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There are 300 purely competetive farms in the local dairy market. Of the 300 dairy farms, 298 have a cost structure that generates profits of $24 for every $300 invested. What is their percentage rate of return? The other two dairies have a cost structure that generates profits of $22 for every $200 invested. What is their rate of return earned by most firms in the industry in the long-run equilibrium? If firms, can copy each other's techonology, what will be the rate of return eventually earned by all firms?
CEMEX and Holcim are two cement manufacturers in Durham. They produce cement and sell it into a competitive world market at the fixed price of $60 per ton. Producing one ton of cement also produces one ton of air pollution that negatively impacts ..
If the world price is still $50 per barrel of oil and the U.S. instead institutes a quota (a limit on the quantity imported) of barrels of 9 million barrels, what are the new consumer surplus, producer surplus, license holder revenue and deadweigh..
A major marketing company is interested in evaluating the return to television advertising on sales. For that they want to use the following simple linear regression model: where qi is measured in millions of dollars, and Ai is a binary variable eq..
ADVANCED ANALYSIS Assume that the consumption schedule for a private open economy is such that consumption C = 50 + 0.8Y. Assume further that planned investment Ig and net exports Xn are independent of the level of real GDP
Your father is 50 years old and will retire in 10 years. He expects to live for 25 years after he retires, until he is 85. He wants a fixed retirement income that has the same purchasing power at the time he retires as $55,000 has today.
suppose that the cost of raw material used in the production of this good increases (assume nothing else has changed). Draw a diagram comparing the effect of the increase in the cost of materials in this market with the equilibrium
Your enterprising uncle opens a sandwich shop that employs 7 people. The employees are paid $6 per hour, and a sandwich sell for $3. If your uncle is maximizing his profit, what is the value of the marginal product of the last worker he hired
The current market wage rate is $10, the rental rate of land is $1,000 per unit, and the rental rate of capital is $500. Production managers at a firm find that under their current allocation of factors of production, the marginal revenue product ..
Write down the unit cost of producing one yard of cloth and one calorie of food as a function of the price of one machine-hour, r, and one work-hour, w. In a compet- itive market, those costs will be equal to the prices of cloth and food.
You are the manager of a Mom and Pop store that can buy milk from a supplier at $2.00 per gallon. If you believe the elasticity of demand for milk by customers at your store is -3, then your monopoly price is.
Suppose that the money demand function takes the form (M/P)^d = L(i,Y) = Y/(5i) a. If output grows at rate g, at what rate will the demand for real balances grow (assuming constant nominal interest rates) b. What is the velocity of money in this econ..
The following table presents data on three leading indicators for a three-month period. Construct the composite index (with each indicator assigned equal weight) and the diffusion index. Month Leading Indicator A Leading Indicator B Le..
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