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Consider replacing the current U.S. economic system with a system where everyone is paid exactly the same salary. Assume that each family would receive an equal share of GDP. For a typical four-person household, this would be over $90,000.
i. Would you personally favor this system? Explain.
ii. What problems would exist?
iii. What mechanisms could be enacted to overcome these problems?
iv. Who would benefit from this system?
v. What jobs would be hard to fill?
An entrepreneur needs funds for a project. He has funds of his own, but enough to cover the required investment of $100. If the entrepreneur doesn’t misbehave, the project will succeed with probability .9, yielding a gross return of 120 in one year.
Suppose (contrary to fact) that the Scottish independence referendum had passed, Scotland had become independent, and you became its finance minister. Your first order of business is to recommend a currency for Scotland.
The merger of Comcast and Time Warner is creating a cable television network with control of 75% of the U.S. market. Much of what we know about monopoly suppliers also applies to concentration in consumption (monopsony). After reading Comcast Eyes Ti..
You only buy apples and bananas. Your budget is such that you can purchase 3 apples and 4 bananas or 9 apples and 2 bananas. Write the equation for the budget line with bananas on the y-axis. Is that equation unique.
First Problem The production function for fragles is f(K, L) = L/2 + K, where L is the amount of labor used and K the amount of capital used. Does this technology demonstrates increasing, constant or decreasing returns to scale? Is the marginal produ..
What price does this firm charge its customers - by what factor does this firm mark up its price over marginal cost and What happens to the optimal contract length when the marginal cost of writing a contract declines?
Using rational theory explain how rational individuals optimize their decision making? And, why sometimes rational individuals make irrational economic decisions?
Suppose the firms in a monopolistically competitive market are earning positive economic profits. What will happen to move the market to its long-run equilibrium?
About one out of every ten dollars of federal government spending goes toward interest on the national debt. The most important source of local tax revenue is income tax. The most important source of state tax revenue is the sales tax.
Suppose that real domestic output in an economy is 300 units, the quantity of inputs is 50 and the unit price of the input is $9. The level of productivity and the per-unit cost of production are, respectively:
Calculate the price elasticity for each of the following combination of price and quantity supplied. In each case, determine whether supply is elastic, inelastic, perfectly inelastic, or unit elastic in each case. (a) Price falls from $2.25 to $1.75;..
At the beginning of this year, daily consumption of gasoline in the US amounted to 344 million gallons. It is estimated that for every 10% increase in the price of gasoline, quantity demanded falls by 1.50%. By the end of this year, the price of gaso..
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