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Q1. The coase theorem: Suppose a firm pollutes a stream that has a recreational value only when pollution is below a certain level. If transaction costs are low, why does the assignment of property rights to the stream lead to the same (efficient) level of pollution whether the firm or recreational users own the stream?
Q2. Suppose MPC is0.8 initially. Households then change their behavior so that the MPC falls to 0.75. What happens to aggregate expenditures? Why?
Q3. You have been asked to estimate the cost of 1,000 pre fabricated structures to be sold to a local store school district. Each of these structures provides 1,000 ft2 of floorspace.
Explain why a perfectly competitive firm may continue to operate in the short-run even with a loss of profits.
John’s preferences over toothpaste (good 1) and beer (good 2) are represented by utility function u = ln x1+ x2. Prices are given by p1 and p2, and he has income of m. What fraction of his income does he spend on toothpaste?
How could you use the concepts of marginal cost and marginal revenue to maximize profit? What information do you need to determine this? Without this information, how would you make a decision?
Now suppose one big firm comes and buys out all of the firms in the cartel. This monopoly somehow miraculously is able to perfectly price discriminate. How much will this firm produce? What will be the deadweight loss created by this monopoly?
q. bud owen operates buds package store in a small college town. bud sells six packs for off-premises consumption. bud
its lenders requested that the firm disclose full information about its revenues and costs. Elucidate why Brownstown's management was reluctant to release this information to its lenders.
Refer to situation. An economist would predict that onc e price controls were abolished in the spring of 1974,A) The price of gasoline would decline sharply B) The surplus of gasoline would vanish
the loan results in a new checkable bank deposit in a different bank equal to the amount of the loan, explain by how much could the total money supply in the economy expand in response to Tracy"s initial cash deposit of $500.
Elucidate how these tendencies lead to religion becoming evil, how does Kimball respond to them and how the Greek Orthodox tradition transcends them.
Elucidate how principles of economics affect decision-making, interaction and workings of economy as a whole.
Leadbelly Co. sells pencils in a perfectly competitive product market and hires workers in a perfectly competitive labor market.
briefly explain the probable effects of the screenwriters’ wage increase on: Equilibrium price, equilibrium quantities, and total revenues in the movie and popcorn markets.
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