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A. Define each of the following: 1 Gross Domestic Product at Market Prices. 2 Gross National Product at Market Prices. 3 Gross National Product at Factor Cost. 4 National Income.
B. Explain the relationship between Gross National Product at Market Prices and Gross National Product at Factor Cost.
The law of demand says that the price and quantity demanded are inversely related. Thus, is demand curve positively or negative sloped?
Assume that a profit-maximizing monopolist currently produces and sells 100 units of good X at a price of $10 per unit. If average total cost and marginal cost are constant at $5 per unit, which of the following government policies will most likel..
Develop a budget and see what happens. Were you successful in balancing the budget? If not, how much of a deficit or surplus did you end up with? What does this exercise tell you about the process of creating a balanced budget? Reexamine the budge..
. Consider a consumer who is always willing to substitute four pounds of a generic store-brand sugar for two pounds of a brand-name sugar. Do these preferences exhibit a diminishing marginal rate of substitution between store-brand and producer-br..
Brand names can be important to the success of a firm in some industries. Consider industries that demonstrate monopoly, monopolistic competition, oligopoly, and perfect competition.
Currently, the economy is in equilibrium at Q = 3200 (where Q = potential GDP) and P = 100. You can use monetary and fiscal policies to affect aggregate demand but you cannot affect aggregate supply in the short run.
Explain how GDP would return to equilibrium if it was above or below equilibrium GDP. Whenever there is change in spending, there will be a change in real GDP. Explain why this is so.
You have a utility function characterized by u(c)=c^(1/2). If you have just $5 before you play the game (so you have just enough to play), what will your expected utility be if you decide to play the game?
What level of output should this firm produce in order to maximize profit or minimize losses - and how many firms in total will there be in this market?
The demand curve demonstrate that price and quantity are inversely related. Briefly describe two justifications for this relationship. The supply curve demonstrate a positive relationship between price and quantity supplied.
Assume there is an imperfect capital market. Draw a graph to show the optimal years of schooling for an individual with high access to funds but of low ability and an individual with low access to funds but with a higher ability level. Which ind..
Suppose there is a market for an industrial compound, Weon. This industrial compound is used as an input for production of cleaning agents.
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