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Assume that there are two types of consumers. In particular, consumers of type 1 has utility function u(x, y) = x^0.5 y^0.5, whereas consumer of type 2 has u(x, y) = x^0.3 y^0.7. Both of them have income given by I>0, and the prices denoted are by PX and PY, as usual. a) Find the Marshallian demands of x for both types of consumers. b) In what follows, suppose that there are 50 consumers of type 1 and 100 of type 2. Find the market demand of x. Does the price of y affect this demand? c) Now suppose that I= 2 and that the market supply of X is given by QS = 55 + 55PX.Compute the short-run equilibrium price and its corresponding quantity.
In the table you just filled out, find where diminishing marginal productivity begins. Specifically, which is the first worker to add less marginal output than the previous worker?
Given that parking and attendance at ballgames are complements (in consumption). Explain why a rise in parking fees may adversely affect game attendance.
q. 1. why a favorable shock to the production function tends to reduce the price level p. how could the monetary
Suppose you are given the following Total Product Function: ,where Q is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function. Find the Marginal products of capital, labor, and ma..
Suppose that the cost of a unit of capital is r and the price of a unit of labor is w and the level of output is y. Write down the long-run total cost as a function of w, r, and y.
q1. q10000-1000p0.05pop0.610.3awhere q is quantity p is cost pop is population i is disposable income per capita and
Illustrate what effect might economic and socioeconomic forces within that nation have on product's potential.
The Dominion Freight Company has invested $50,000 in a new sorting machine that is expected to produce a return of $7,500 per year for the next 10 years. At a 7% annual interest rate, is this investment worthwhile?
Suppose that your opponent is not playing her Nash equilibrium strategy. Should you play your Nash equilibrium strategy? why or Why not?
Explain why sharp decline in oil prices might not necessarily have positive or negative impact.
Describe the coefficient of determination. Suppose if you were given that the independent variable was 5, what would the predicted value be.
Elucidate how economics regulation affects the market of telecommuniciation. Explain the entities affected by industrial regulation in terms of market structure.
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