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1. A perfectly competitive firm maximizes profits or minimizes losses in the short run by producing at the output level at which:
A. Total revenue equals total lost
B. Marginal revenue equals marginal cost
C. Total revenue is at maximum
D. None of the above
2. Without a_________________________ of pricing , managers won't realize goals of firm.
A. Clear model B. Statistical model C. Ideal model D. Historical model
suppose there is a sudden and permanent decline in potential GDP. Describe the behavior of prices, output, interest rates, consumption, investment, and net exports.
According to the equation of exchange, if total output is 2,000 units, the velocity of money is 5, and the money supply is $1,000, the average price per transaction will be
In evaluating the accuracy of their statements, should one distinguish between (i) economist’s descriptive statements, propositions, and predictions about the world, and (ii) their statements about what policies should be adopted. Explain in detail
What effectiveness of monetary policy depends on how easy it is for changes in money supply to change interest rates.
Assume a firm has production technology given by f(L,K) = L^1/3 K^1/3. Assume pK = 1 = pL and compute the firm’s short-run and long-run cost functions. Assume a firm has production technology given by.
Suppose you are given the following Total Product Function: ,where Q is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function. Find the Marginal products of capital, labor, and ma..
In order to financially stimulate the nation, the Federal government injected $900 billion dollars into the economy. However, the results were less than spectacular. One reason could have been a failure to understand the marginal propensity to consum..
Explain why there is a blurry line dividing objects that are money from those that are not. Give examples of some clear-out cases and some borderline ones. Could the position of this blurry line change over time?
In 1990, the ratio of Japanese to US labor productivity in the steel and consumer electronics industries were estimated to approximately 1.4 and 1.12. What country has the comparative advantage in producing steel and what country has the comparative ..
what is the average product of capital and labor? what is the cost minimization choice of capital and labor if the firm decides to produce 144 units of output?
According to the IS-LM model, what happens to the interest rate, income, consumption, and investment under the following circumstances? Support your answer with suitable diagrams.
Ben Bernanke, the ex-chairman of the Fed, dubbed the few years preceding the financial crisis of 2007-08 a period of:
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