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Consider two consumers, John and Maria, each with an quantity of two goods: corn and sugar. a. John has 30 gallons of gasoline (G) and 20 bags of sugar (S); for that basket of goods, his MRS(GS) is 1G/5S. Maria has 30 gallons of gasoline (G) and 50 bags of sugar (S); for that basket, her MRS(GS) is 1G/1S. Note then that the economy's total G = 60 and total S = 70. Are there gains to be had for both John and Maria from trading? Who would trade what to realize gains? Explain and illustrate using an Edgeworth box diagram. b. Suppose now that John has 40 G and 0 S and that his MRS(GS) is 1G/1S. Maria has 20 G and 70 S and her MRS(GS) is 3G/1S. Are there gains to be had for both John and Maria from trading? Explain and illustrate using an Edgeworth box.
q.a construction company is bidding on a project comprising five high-rise buildings to be erected one after the other.
Let's take a look at all the posts above on the definition of GDP. Those definitions of GDP usually assume constant prices even though there is no clear reference to prices in the definition. That is why economists usually like to differentiate betwe..
Fearing inflation, it wants to increase taxes so which the net change in the equilibrium level of GDP is zero. By Elucidate how much taxes should be increased
Comment about substitution effect and income effect when price of good one alone decreases if the goods are perfect substitutes.
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 60 - 0.25P, and the marginal cost of production is $80. Determine the optimal number of units to put in ..
Solve for the amount imported, consumer surplus, and producer surplus. Suppose a per unit tariff of $64 is imposed by the government. Solve for the consumer surplus, producer surplus, government revenue and total surplus with the tariff.
1. explain the difference between the stackelburg and the cournot duopoly models. outline the process by which a
q1. when the price of ford pickup trucks rises from 18000 to 19000 the quantity of chevy trucks demanded increases from
The national restaurant association publishes an annual industry factbook that can be found at wwwrstaurant.org. Based on information in the latest report, does it appear that macro-environmental factors and the economic characteristics of the indust..
If there are 12 identical firms in this industry and the market demand curve is given by QD = 360 - 2P, what is the short-run equilibrium price?
Suppose an industry consists of 2 firms that compete by choosing quantities simultaneously in each period t = 1, 2, 3,...... (in other words, the two firms play infinitely repeated Cournot game). Inverse demand in the industry is given by the linear ..
Please distinguish between the Keynesian and Classical views about the correction of problems that arise from business cycle. Please define spending multiplier. What is its significance in fiscal policy discussion? What is loanable fund market about?..
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