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OPEC successfully raised the world price of oil in the 1970s and early 1980s, primarily due to:
a. an inelastic demand for oil and a reduction in the amount of oil supplied.
b. a reduction in the amount of oil supplied and a world-wide oil embargo.
c. a world-wide oil embargo and an elastic demand for oil.
d. a reduction in the amount of oil supplied and an elastic demand for oil.
Explain and show graphically the effect on the supply and demand for Bonds in a deflationary period. What is the effect on interest rates and the quantity of bonds.
Explain how you would calculate the price elasticity of demand of gasoline? In general terms, explain how consumer and producer surplus will change as a result of this price increase?
Your rich relative died and left you $100,000, which you decided to use for your own Internet business. What will be your fixed and variable costs? Briefly discuss.
Use the IS-LM model to predict the short-run impact on the interest rate and output if the central bank pushes interest rate down at the same time that both consumption and investment fall due to a financial crisis.
The market demand is P=100-1.5Q and marginal & average costs are constant at 10 (MC=AC=10) find the monopoly price and quantity. Find the perfect competition price and quantity. Calculate profit, social welfare (consumer and producer surpluses), and ..
Given this information, evaluate the following statement: Airlines could have the same effect on demand by eliminating their frequent flyer programs and simply lowering the average ticket price by 10 percent.
Suppose that a company has a fixed proportions production function that requires it to use two machines and one worker to produce 1000 units per hour. Explain why the cost per hour of producing 1000 units is 2v+w (where v is the hourly rent for the m..
Explain how advertising did or did not play a key role in your decision to purchase which product. Why might it be excessive at times.
Having worked for many of the firms in the petroleum industry, you know that the price elasticity of demand for a representative firm is about −1.25. An industry publication recently reported that the Rothschild index for the petroleum industry is es..
Suppose the consumption behavior in problem 1 changes so that C=100+0.9Y, while I remains at 50. Is the equilibrium level of income higher or lower than it was in problem 1(a)? Calculate the new equilibrium level, Y’, to verify this. Now suppose Inve..
Illustrate what alternative decisions might you be able to make in the long run. Explain" "Clearly explain the factors to consider as your "fixed factor".
what would volume of output would the two alternative yield the same profit 3-if expected annual demand is 12000 units which alternative would tield the higher profit.
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