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Suppose the marginal cost of television sets is constant at $100. The annual demand for television sets is given by Q = 200,000 – 500 P, where Q is the quantity sold per year and P is the price of television sets.
a. Graph out the supply and demand curves in this market. (Recall that the supply curve is the same as the marginal cost curve.)
b. If television sets are sold in a perfectly competitive market, how many would be sold, and at what price?
c. Under what circumstances would the market equilibrium be efficient?
(Evadney's willingness to pay price for a romantic novel is $50 but she pays $20 for the book, the difference between the indicated prices represents her) Suppose Evadney's reservation price remains unchanged as in #Q64 above but the actual price she..
Is the Government becoming too involved in Individual decisions? Do you object to mandatory determinations by government on the distribution of vaccines, regulation of air and water pollution or should the free market ensure equitable distribution..
State whether the following statement is true or false AND explain why: "An increase in the interest rate paid on excess reserves will always cause an increase in the federal reserve funds rate."
The economy of the United States is described by the following aggregate production function: Yt = minimum (Kt, Lt). Saving occurs at a constant rate s. Each period, capital depreciates at a constant rate δ. The population is constant. What is the e..
Linus has the utility function U(x1, x2) = x1 + 2x2. If the price of good 1 is $1 and the price of good 2 is 50 cents then Linus must consume equal amounts of both goods in order to maximize his utility.
Suppose a consumer maximizes the utility function U=ln(xy) subject to the budget constraint 4x + 2y = 12. Find the consumption bundle (x*,y*) that maximizes utility for the consumer.
Prior to opening of trade shoes cost $50 per pair in U.S. and $10 per pair in China. If the price of shoes in U.S. were to fall to $20, U.S. demand of shoes would increase to 60 million pairs and supply would fall to 54 million pairs. What is the int..
Under what circumstances do you think the government will impose greater regulations on financial markets and businesses? When does the government tend to favor deregulation and take a more laissez-faire attitude toward business?
q1. demand for a product of a monopoly is given as q100-2p.a graph demand and marginal revenue of the firm.b find the
Determine the most Magna should be willing to pay to lease the land for the expected life of the project and calculate the profit under each possible demand curve with the optimum size of the shopping center.
In the market of identical firms, the market demand function is Q=1000-1000P. The marginal cost is the same for all firms, mc=0.28. Characterize what is the firm’s optimal output and price when there is a single firm in the market. Characterize what ..
Look at the shape of the curve across the years. In some years, it steepened, and in others, it flattened. What specific Fed actions or market events caused the curve to flatten so dramatically from January 2013 to January 2014? What factors caused t..
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