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Consider a market for fish whose market demand and market supply for fish is specified as Qd = 300 - 2.5 P and Qs = - 20 + 1.5 P respectively. The equilibrium price and quantity is
Here from a), profit maximizing price = 7 and Q = 10. It is shown in the figure below:- The consumer surplus is shown in blue area which is given as (9-7) *10*1/2 =10 dolla
Assume the United States has the following consumption information: GDP = Income Consumption
Suppose new instruments for a firm cost $18,000 along with an additional installation fee of $2,000, both of that are depreciable. Complete the depreciation schedule display below
Explain production as an income generating activity. What are the principal difference among government purchases of goods & service and transfer payments? Why are in
A small country can import a good at a world price of 10 per unit. The domestic supply curve of the good is S = 20 + 10P The demand curve is D = 400 – 5P In addition, each unit of
Derive the conditions for steady state in the Solow model. What are its implications? In what respects is the golden rule different from the steady state?
Using the PPC show what is meant by the law of increasing opportunity cost and explain (state) why that law exists. Why is that law important when deciding whether or not to watch
State the Private sector in the circular flow Private sector total income is known as the national income. As private sector receives entire return from the factors of prod
How growth are improved living standards The two main benefits of growth are improved living standards and technological advancement. As an economy grows, the output of
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