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Suppose a monopolist can purchase Labor at a price w = 1 and can purchase Capital at a price r = 9. The monopolist’s production function is given by Q = L^1/2(K^1/2). The demand facing the monopolist is given by P = 78 – 6Q. a) What is the Monopolist’s total cost function? b). What is the Monopolist's Marginal Cost?
Records show that 12% of all college students are foreign students who also smoke. It is also known that 60% of all foreign college students smoke. What percent of the students at this university are foreign?
For each of Marshall’s four rules of derived labor demand, come up with one example of an industry or job that you would expect to have especially elastic or inelastic labor demand based on that particular rule.
An airline ticket costs the same from Casper, Wyoming to Denver, Colorado, and from Denver to Orlando, Florida. Does this make economic sense? Explain the rationale behind equal prices for unequal distances in air travel using supply, demand, and..
Different products have different elasticities. Heart medication, for example, is inelastic, and corn is elastic.
Consider again an economy with the usual required reserve ratio (rr); economy-wide checking (demand deposits) of $400,000; total cash within banks of $100,000; cash held by the public of $36,000; and er = 0.16. Calculate the "real-world" multiplier.
When the marginal-cost curve lies below the marginal-revenue curve. Assume that for a perfectly competitive firm marginal revenue equals rising marginal cost at 100 units of output. At this output level, the firm's total fixed cost is $600 and its to..
Pick a good or service and illustrate its market with supply and demand curves. Explain what each curve represents and tell what (specifically) would shift each of the curves. A properly-labeled diagram of the supply and demand curves.
Describe in detail the relationship that exists between the economy and the environment. explain the various interactions between the two and discuss any binding constraints the environment place on the economy.
President Bill Clinton assigned his wife the task of developing a national health insurance plan to increase the availability of medical care for the poor. Explain how would one determine the opportunity cost of the proposal.
Suppose that Clancy and Eileen are the only suppliers of pizza slices in a particular market. The following table shows their weekly supply schedules: Price Clancy's Quantity Supplied Eileen's Quantity Supplied (Dollars per slice) (Slices) (Slices) 1..
assume that your business is visible and an important member of the community. would the government encourage a
Suppose there is a market for hotdogs in equilibrium. Draw a diagram below of such a market. Now, suppose that the price of hamburgers suddenly falls sharply, making it easier and more enticing for consumers to purchase hamburgers than before. Show o..
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