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1. (Requires calculus) In the model of a dominant company, assume that the fringe supply curve is given through Q = -1 + 0.2P, where P is market price and Q is output. Demand is given by Q = 11 - P.What will price and output be if there is no dominant firm? Now assume that there is a dominant firm, whose marginal cost is constant at $6. Derive the residual demand curve that it faces and calculate its profit-maximizing output and price.
10. A selfless person approaches Jones and Smith with a $100 bill and offers to sell it to the highest bidder, but both the winning and losing bidders must pay her their bids. So if Jones bids $2 and Smith bids $1 they pay a total of $3, but Jones gets the money, leaving him with a net gain of $98 and Smith with -$1. If both bid the same amount, the $100 is split evenly between them. Assume that each of them has only two $1 bills on hand, leaving three possible bids: $0, $1, or $2. Write out the payoff matrix for this game, and then find its Nash equilibrium.
Discuss how the aggregate expenditure function shifts in response to changes in each of time following variables:
Determine the basic assumption about the velocity of money transforms the equation of exchange into the quantity theory of money?
Illustrtae what does the agent choose if the terms are worse than actuarially fair.
The Los Angeles retail market for unleaded gasoline is fiercely value competitive. Suppose situation faced by a typical gasoline retailer when the local market price for unleaded gasoline is $2.50
Illustratr what is there is an increase in the supply of money.
Discuss the four major economic flows that link the United States with other nations and provide a specific example to illustrate each flow.
Illustrate what are the gains and losses for consumers in these types of international production and trading patterns.
In a closed economy without a government sector, consumption is determined as 80% of the income available to households. Investment is autonomous at a level of £450.
Fully describe the theory underlying each model, and why the AS/AD model is the preferred way to measure the economy, or is it?
Identify the marketplace structure of the electronics retail sales industry. Discuss possibility of short-run and long-run profits in that industry.
Suppose you're an economic advisor in charge of trying to raise a maximum level of tax revenue for the government. You consider taxing the suppliers in the market for corn, a major agricultural product in the United States.
How large is the desired fiscal stimulus. Explain by how much do income taxes have to be raised to get that restraint.
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