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Consider a market in which the demand and supply curves are
where qD and qS are the quantities demanded and supplied, and pD and pS are the prices paid by the buyer and received by the seller, measured in dollars.
a) Find the equilibrium in the absence of government intervention. Find consumer and producer surplus.
b) Suppose that the government levies of tax of $6 on each unit of the good exchanged. Find the new equilibrium. Find the changes in consumer surplus, producer surplus, and the surplus collected by government. Find the welfare cost of the tax.
c) Suppose that the government instead places a subsidy of $3 on each unit of the good exchanged. Find the new equilibrium. Find the changes in consumer surplus, producer surplus, and the surplus collected by government. Find the welfare cost of the subsidy.
What is the likely effect on the equilibrium rate of interest? Will the equilibrium amount of borrowing rise or will it fall?
you have purchased an equipment costing $20,000. the equipment will be used for two years, and at the end of two years, its salvavage value is expected to be 10,000. the equipment will be used for 6,00o hours during the first year
A consumer, D Carroll, spends all of his income on 2 goods X and Y. The 2 goods are both normal but are not complementary. The price of good X is reduced but the price of good Y is unchanged. The consumer continues to spend all of his income on th..
what is the present worth of the contract through the 3-year treatment period at an interest rate of 1% per month?
Are there any predictable performance cycles for Wal-mart? If so, what are the periods over which its cycle waxes and wanes?
A firm uses two variable inputs, labor, L, and raw materials, M, with typically shaped isoquants. It pays $20 per hour for L and $5 per unit for M. At the current mix of L and M, the marginal products of L and M are: MPL = 20 MPM = 4
Describe market equilibrium under monopolistic competition. Why does the price charged by the typical firm exceed the minimum average cost, even though other firms may enter the market?
Sketch Coretta's total product curve for chairs, where the variable input is the time she spends, and the output is the total number of chairs produced.
Explain the Oil Pollution Act of 1990, including why it was enacted, its general provisions, and OPA 90's effectiveness in terms of containing a major spill
Calculate the change in the level of real GDP demanded for each of the following values of MPC. Then calculate the change if the government, instead of reducing its purchases, increased autonomous net taxes by $10 billion
what is the current selling price at that kink and how much output will be demanded?
Suppose you currently earn $23,000 a year. You are considering a job that will increase your lifetime earnings by $230,000 but that requires an MBA. The job will mean also attending business school for two years at an annual cost of $28,000.
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