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Positive externalities are a market failure (lack of efficiency) because:
A. One person pays for what someone else gets to enjoy
B. Some people don't get enough of what they want because they can't afford it
C. No one pays for a product and no one gets it, even though it is worth more than it costs to produce
D. No one pays for a product and everyone gets it, even though it costs more to produce than it is worth
An editorial in the Wall Street Journal states: "We don't put much stock in future budget forecasts because they depend on so many variables." What variables would a forecast of future federal budget deficits depend on? Why do these variables make..
following would most likely increase the price of automobiles
Provides a background commentary on the cost structure and the level of competition experienced by your firm/industry. You must include demand and supply factors, fixed and variable factors/costs, price elasticity and the aims of the firm/industry..
Update the controversy over the Chinese Yuan in foreign currency markets. Is China still using central bank foreign exchange policy to maintain the value of the yuan? What is the current policy of the US on this issue?
1. (a) Assume that the exchange rate between the U.S. dollar ($) and the Mexican peso (P) is pegged/fixed at ER=$1/P4. Assume that, initially, this exchange rate corresponds to equilibrium in the foreign exchange market. Illustrate the initi..
A firm sells in a competitive market in which price is $10. Its marginal cost is 2 + .5Q. Find out the profit-maximizing level of output.
Ten firms compete in a market to sell product X. The total sales of all firms selling the product are $2 million. Ranking the firms' sales from highest to lowest, we find the top four firms' sales to be $260,000, $220,000, $150,000, and $130,000, ..
How does the price and level of output for a monopolist differ from that of a purely competitive firm? Is this due to differences in the cost of doing business? Do these differences provide a rationale for anti-trust legislation? Explain.
Acme computers produce 23,000 personal computers per year using its daytime shift. The fixed cost per year to produce computers is $2,000,000. The total labor costs are $9,109,000. Acme would like to increase their output to $49000 computers by addin..
Explain with the use of diagrams where appropriate how perfect competition leads to allocative productive and dynamic efficiency - What is a natural monopoly? If a firm is a natural monopoly, illustrate with the use of diagrams why is it is nec..
The 3-central coordination di fficulties any economic system must solve are, If at some value the quantity supplied exceeds the quantity demanded, then:
A company has to make a choice between two alternatives. Alternative 1 has a cost of $250000, an annual benefit of $2500 and a life of 8 years. Alternative 2 has a $100000 cost , an annual benefit of $1750 and a life of 4 years. What is the IRR of th..
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