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1) When the price of natural gas is 3.71 per mcf, an average household uses 4.67 mcf. When the price of natural gas is 4.58, an average household uses 3.52 mcf. Calculate the intercept of the linear function that describes this relationship. The price of natural gas is the independent variable.
2) When the price of natural gas is 3.16 per mcf, an average household uses 4.57 mcf. When the price of natural gas is 4.46, an average household uses 3.8 mcf. Calculate the usage of an average household when the price of natural gas is 3.41. The price of natural gas is the independent variable.
q1. individual has a utility function described by the equation u2xv. the price of x is 32 every item whereas the price
Cars are lasting longer. The expected number of miles traveled over a vehicle's life has risen to 180,000 miles in 2001 from 128,000 in 1977. However, new car buyers tend to keep their cars about the same length of time before trading them in. Using ..
q1. if one defines incremental cost as the change in total cost resulting from a decision and incremental revenue as
Elucidate why the first mover will not install a capacity less than 6 or greater than 12.
Dogs kept in a backyard and are barking constantantly are notorious in most city neighborhoods. Do these dogs pose a negative or positive externality? What (if anything) should the city do about these externalities?
The government releases a report saying that drinking coffee makes you live a longer, healthier life. At the same time, we discover that a very bad winter has killed most of the coffee plants in Brazil. How will these two changes affect the equilibri..
Assuming oranges operate in a perfectly competitive market, use a well-labeled demand and supply model to explain how market equilibrium price of oranges is determined.
What would be drain on U.S. GDP (as a percentage) from paying interest on net foreign debt. What if net foreign debt were 100 percent of GDP? Size of its foreign debt.
Suppose a firm in a perfectly competitive industry has a short run total cost function given by TC=1100+0.02Q^2 and a marginal cost given by MC=0.04Q. If the market price is 12, what will the firm’s short run profits be?
An economist estimated that the cost function of a single-product firm is: The fixed cost of producing 10 units of output. The total cost of producing 10 units of output. The average total cost of producing 10 units of output.
Explain how the U.S. economy may self-correct back to the long-run equilibrium where actual GDP equals to full GDP and there is full employment.
q1. is holding an investment he bought for 1000 that has a 60 percent chance of gaining 200 in value and a 40 percent
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