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Given the following marginal utility schedule for good X and good Y for an individual A, given that the price of X and the price of Y are both $10, and that the individual spends all his income of $70 on X and Y,
Q x 1 2 3 4 5 6 7MUX 15 11 9 6 4 3 1Q y 6 5 4 3 2 1 0MUY 12 9 8 6 5 2 1
1. Provide the slope of the budget line
2. Estimate the MRS at the optimum
3. Indicate how much of X and Y the individual should purchase to maximize utility.
Compared with perfect competition, quantity produced in monopolistic competition is inefficient as price is higher than marginal cost (i.e. allocative inefficiency). Why do some economists argue that even if price is higher than marginal cost, it doe..
An economy starts with $50,000 in currency. All of this currency is deposited into a single bank, and the bank then makes loans totaling $45,750. The T-account of the bank is shown below. Assets Liabilities Reserves $4,250 Deposits $50,000 Loans 45,7..
Identification of the firm involved and identification of the appropriate market structure in which the firm is or will do business.
A firm with private marginal cost PMC and average unsunk cost AUC is producing Q units and selling them at a price P, where P > PMC(Q) and P > AUC(Q + 1). The firm could make more profit if it could sell more at the same price P per unit. Explain why..
Does this make business cycle, i.e. expansions and contractions in the economy, shorter or longer?
In making efficiency comparisons between a monopolized and a competitive industry, the Marginal Cost function of the monopolist
Assume the U.S. currently grows 2.5 million tons of fresh winter fruit and that the resources absorbed in the production of this fruit could have produced 300,000 laptop computers. Therefore, the opportunity cost of producing 1 million ton of fresh w..
a. Assume the quantity of money each year following is expected to grow at a constant rate of 5.8%. Fill in the rest of the second column.
Imagine that, suddenly, the U.S. dollar was abolished and each state of the United States introduced its own currency.
How can you reconcile that with the idea that it was the spending during World War II that brought the country out of the final stages of the Depression?
Compare and contrast the four market structures. Include comments in regards to price setting for profit maximizing, origination of the market structure, and government responses and/or involvements in each type of market structure.
Consider the following investment opportunity: With interest at 7%, what is the bene?t–cost ratio for this project?
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