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Externalities. Consider the example of the perfectly competitive steel firm from class. The firm takes the market price p = $35 (per unit of steel) as given and chooses quantity q (units of steel) to maximize its profits. The firm has increasing (private) marginal costs given by the equation MC = 5q. The residents in a nearby town suffer damages from the firm’s emissions of sulfur dioxide. A researcher at a local university has estimated their marginal damages to be given by the equation MD = 2q.
(b) Determine the market level of steel production, qm, that arises if the firm simply chooses its steel output to maximize profits, ignoring damages to the villagers. Calculate the deadweight loss to society that results from the market level of output (relative to the efficient level).
Amelia buys coffee for $1 per cup and tea for 50¢ per cup; every day she drinks 1 cup of coffee and 2 cups of tea. Bernard buys coffee for 50¢ per cup and tea for $1 per cup; every day he drinks 2 cups of coffee and 1 cup of tea. Can you determine wh..
Based on the current events in our economy, please keep this in mind. When interest rates are held more or less at a constant rate and price risk remains stable, financial leverage does not greatly impact changes is stock return at the market level. ..
A bill was recently introduced in the US Congress to limit greenhouse gas emissions from electricity generation and require electricity producers to generate a minimum percentage of power using renewable fuels, with some emission rights to be auction..
Suppose the price of apples goes up from $20 to $24 a box. In direct response, Goldsboro Farms supplies 1,400 boxes of apples instead of 1,200 boxes. Compute the coefficient of price elasticity (midpoints approach) for Goldsboro’s supply.
A real estate investment of $200K will result in monthly rental earnings of $1K for 8 years, and will then be sold (with certainty) for $250K. Compute the Annual internal Rate of Return for this investment.
Select an economic problem or theory and discuss how dummy variables could be applied. Determine the value that dummy variables would add to your analysis (think outside the box on this one – avoid obvious examples like gender, race, etc.).
Describe a skimming price and a penetration price, and advise them whether they should charge a skimming price or a penetration price, with supportive reasoning for and against each pricing alternative.
Suppose there are two firms, Boors and Cudweiser, each selling identical-tasting nonalcoholic beer. Consumers of this beer have no brand loyalty so market demand can be expressed as P = 5 − .001(Qb + Qc). Boors operates with out-of-date technology an..
How did demographic change described under "Peopling" impact the developments that are listed under "Work, Exchange and Technology
Let the inverse demand curve be p(q) = a − bq. Suppose there are two firms, with constant marginal cost equal to C. (Cournot) If both firms move simultaneously, what are their equilibrium strategies and what is the equilibrium outcome? (Stackelberg) ..
This project requires someone who have experience with Entrepreneurship and Economic Development. Here is the format for the project: ( Read the attached article and provide answers using the format below )
The demand equation for a cola-type soft drink in general is Q = 20 -2P, where Q stands for quantity and P stands for price. Calculate point elasticities at prices of 5 and 9. Is the demand curve elastic or inelastic at these points? Calculate arc el..
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