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Consider an industry in which all firms have identical technology given by a production function: q = min K α , L 1 − α 1/2 , where q is the level of output, α is some constant between 0 and 1, and K and L are two inputs. The price of K is $1 and the price of L is also $1. In addition, each firm must pay $16 for q > 0. Assume demand is given by the demand function D(p) = 100 − p. (a) Suppose that there are six firms in the industry and no firms can enter. Characterize the equilibrium by giving: equilibrium price, quantity, output per firm, profit per firm. (b) Suppose there is free entry into this industry. Describe the long-run equilibrium by giving: equilibrium price, quantity, number of firms, output per firm, profit per firm.
Given the market for wheat in equilibrium, assume that the government imposes a price floor on wheat. Explain what happens to the market for wheat as a result of this action? Draw and graph to fully illustrate the situation.
Assume that two power plants, Firm 1 and Firm 2, release arsenic in a small urban community that exceeds the emissions standard. To meet the standard, 40 units of SO2 must be abated in total. The two firms face the following abatement costs:
Explain why government deficits in more troubled countries, such as Zimbabwe or Iran, tend to produce more inflation than deficits in less-troubled countries, such as Japan or United States.
compare 2 policies to curb pollutionqs10p amp qd100-10ppollution costs 2.50galloncalculate price quantity and social
If the Federal Reserve adopts a restrictive monetary policy that leads to relatively high interest ratesin United States, what happens to the demand and supply of foreign currency and the dollar's exchange value.
Assume that your household gets a machine that cost Lesley provides you with food. Illustrate what would that do to your labor supply.
q.suppose the production function is y 10k14 el34 and the capital lasts an average of 10 years. assume that the rate of
Suppose that this year the money supply is $500 billions, nominal GDP is $10 trillions, and Real GDP is $5trillions. What is the price level in the economy this year? How often is dollar spent on the economy output this year?
The market interest rate increases to 10%. IN the afternoon at what price would your bond sell in the secondary market.
The water fountains in Learned Hall are costing $1200 a year to maintain. How much money can you justify spending NOW for new fountains and plumbing (materials and labor combined) if no maintenance will be needed for the first 3 years, $200 a year fo..
Take a sample of thirty households from two counties A and B and collect data on their incomes for the past month. The information obtained (in thousands of dollars) and their corresponding frequencies is given below:
Assume the money supply is $800, the velocity of money is 7, and the price level is $2. Using the quantity theory of money: Determine the level of real output. Determine the level of nominal output.
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