Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Use the following hypothetical demand schedule for tea to answer the following question:
Quantity demanded/ week
Price/ Oz.
(Elasticity)
1,000 oz.
$5
800
10
600
15
400
20
200
25
a. Using the above demanded schedule, determine the elasticity of demand for each price change. (Example: when price changes from $5 to $10, quantity demanded changes from 1000 to 800 oz., so the elasticity of demand, using average values, is 1/3 or 0.33).
b. The data given in the demanded schedule would plot as a straight line demand curve. Why is demand more elastic the higher the price gets?
Find out the average total cost and average variable cost as a function of the level of output. Assuming the firm has the same cost curves in the long-run for q>0 and C (0) =0, how much will it produce in the long-run?
Compute the monopoly equilibrium. Compute the consumer surplus. Assume this firm practices two-parts tariffs, Compute the optimal output.
Draw a correctly labeled loanable funds graph that shows what happens to real interest rates.
The following table shows the hours per week supplied to a particular market by three individuals at various wage rates. Calculate the total hours Per week (Q T ) supplied to the market.
In the country of Wiknam, the velocity of money is constant. Real GDP grows by 5 percent per year, the money stock grows by 14 percent per year, and the nominal interest rate is 11 percent. What is the real interest rate?
American Mining Company is interested in obtaining quick estimates of the supply and demand curves for coal.
Describe how a change in investment can have big impact on GDP causing a nationwide slump. Recall that investment is "small" relative to the entire economy.
Use the data below to find out the growth of income per person (over the entire period, not an annual basis) between the two years listed.
Give at least three explanations of why economic reasoning would argue that this is to be expected.
Assuming no population growth or technological progress, find the steady state capital stock per worker, output per worker, consumption per worker and investment per worker given that the rate of saving is 20% and depreciation rate is 10%.
Select any low income country (or countries) on which you can find data on the following (a web search should yield you the required information)
What money supply must the Bank of Canada set next year if it wants to keep the price level stable? What money supply must the Bank of Canada set next year if it wants inflation of the ten percent?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd