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Researchers have estimated the long run demand elasticity for almonds is -0.47, and the long run supply elasticity is 12.0. The short run demand elasticity for almonds is -0.30, and the short run supply elasticity is 0.5. The government is considering a tax on almonds. What share will be paid by the consumer in the long run? How about the short run? Provide some intuition for why these are different.
Assuming that overall taxes are cut by 10 percent across the board. What's likely to happen to equilibrium output and prices How will the tax cut affect government revenues in the new equilibrium
the fully allocated cost of a product is $10. If the price elasticity of demand for the product is -2, then the firms optimal markup is: 10%, 100%, 200%or 300%.
Suppose that the euro zone is the home "country" and the US is the foreign country, which means that exchange rate, which has the dimensions of local currency per unit of foreign currency, is in units of euros per dollar.
The most common technology used for dry cleaning clothing uses toxic substances that, if disposed of in drains, will contaminate the water supply and cause brain damage in some people. The cost to society of these health effects has been estimated..
Montana is home to a number of firms offering wilderness hunting experiences to wealthy city dwellers. However, the profits of such firms depend on how crowded the "wilderness" is and how many deer are available.
Suppose the demand function for a good is expressed as Q = 100 - 4p. If the good currently sells for $10, then the price elasticity of demand equals
If you hold shares in a corporation and management decides to plow back the company's earnings some year instead of paying dividends, what are the advantages and disadvantages to you
The details about three identical firms operating in Cournot competition are given. The demand curve with marginal revenue, profit maximization, optimum quantity, total demand and market price related questions are answered.
The long-run supply curve for a good is a horizontal line at a price $3 per unit of the good. The demand curve for the good is QD = 50-2P. then what is the equilibrium output of the good.
To maintain utility constant an income adjustment brought the student to consume the basket (61,92). What are substitution effects and the income ?
Listen carefully to the following video and summarize the main points that he is making and to what extent is it related to Adam Smith's invisible hand
With a high and growing US trade deficit, many hope that a depreciation of the dollar would help close the deficit. Explain the logic behind this prediction.
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