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"The mysterious character of the commodity-form consists therefore simply in the fact that the commodity reflects the social characteristics of men's own labor as objective characteristics of the products of labor themselves, as the socio-natural properties of these things. Hence it also reflects the social relation of the producers to the sum total of labor as a social relation between objects, a relation which exists apart from and outside the producers. It is nothing but the definite social relation between men themselves which assumes here, for them, the fantastic form of a relation between things. I call this the fetishism which attaches itself to the products of labor as soon as they are produced as commodities, and is therefore inseparable from the production of commodities."
A perfectly competitive painted necktie industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units (qi=20). The minimum average cost is $10 per..
Demonstrate how an increase in personal and federal income taxes ultimately affects Bank of Canada's balance sheet.
In the competitive industry, reduction in property tax rate on fixed capital (plant) would reduce the fixed cost of all firms. This would have the following short-run effects on P, Q, and q respectively.
You are the manager of a large automobile dealership who wants to learn more about the effectiveness of various discounts offered to customers over the past 14 months. Following are the average negotiated prices for each month and quantities sold ..
Explain the assumptions behind the model of perfect competition and explain the sources of the recent housing price "bubble"? Provide a chart if needed?
Assume you run a pizza store and currently have two workers. If you hire a third worker, your output of pizzas per day rises from 55 to 65.
Since a monopoly is the only source of supply, customers are entirely at its mercy. There is no limit to the price the monopoly can charge.
Select a nation that has a low per capita income and discuss how the catch-up effect would work for that country. Consider the determinants of productivity and explain some of the things that would tend to prohibit or limit that country's ability ..
Calculate output, marginal cost, averagecost, price and profit at the average cost-minimizing activity level and calculate these values at the profit-maximizing activity level.
What is the equilibrium? If the government freezes the price of gasoline at its initial equilibrium price, how much of a surplus or shortage will exist when supply is reduced as described above?
Discuss and explain the differences between short and long run costs and for the short run, discuss what the relationship is in cost theory and production theory and concept of diminishing returns?
Discuss the difference between monopolistic competition, and perfect competition market models and also provide examples from the real life.
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