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1. The decline in marginal productivity experienced when input usage increases, holding all other inputs constant, is known as:
2. A property of a production function stating that as less of one input is used, increasing amounts of another input must be employed to produce the same level of output, is known as:
3. Suppose that three consumers are in the market for good X. Consumer 1's (inverse) demand is PX = 40 - 5QX; Consumer 2's (inverse) demand is PX = 10 - QX; and Consumer 3's (inverse) demand is PX = 30 - 2QX. When PX = $5, the market will demand:
4. The difference between a price increase and a decrease in income is that:
A market has a demand curve described by P=26-Q, a supply curve described by P=10+Q, and a price ceiling of 12. Calculate the Total Surplus of the market with the price ceiling.
Find out the net demand curve facing firm A. Describe A's optimal price and output. Explain how much output do the other firms supply in total.
Distinguish between ongoing demand pull and ongoing cost push inflation. Carefully draw them. Why might it be difficult to establish the extent to which a given rate of inflation is either demand pull or cost push?
If buyers pay $8 per unit to the intermediary but sellers offer to rebate part of that expense to buyers.
Suppose an economy has no imports and no income taxes. Its marginal propensity to consume (MPC) is $0.75, and its real GDP level is $250 billion. Businesses increase their investment by $10 billion. Calculate the multiplier and the change in GDP.
Venezuela had considerable capital outflows after election of Hugo Chavez. If Venezuela had fixed exchange rates, determine what effect would these flows have had on Venezuela's overall balance and value of the Bolivar
Illustrate what are some of the damaging effects deflation has on an economy. Elucidate what would be a monetary policy prescription to reduce or eliminate deflation.
What is your assessment of business's response to product and service quality and safety? Have they done enough? What is missing from their approaches?
How do you feel about the high decrease in private investment? Even if the government spends more to stimulate the economy, if the margin of disposable income is not there the ability to invest, especially for small businesses, declines.
Explain why the intergenerational correlation of earnings would likely become higher or lower for the following policy changes in the united states:
If the real wage can adjust to equilibrate labor supply and labor demmand, what is the real wage. In this equilibrium, illustrate what are employment, output, and the total amount earned by workers.
Use calculations to examine the alternatives available to Assiniboine Narrows. Then, based on your calculations, make a recommendation as to the preferred course of action.
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