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Suppose a firm faces the following demand for its output q: q = 100 – 10p, where p represents the price it receives per unit sold. The level of output at which this firm maximizes its total revenues is [q]. (NOTE: write your answer in number format, with 2 decimal places of precision level; do not write your answer as a fraction). SHOW ALL STEPS.
Evaluate the fundamental arguments between Keynesians and Monetarists concerning the level of government involvement in our economy to minimize the impact and stabilize the different stages of the business cycle.
Illustrate what will happen in the international market for gold if news of war causes buyers and sellers to expect high gold prices in the future.
Illustrate what price should the firm charge if it wants to maximize its profits in the short run. What arguments can be made for charging a price higher than this price.
A sum of $16,000per year will be received uniformly over a five-year period beginning two years from today. What is the present value of this deferred- funds flow if interested is compounded continuously at a normal rate of 9%.
The inverse demand curve for widgets is P = 130−2Q. There are two firms, A and B, who produce widgets. Each firm has a constant marginal and average cost of producing the good that equals 10. Firms compete in quantities and they make their quantity c..
Discuss the short run and long run implications of the explanation for the aggregate economy.
The classic example of opportunity cost is the costs of going to college. Illustrate the implicit opportunity cost of foregone income as well as tuition, books, etc. Think about whether room and board should be considered a cost of college. Calculate..
Joe won $365,000 a year for life in the state lottery. Use a labor-leisure choice analysis to answer the following: Show how Joe’s lottery winnings affect the position of his budget line. Joe’s utility function for goods per pay (Y) and hours of leis..
How markets allocate resources. Derived demand is the change in demand due to a result initiated in another market. Market changes affect the demand for resources in related markets. For the following scenario, you are given a list of products. Draw ..
Suppose an individual consumer has preferences over consumption c given by u(c) = c^1/2 . The individual faces uncertainty of the following form: With probability π the individual has wealth of ω which she can spend on consumption; with probability 1..
Agoira moves from a command system to a market system. Number of markets with shortages _____ (Increases, Decreases, No Change)
Amalgamate the information you have gathered and tell the economic consulting firm which actions you think OPEC will take over the next year based on your answers.
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