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Most of us participate in the economy every day. As households, we can provide labor to firms or government in the input market and we are also consumers of goods and services in the product market. Think of a good that you have purchased in the last six months. If you haven't purchased any goods or services, you can think of some popular items. Find a recent article on that good or the firm that produces it.
Pick an article or good recently purchased, articulately and answer the following questions:
1. Briefly explain the article.2. Did your demand for the good change? What are some factors that would cause a change in demand for this good? How does quantity demanded of this good change?3. Give some examples of changes in supply in the context of your good. What would change the quantity supplied?4. What would happen if the government intervened and lowered the maximum price that could be charged for this service or good. How would this change the output and price?
Describe the difference between monopoly and oligopoly, the welfare effects of monopoly, cost advantages that create monopolies, government actions which create monopolies.
Compute real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow? Compute the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase?
The WSJ recently reported that Juniper Networks plans to offer its more than 1000 employees opportunity to reprice their stock options.
Apply the substitution and income effects to the purchase of meat given the lower price. How is this related to the law of demand? Hint: use chicken as a substitute good in your discussion.
Find out the Marginal Revenue and Marginal Cost
EconS 323 Problem Set 7'4, Questions on Hedonic Wage Theory and Employee Benefits, Risk and earnings, Teacher Quality and Compensating Wage Differentials
Compute the cross-price elasticity of demand between goods X and Y at the given prices. What is the own price elasticity of demand at these prices?
Does it make sense to hold sleep, work, and leisure fixed while changing study? Why or why not? Explain why this model violates the assumption of no perfect collinearity.
How does competition affect profits and prices? What causes some firms to enter an industry, and others to leave it?
An economist for the widget company estimated following short term production function. Compute the AP and MP mathematically and identify the three stages.
Use supply and demand analysis to describe why equilibrium price of apples will increase and the equilibrium quantity will fall if an excise tax is levied on apples.
The price of Labor (L) is $50 for each unit and the price of capital (C) is $20 per unit. How much labor and capital should Joy employ to produce 100,000 units? Find out the total cost of production?
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