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The demand and supply curves in the market for college education determine the equilibrium price and quantity of education. Assume the student for college education is given by Dstu = P = 9500 – 500Q and the cost to society to of providing a college education or the social supply curve is given by Ssoc = P = 3500 + 1000Q; where P is the price of tuition per year and Q is the average number of years of college attendance. (a) Assuming the market for education is private, what is the equilibrium price of tuition and equilibrium quantity of education consumed? Solve numerically and show in a diagram. (b) Suppose that each year of college provides external benefits equal to $4500. The social demand would be Dsoc = 14,000 – 500Q. What is the socially optimum average number of years of college? What tuition must be charged to supply that quantity? Solve numerically then show in the same diagram as in (a). (c) What dollar amount of subsidy will lead to social optimum? Solve numerically then show in the same diagram as in (a)?
how would you describe balance between costs of automation, or fixed costs and costs of labour, or variable costs. How has Internet changed balance between automation and labou.
Determine the minimum sample size to construct a 90% confidence interval for the population mean. Assume the population standard deviation is 1.2 years.
In the short run, a monopolistically competitive firm is
you should show what you want to be measured by analyzing KSAO's from the job description and the information on organizational culture in the case.
Explain why total revenue doesn't always increase when price is raised. Explain why the issue of firm interdependence makes modelling firm behavior under oligopoly so difficult. Why is so important to seasonally adjust data?
Describe the concept of strategic interaction in game theory and how it differs from single agent or player games (e.g. a monopoly or an individual maximizing their utility)
The 2001 recession ended in November 2001, but the perception of "bad economic times" lingered into 2002 and 2003. What evidence do these graphs provide concerning the lingering perception of a recession.
According to a Wall Street Journal article "MCI, in New Phone War Skirmish, Files Suit over AT&T Ad Claims," MCI was upset with AT&T over allegedly false claims that AT&T's service is cheaper than MCI's. Suppose that the typical consumer is a small b..
q1. suppose that ike is loss averse. in the morning ikes stockbroker calls to tell him that he has gained 1000 on his
On the accompanying graph, illustrate (A) nominal per capita GDP and (B) real per capita GDP for each year. (The necessary data appear on the endpapers of this book.) By what percentage did nominal per capita GDP increase in the 1990s? By what percen..
Sketch a well labeled graph showing the impact of the tax. On whom does the tax burden fall-the team's, owners, the fans, or both.
Suppose a closed economy decides to lower taxes (assume Ricardian equivalence does not hold), all else held constant. What will happen to savings, investment, and the interest rate? Show graphically what happens (be sure to label curves, axes, equili..
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