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Consumers are willing to pay p(x)=100+x+.001x^2 dollars per item when the quanity is x, with 0<x<112. Assume the market price is 10($/item ). A)What is the quanity sold? B)Write intergral representing consumer surplus. C) Evaluate the intergral from b)
To what extent is to greek proverb "Happiness is the full utilization of your capacities along lines of excellence." similar and different from the traditional definition of economics.
A new car dealer advertises financing at 0% interest over 4 years with monthly payments or a $3000 rebate if you pay cash. The car you like costs $12,000. What effective annual interest rate would you be paying if you financed with the dealer?
Choose a product that you consume regular basis. What are the determinants of the demand for your chosen product? What are the complements of the product? Is the price elasticity of demand is elastic or inelastic for the chosen product? How would you..
To determine which of the output levels represents a macroeconomic equilibrium.
Explain, in the IS/LM/BP framework with fixed exchange rates, the impact of an autonomous increase in foreign demand for a country’s exports upon the country’s national income, money supply, and balance of payments. If there is no impact on a variabl..
Suppose that the t-account for first national bank is as follows: Assets liabilities Reserve $100.000 Deposits $500.000 Loan 200.000 Bonds 200,000. By how much would the money supply change if First National, like all other banks decides to maintain ..
Perfect competition and economic efficiency. The market demand curve for widgets is P = 30 – Q while the market supply curve is P = Q. What is the equilibrium price and quantity in the widget market under perfect competition? What is the economically..
Distinguish between the two types but knows the probabilities of each type. What would be the result in this market for loans.
After paying $1.00, you are allowed to open a newspaper vending machine. In contrast, a soft drink vending machine only drops one can after you pay the same amount of money. In contrast, a soft drink vending machine only drops one can after you pay t..
q.firm 1 is the incumbent in a market lasting two periods with inverse demand curve p74 -9q. its first-period costs are
Suppose people freely choose to spend 40 percent of their income on health care, but the government decides to tax 40 percent of a person's income to provide the same level of coverage as before. What can be said about deadweight loss in each case?
Imagine that a foreign country’s movie industry has been traditionally protected by a quota system. With this system, movie theaters have to show domestically-made movies on at least a certain percentage of screens. It is designed to keep out a flood..
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