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You are the manager of a firm in a new industry. You have gotten the jump on the only other producer in the market. You know what your competitor's cost function is, and it knows yours. Your products, although different to experts, are indistinguishable to the average consumer. Your marketing research team has provided you with the following market demand curve: Q = 1,250 - .5P. Your cost function is CA (QA) = 8QA. Your competitor's cost function is CB (QB) = 6QB. Your diligent effort will allow you to decide how much of your product to provide and allow you to place it on the market shortly before your competitor will be able to make its product available for sale. What output level will you choose, and what price will you charge? Explain.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
What does Friedman believe about expansionary monetary policy? Do you think Keynesian economists would agree?.
Draw a graph of the UK labour market that shows the demand for labour, the supply of labour, and the real wage rate in 1973 and 2003. Draw a graph of the UK production function in 1973 and 2003. Make sure your graph shows potential GDP in both year..
If velocity is unchanged and the money supply grows by 13% and the real GDP grows by 4%, what is the rate of inflation?
Allan Sports sells snowmobiles in a Northern Suburb of the Twin Cities. For the third year in a row sales have been dismal.
Additionally, several other configurations were also estimated. The results are shown on the following pages. Based on this data, answer the following questions. Comment on the significance of time trend and seasonality.
Explain the impacts of an expansionary fiscal policy such as a tax cut on the levels GDP, Consumption, Investment, interest rate and unemployment and price.
Discuss three automatic expenditures in the federal budget. What is the difference between discretionary fiscal policy and automatic stabilizers?
Between your answers to parts b and c, which prices/capacity are best applied from a social welfare perspective? Why?
Prepare a table/graph for inflation in "your country" (use North Korea for the country; if no data is available, use India) for about the latest ten year period for which you have data.
All firms in a Cournot monopolistically competitive industry have the same cost function C (q)= 25 + 10q. Compute the equilibrium price, total output, firm output and number of firms in the industry.
Account for the effect of the two proposed fiscal policy actions in the short run and long run. This includes a description of the consequences of relevant macroeconomic variables.
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