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ADVANCED ANALYSIS Let MUA =z = 10 − x and MUB = z = 21 −2y, wherez is marginal utility per dollar measured in utils,x is the amount spent on product A, and y is the amount spent on product B. Assume that the consumer has $10 to spend on A and B—that is,x + y = 10. How is the $10 best allocated between A and B? How much utility will the marginal dollar yield?
ADVANCED ANALYSIS Assume the following values for Figures 5.4a and 5.4b. Q1 = 20 bags. Q2 = 15 bags. Q3 = 27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at c is $5 per bag. The price at f is $59 per bag. The price at g is $31 per bag. Apply the formula for the area of a triangle (Area = ½ x Base x Height) to answer the following questions. LO2
a. What is the dollar value of the total surplus (producer surplus plus consumer surplus) when the allocatively efficient output level is being produced? How large is the dollar value of the consumer surplus at that output level?
b. What is the dollar value of the deadweight loss when output level Q2 is being produced? What is the total surplus when output level Q2 is being produced?
c. What is the dollar value of the deadweight loss when output level Q3 is produced? What is the dollar value of the total surplus when output level Q3 is produced?
Write down on a paper analyzing dissimilar approaches that might be used by Keynesian theorists.
illustrate the effect of capital formation by comparing the production possibilities curves with the present time and one in ten years time, for two different eonomies, one with a high rate of capital formation, and the other with a low rate of ca..
Consider a perfectly competitive market. Analyze and explain in detail using graphical tools to show what you expect to happen to number of firms and firm profitability in the short run and long run.
The labor abundant countries of asia have experiences rapidly rising wages since those economies liberalized their international trade policies. Does this observation match the predictions of international trade theory? Explain.
Assume that the low-calorie frozen, microwavable food company from Assignments 1 and 2 wants to expand and has to make some long-term capital budgeting decisions. The company is currently facing increases in the costs of major ingredients.
Using marketplace equilibrium why do baseball players also CEOs make more money than your lowly Economics instructor.
Now suppose that the interest rate falls to 50 percent, and the household decide not to borrow or lend at all. Is the household better off or worse off with the higher interest rate?
indicate for each price whether the firm will produce, shut down, or be indifferent between the two in the short run, and whether it will make a profit, suffer a loss, or break even.
Heckscher Ohlin model with two goods (wheat and cloth) and two inputs (land and labor), suppose price of cloth rises by 10% and the price of wheat remains the same. Wheat is land intensive and cloth is labor intensive. the rise in the price of cl..
At what price of food in terms of manufactures would A and B respectively supply food? Would trade take place between A and B in David Ricardo’s world? How many manufactures could B supply?
Illustrate what price-quantity comb I country maximizes your firm's profits. Is Demand elastic, inelastic or unit elastic at the profit-maximizing price-quantity combination.
Discuss economic forces (supply factors, demand factors, government policy) that affect the health care market.
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