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a. Given f = dQ/dP · P/Q, where D = Q = 700 - 4P, what is the price, total revenue, and elasticity at Q = 100?
b. Let X = 120, a = 1, and ß = -3. Solve and explain X = aPxß. If D = X = 300 - 2P, can elasticity be calculated from this equation? What happens if X is allowed to change?
c. Why is elasticity of demand, useful in policy decisions? Consider both price elasticity of demand and income elasticity of demand.
d. Using graphs to illustrate your explanations of elasticity of demand, when elasticity changes and when it does not?
Consider a sharecropper whose contract calls for him to receive ¾ of the output produced in the farm on which he works. Suppose that the value of the marginal product of labor on the shared cropped land is given by 80-L. Where L stands for hours o..
Suppose that a labor economist claims that recipients of economics PhDs gain little in terms of acquired productive skills from their graduate studies, but instead, the degree simply reflects a high level of inherent mathematical ability. Which on..
In effect, the CRA and the actions of Fannie Mae and Freddie Mac acted to subsidize home purchases by people who otherwise would not have purchased houses. All subsidies must be financed by taxes, implicit or explicit on someone.
Describe what is meant by the Gold Standard and what were the problems with the gold standard?
Randy Smith us hired as a consultant to a firm producing ball bearings. This firm sells in two distinct markets, each of which is completely sealed off from the other. What price should managers charge in each market?
Others meter water use and charge according to the quantity of water customers use. Compare the way the two systems would affect the cost of water use at the margin and the use of water by rational consumers.
The index most widely used by the government and the private sector to measure changes in the cost of living is the GDP deflator or else.
Compare the consumer surplus, producer surplus, and total surplus in this condition to those same measures in a perfectly competitive market.
Determine what happens to the money supply, interest rates, and economy in general if Federal Reserve is a net seller of government bonds?
Suppose that raw materials (input R) are fixed at 10 units. Determine the number of units of input L that maximizes the total product function.
Do you think the overall level of R&D would rise or reduce over the next twenty to thirty years if the lengths of new patents were extended from twenty years to, say "forever"?
Explain carefully why interest rates on each of the following short-term financial instruments will be closely tied to the level federal funds rate: short-term bank CDs, short-term Treasury bills, short-term commercial paper.
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