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An economy consists of two regions, the North and the South. The labor market is initially in an economy-wide equilibrium, with 1,000,000 people employed in the North at $25 per hour and 2,000,000 in the South at a wage of $15 per hour. Assuming that the cost of moving from North to South and South to north is negligible and that the employees are perfect substitutes for one another, what would the wage be in the future and how many people would live in the North and the South. Jobs are also perfectly mobile.
Describe how exchange rates are determined using supply and demand. What is the date and source of your exchange rates.
If Joe's income is $5,040 a month, and the price of goods X1 and X2 are $45 and $5 respectively, derive the following: A) The quantity of X1 and X2 that maximize Joe's utility B) The maximum level of utility Joe receives.
Develop a response that includes examples and evidence to support your ideas, and which clearly communicates the required message to your audience.
Explain how would you decide also what was the best level of emission reduction. Why do you think your approach would be better than others.
A representative company with long-run total cost given by TC =20+20q+5q2 operates in a competitive industry where short-run market demand and supply curves are given by QD = 1,602 - 40P and QS = - 400 + 20P.
Most of the critics argue that America has too many elections, a surplus of elected officials, and unwieldy layers of government.
In the late 1960s, Milton Friedman and Edmund Phelps argued that there was not a structural relationship between inflation and unemployment rates. In particular, the trade off could only exist in the short -run.
Explain What the profit maximization condition of a business. What is normal versus supernormal profits.
Assume that demand for oranges is given by the following Equations, with quantity measured in oranges a day and price measured in dollars per orange.
Determine what would happen to GDP if a significant number of house spouses who were previously stay home to care for their children began taking jobs and placing their children in day care?
In a simple economy assume that all income is either compensation of employees or profits. Suppose also that there are no indirect taxes. Compute gross domestic product from the following set of numbers.
Assume nominal GDP in 1999 was $200 billion, and in 2001, it was $270 billion. The general price index in 1999 was 100 and in 2001 it was 150. In 1999 and 2001, real GDP rose by what percent?
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