes place to monopoly and competitive price and output?
Employ the following equation to demonstrate why firm producing at the output level where MR=MC will also be capable to maximize its total profit.
Optimal pricing strategy varies significantly across different market structures. The pricing guidelines in a monopoly market are relatively straightforward. Since the company is the only producer offering the product, it can mark-up the price as ..
What do we mean when we refer to basic economic difficulties of what to manufacture, how to manufacture, and for whom to manufacture?
A monopoly has demand given through P=20,000-25Q, and costs given through C(Q)=100Q+25Q2. Find the profit maximizing level of price and output.
This briefing is particularly important because of the global financial crisis that began in 2007. The briefing is required to provide more foundation for the finance team because they are not well versed in international aspects of finance.
Describe how the market for corn would be influenced if ethanol, a corn derivative was used to fuel cars in US. How would market be influenced if a new technology caused corn farming to be more efficient?
Consider the firms short run decision to hire workers. Suppose that a firm produces goods for sale in the perfectly competitive market. labor markets are competitive as well.
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