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Assume an economy with a coal producer, a steel producer, and some consumers (there is no government). In a given year, the coal producer produces 15 million tons of coal and sells it for $ 5 per ton. The coal producer pays $ 50 million in wages to consumers. The steel producer uses 25 million tons of coal as an input into steel production, all purchased at $ 5 per ton. Of this, 15 million tons of coal comes from the domestic coal producer and 10 million tons is imported. The steel producer produces 10 million tons of steel and sells it for $ 20 per ton. Domestic consumers buy 8 million tons of steel, and 2 million tons are exported. The steel producer pays consumers $ 40 million in wages. All profits made by domestic producers are distributed to domestic consumers. (a) Determine GDP using (i) the product approach, (ii) the expenditure approach, and (iii) the income approach.
Use a diagram to show the consumer surplus , producer surplus and total surplus of the market for groceries in this small town. Now suppose these small supermarkets successfully form a cartel which behaves like a monopoly, How does this cartel affect..
A Monetary History of the United States, 1867-1960 uncovered the empirical reality that money is pro-cyclical and leading, the classical economists went to the drawing board.
In class we built a Production Possibility Frontier (PPF) where each sector exhibits constant returns to scale technology and where sectors use deferent capital-labor ratio. Suppose now that both sectors exhibit increasing returns to scale.
Consider a series of end-of-period CFs spanning 2043-2050, which increase by a fixed amount each period. The amount of the first CF in the series is $90 and the increment is $77. The nominal interest rate is 1.8%; compounding occurs 9 times per year...
Suppose that a rent control law is causing excess demand in a market. If the law is removed, then we expect the market rent to [fall/rise] and the quantity of apartments rented to [fall/rise]
The annual operating costs increase by 15% each year as the machines age. If the interest rate is 8%, what is the net present cost for the Quik-Skwish machine?
q.q1. consider two persons ann and bill and two-goodsx and y exchange economy. the total endowment of the economy is
A firm has $5 million in sales, a Lerner Index of 0.75, and a marginal cost of $45, and competes against 3,000 other firms in the relevant market. What price does this firm charge its customers? By what factor does this firm mark up its price over ma..
Discuss how the distribution of income among various groups of income earners have changed in this country during the past 50 years. In your opinion, do we need to initiate any policy to address the distribution of income?
In a simple economy (assume there are no taxes, thus Y is disposable income), the consumption function is C=750+0.6Y. Thus, automous consumption is _____ and the marginal propensity to consume is ______. A consumer chose income increases by 100$ will..
Arnett is appearing for a new Web portal to utilize to access information which interests him on Internet.
Scarcity is the main reason we are studying economics. Scarcity exists when human wants exceed available resources. Write a four paragraph post that explains the difference between a want and a need? Please give five examples for each of these two co..
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