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Assume that Country A has a population of 500,000 and only produces one good-cars. Country A produces 100,000 cars per year. The people in Country A purchase 90,000 cars, but there are not enough cars to fulfill all the demand. They decide to import 50,000 more. The government buys 25,000 cars for its police force, and 10,000 cars are bought by companies to transport employees to other locations to work. They also export 65,000 cars to nearby countries for sale.
What is Country A's GDP?What is the composition of GDP by percentage?What is the GDP per capita?If government purchases go up in the short run, what happens to GDP? Show this graphically.If consumption and government purchases go up, what happens to GDP in the long run? Why? How would this look in a graph?How does this relate to Keynesian economics?
What happens to social welfare (the sum of consumer surplus and producer profit) as a result of the threat of entry in this market? What happens to equilibrium price? What might this imply about the role of potential competition in limiting market..
Many retail companies use mark up pricing? Setting price some percentage above variable cost (such as 50% above cost).
Calculate the firm's profit-maximizing output level assuming the current price of widgets is $1 . 75 and calculate the equilibrium price/output solution. Explain your answers and show all work.
June 26 2008 - A recent opinion through Opinion Research Corporation found that many United States businesses are missing out on vital feedback and ideas from their own workforces.
Suppose that the price of good X rises and the price of good Y falls in such a way that the consumer's new optimal consumption bundle lies on the same indifference curve as his old bundle. Graph this situation. Compare the quantities demanded be..
It is 1932 and you are an economic advisor to President Roosevelt. what advice would you give the president in light of the economic problems facing the country?
Based upon marginal revenue or marginal cost analysis, explain how output and price are determined in monopolistically competitive markets.
A monopoly has demand given through P=20,000-25Q, and costs given through C(Q)=100Q+25Q2. Find the profit maximizing level of price and output.
In today's economic climate, retailers are continuously conducting sales in order to get customers in their doors. Analyze the short-term and long-term effects of continuous sales to all stakeholders.
Explain the law of demand. Why does a demand curve slope downwards? Distinguish between a change in demand and a change in quantity demanded.
Which of the following statements about unemployment and inflation is false? A. The short-run Phillips curve demonstrates a negative relationship between unemployment and inflation, whereas the long-run Phillips curve is horizontal because the nat..
Discuss how organisations design and build services to attract new and existing customers to buy their services. Refer to the research you have presented previously in your research report.
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