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A risk-neutral consumer is deciding whether to purchase a homogeneous product from one of two firms. One firm produces an unreliable product and the other a reliable product. At the time of the sale, the consumer is unable to distinguish between the two firms’ products. From the consumer’s perspective, there is an equal chance that a given firm’s product is reliable or unreliable. The maximum amount this consumer will pay for an unreliable product is $0, while she will pay $100 for a reliable product.
A. Given this uncertainty, what is the most this consumer will pay to purchase one unit of this product?
B. How much will this consumer be willing to pay for the product if the firm offering the reliable product includes a warranty that will protect the consumer?
How do you calculate marginal rate of substitution? What happens to the isoquant line if one cost or budget changes and which way do they move? Long run average cost why it goes up and down. Production possibility frontier
Suppose that every additional 6.0 percentage points in the investment rate (I ÷ GDP) boost economic growth by 1 percentage point. Assume also that all investment must be financed with consumer saving. By how much must consumption decline for this to ..
Suppose the demand for a good that monopolist produces is P = 20 - Q. The monopolist's total cost is TC = 2 + 6Q. What is the profit maximizing quantity and the price of the monopolist?
A wave of day laborers with experience in home construction moves into the area. Will this shift the labor supply curve, demand curve or both in home construction.
The price of hamburger meat in College Town has recently fallen. Explain in detail the effects of this price change on the demand, supply, equilibrium price, and equilibrium quantity exchanged for fast food hamburgers in College Town and why. Draw a ..
q1. qd680-9p0.006m-4pr where m is income and pr is the cost of a related good. from this relationship it is apparent
Examine how the Federal Reserve controls the money supply. In a paper, formulate how the independence of the Federal Reserve should or should not be modified in any way. Support your conclusions with references to the textbook and other resources.
Assume instead that the industry can sell any also all of its output at the fixed marketplace price of P = 120. Find out the industries optimal output.
Discuss an activity or process or product of Wal-Mart that exhibits economies or diseconomies of scale. Describe the source of the scale economy.
What is the difference between being unemployed and being out of the labor force? A country with a population of eight million adults has five million employed, 500,000 unemployed, and the rest of the adult population is out of the labor force.
Define optimistic, most likelys, and pestimistic scenarios buy using both optimistic, both most likely and both pestimistic estimates. Use a life of 4 years as the most likey value. What is the present worth for each scenario
q. the zinger company fabricates as well as sells a line of sewing machines. demand per period q for a scrupulous model
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