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Question - There is a monopolist who produces with constant returns to scale technology. The unit cost of production equals $4. All consumers have individual demand functions for the monopolist's product Q= - P + 10. There are 100 consumers. Find the per unit subsidy that will result in efficient output. Give clear solution.
Calculate the monopolist's profit.
A household splits its $4,000 monthly income between necessity and luxury goods. The average price of necessities is $30 per unit and that of luxuries is $100 per unit. Write the household budget constraint.
Describe the precautionary principle and how it relates to safe minimum standards, and minimum regret decision-making. In class we used a "land development vs land preservation" example to address this.
good x is a normal good. use indifference curves and budget lines to show the substitution and income effects of a
What is the background of the problem and what will be the outcome of the project and describe the audience for this report and the implications for structuring your report.
How would your life be different without one of your motivations? Review hunger, sexual, and the higher motivations and pick one that is particularly interesting to you. What about your daily life would change? How would it change your long-ter..
An important distinction created by health insurance is between the list price (PL) and out-of-pocket price (PP) of a medical good or service. The list price is the official price that the provider charges the insurance company, while the out-of-pock..
The demand curve for a product is given by P = 400 - 1Q/3. What is the own price elasticity of demand when price is $100? Is demand elastic or inelastic at this price? What would happen to the firm’s revenue if it decided to charge a price above $100..
A city is spending 20.2 million on a new sewage system. The expected life of the system is 50 years, and it will have no market value at the end of its life. Operating and maintenance expenses dor the system are projected to average 0.6 $ million per..
Provide specific example of how you used the marginal decision making principle to choose between two alternatives.
you are the manager of a small pharmaceutical company that received a patent on a new drug three years ago patents in
A newspaper article has the headline: "Should We Tax People for Being Annoying?" Do annoying people cause a negative externality? Should they be taxed? Do crying babies on a bus or plane cause a negative externality? Should the babies (or their pa..
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