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Suppose that consumer’s utility is described by the following function: U(x;y) = x2y, where x is the amount of good X that the consumer consumes and y is the amount of good Y that the consumer consumes. Consumer’s income is 360 euros. Suppose that the price per unit of good X is currently 6 euros and the price per unit of good Y is currently also 6 euros. Suppose that Government is planning to introduce a tax per unit of good Y, which will result in an increase of the price of good Y from 6 euros to 12 euros (for the consumer). Suppose that the price of good X will not change. Find the minimum compensation (compensating variation), which Government should pay to the consumer (in case of such policy) if it wants to maintain the consumer’s well-being at pre-policy level.
Using an aggregate supply/aggregate demand model chart the short run effects of decreasing government spending (assuming you began in a short run and long run equilibrium)
Economic growth will occur in each of the following cases except through. Graphically, economic growth can be represented by a
If the nominal interest rate is 4 percent and expected inflation is 1 percent, what is the real interest rate? Suppose instead that the nominal interest rate is 80 percent and the expected inflation rate is 40 percent.
How is it that certain groups in the United States never given the opportunity to “assimilate”? Include the following groups in your analysis: Hispanics, African-Americans and others of African descent, Native-Americans, and Asian-Americans.
Some personal computer software is sold at special discounts to students. Other software is provided in a less powerful version for students. Why do publishers offer discounts to students? What is the purpose of developing less powerful editions?
Refer to the above graph of D and MR for a monopolist. We know that to maximize profits the firm will set a price:
Thorpe Mfg., Inc., is currently operating at only 88 percent of fixed asset capacity. Current sales are $320,000. Suppose fixed assets are $250,000 and sales are projected to grow to $357,000. How much (in dollars) in new fixed assets is required to ..
during the winter of 1973-74 a general system of wage and price controls including a price ceiling on gasoline was in
Ang Electronics, Inc., has developed a new DVDR. If the DVDR is successful, the present value of the payoff (when the product is brought to market) is $34.7 million. If the DVDR fails, the present value of the payoff is $12.7 million. If the product ..
Consider a closed economy. Use the supply and demand for loan able funds model to predict the effects of the following events on interest rates and investment.
The Keynesians claim interest rates guarantee that savings will equal intended investment. The Keynesians claim that wages and prices are “downward sticky”. In the Keynesian model the velocity of money moves against GDP. Determine the socially effici..
A business owner used a revenue function and a cost function to analyze his monthly sales. One month he found that with a sales volume of 600 items he had revenues of $10,200. Another month he had total costs of $4,700 on a sales volume of 400 items...
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