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Consider a hypothetical island with only ten people. Eight have income of $10,000, one has income of $50,000, and one has income of $100,000.
a. Draw the Lorenz curve for this income distribution. What is the approximate value of the Gini coincident?
b. Suppose that a wealthy newcomer arrives on this island with an income of $500,000. How does it change the Lorenz curve? What is the impact on the Gini coincident?
A random variable X is defined to be the difference between the higher value and the lower value when two dice are thrown. If they have the same value, X is defined to be 0. Find the probability distribution for X.
Now suppose a proportional tax with a 10 percent tax rate is imposed instead of the regressive tax. Calculate and graph the new consumption schedule, and note the MPC and the multiplier. GDP, Tax, percent DIs
What is meant by the elasticity of demand and the elasticity of supply?
There are 10 employees in a particular division of a company. Their salaries have a mean of$70,000, a median of $55,000, and a standard de- viation of $60,000. The largest number on the list is $100,000. By accident, this number is change..
The use of quarterly data to develop the forecasting model Yt= a +bYt?1 is an example of which forecasting technique?
There are two sectors of the construction industry that currently pay their employees the market-clearing wage. The demand for labor in each sector is MRPL = 12 - L,where L = the number (in thousands) of workers. The supply of labor in each sector..
Assume that demand for a commodity is represented by the equation P = 10 - 0.2 Q d, and supply by the equation P = 2 + 0.2 Qs where Qd and Q s are quantity demanded and quantity supplied, respectively, and P is the Price. Use the equilibrium condi..
Automotive Rebuilders, Inc., is considering a new automated assembly line to automate assembly of rebuilt alternators. The new line can be installed for $525,000 today and will have a life of 9 years until technological obsolescence.
Suppose equilibrium exists in the market for loanable funds. Use the following information to determine the quantity of funds supplied in this market. GDP $8.7 trillion Consumption Spending $3.5 trillion Taxes minus Transfers $2.7 trillion
Suppose the company in charge of the maintenance of the bridge successfully negotiates a 20% increase in its annual fee. The State of New York hires you to advise them how to cover this cost. Would you advise them to raise the toll you computed in..
sales 1990 116 1991 105 1992 29 1993 59 1994 1081995
The situation is the same as in 1, except that the extraction costs per liter are different every period and now they given by; c1=$10, c2=$20 and c3=$200. What are the optimal extraction plan and the present value of the profit
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