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Consider a demand curve of the form QD = 30 - 2P, where QD is the quantity demanded and P is the price of the good. The supply curve takes the form of QS = -3 + P, where QS is the quantity supplied, and P is the price of the good. Be sure to put P on the vertical axis and Q on the horizontal axis.
a. What is the equilibrium price and quantity? Draw a out the supply and demand curves to illustrate this equilibrium.
b. Assume a tax of t is placed on the buyers in this market. Find the tax rate that maximizes tax revenue. (Note: this will require calculus). (This specifically I need help with)
For each country, what is the opportunity cost of producing one unit of food? For each country, what is the opportunity cost of producing one book? (b) Which country has the comparative advantage in the production of food
The current economic downturn has been called a housing disaster, a financial disaster and a debt crisis, but the simplifying logic of the political season has settled on what is really more a result than a cause.
What market structure do these firms operate in? Why did Microsoft need to preserve competitiveness in the industry? What was Microsoft afraid of in the event that Apple did not survive?
Suppose the inverse demand curve has the following formula: p = $7 – 0.01Q. There are two firms. The cost function for the first firm is TC = 1 Q and for the second firm TC = 2Q. If the two firms were to combine, what Q would they produce in each div..
Do all of the vested members stand up to the responsibilities? Can you think of ways that it could be handled differently or changes that could be beneficial?
Analyze it using the economic way of thinking - possible approaches include ( you do not need to use them all and these are only some you may consider).
Johns goes to a football game and buys a ticket for $75. He has to take off two hours of work to go to the game. he earns $15/hr at work. His drive to the game requires $7 in gas. Given this information, John's opportunity cost of going to the game i..
1. (Time Value of Money) You can borrow and lend money at 18% in the market. You have $200,000. You are considering entering into a perfectly competitive market by starting a business today. You will need to pay $120,000 as your fixed costs for an..
Identify what problem this economy is facing and describe two specific policies the Federal Government might follow assuming the MPC in this economy is 0.67. Provide specific numbers when describing the outcomes of the two different policies and e..
How do you think markets for organ donation and child adoption would be affected if they were made fully legal with a well-functioning price mechanism?
According to theory, if you lower interest rates, business investments and consumer purchases of large durable goods are supposed to increase. In return, this is to help pull us out of a recession. However, this policy of extraordinarily low inter..
How many books should Lucinda publish in order to maximize profits? What price should Lucinda charge for her books in order to maximize profits
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