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Suppose there are two goods. The demand for good 1 is q1=a-bp1+ep2and the demand for good two is q2=a-bp2+ep1.
a and b are strictly positive, |e|<b
(1)Compute the optimal prices, and the Lerner index and inverseelasticity of demand for each good.
(2)Now suppose the goods are produced by two firms that chooseprices simultaneously. Compute the Nash equilibrium
How much would this competitive firm produce and sell when the price of the good is $3 and what would be the total profit (total revenues minus total cost) made by the firm if the price of the good is $3?
In a competitive market, the market demand is Qd = 400 - 5P and the market supply is Qs = 10P - 80. A price ceiling of $32 will result in a. a shortage of 80 units b. a shortage of 44 units
Find the inverse demand curve. How much consumer surplus do consumers receive when Px=$35? How much consumer surplus do consumers receive when Px=$25? In general, to the level of consumer surplus as the price as the price of a good falls?
Martha is preparing for exams in economics and sociology. She has time to read 40 pages of economics and 30 pages of sociology. In the same amount of time she could also read 30 pages of economics and 60 pages of sociology.
Choose and research a specific business that is publicly traded where there has been a pattern of change in a particular market model (monopoly, oligopoly, etc.).
When the price of X is $1 and the price of Y is $1 and income is I, Joe Panther spends $100 on good X. How many units of goods X and Y does Joe purchase before the price increase and finding the $100.
In the hope of big returns, venture capitalists give funds to finance new firms. However, potential competitors and structures of market into which the new company enters are extremely important in realization of profits.
The effect of rising energy prices for the economic wellbeing of households and the likely effect of increases in the cost of traditional sources of energy for the energy consumption patterns of Australian households
Forecast the data for 2000 again in problem 1 with exponential smoothing with w=0.3 and w=0.7. Compare RMSEs for moving average and exponential smoothing forecasts to answer if this is a better forecast than the moving average?
Select 6-10 indicators that are of particular relevance to your firm and explain why. Next, outline a strategy for how the firm should respond to the information provided by the economic indicators with the goal of maximizing revenues in the years..
(A)If the production function is AK and the savings rate is the constant rate "S", and the rates of depreciation and population growth are d and n respectively, what would the growth rate of the economy be
a manufacturer is considering purchasing equipment, which will have the following financial effects: Year Disbursements Receipts If money is worth 6%, should he invest in the equipment?
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