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Draw graphs showing a perfectly competitive firm and industry in long-run equilibrium. a. How do you know that the industry is in long run equilibrium? b. Suppose that there is an increase in demand for this product. Show and explain the short-run adjustment process for both the firm and the industry. c. Show and explain the long-run adjustment process for both the firm and the industry. What will happen to the number of firms in the new long-run equilibrium?
Show your budget constraint and your optimum point. Do you now work more or less than 10 hours? Does the government collect more or less revenue than before?
Suppose your nominal income in 1995 was $24,000. Suppose, too, that the Consumer Price Index for 2012 was 2.5 and that the base year for this index was 1995. How much nominal income would you need in 2012 in order to match the spending power of your ..
According to the lectures in class, although consumption spending is about 70% of the total spending in the US economy (C=70%, I=15%, G=15%) its effect is stronger than 70% on the economy why?
Arian is about to borrow $2350 from his uncle. He has an option to repay the loan at the end of year 5 with 10.75% simple interest per year or with 5% interest per year, compounded annually. What is the difference of the total interest paid over 5 ye..
calculate the profit maximinizing output. calculate the economic profit earned. Illustrate what is the industry for product equilibrium.
In what ways might the selected company create a benefit externality? In what ways might it create a cost externality? How might the government respond to the externalities created by the selected company?
q1. suppose that mnl logs harvested the logs in october 2011 and sold them to mnl number in december 2011. mnl number
Elucidate what would be the P and Q in a competitive industry. Find CS and PS for a competitive industry and a monopoly. compare them.
Suppose an economy that is initially at full employment faces a substantial increase in the factor cost of production. Discuss (with the aid of aggregate output market and money market diagrams) the short-run effect on output, unemployment, general p..
The firm must pay a fi xed cost of $80 if it produces any positive amount, but does not have to pay this cost if it produces no output. Illustrate what is the smallest integer price that would make a firm willing to produce a positive amount.
Illustrate the monopoly solution and perfectly competitive solution in a clearly drawn graph. Calculate the deadweight loss due to monopoly.
q1. assume that the popular car dealer in your area sells 2.50 of the entire vehicles. if all other car dealers sell
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