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1. Assume that you were ready to buy a custom tailored dress (or men’s suit) and you are prepared to pay up to $200 for it. Also assume that the tailor is prepared to sell that item of clothing for as little as $100.
When you arrive at the tailor shop, the posted price for the item is $150. Discuss how this scenario relates to producer and consumer surplus and how such surpluses, if any, affect buying and manufacturing decisions
2. Discuss any recent purchases you have made and for which you feel that a similar rational seemed to be at work.
Now suppose that management believes the probability of weak demand in 2009 is 25% and the probability of strong demand is 75%. Using mean-variance analysis, explain which level of output should be chosen.
Illustrate what is unusual about this market. Give an example of a good or service to might be characterized by this unusual market attribute.
Illustrate what price-quantity combination maximizes your firm's profits. Compute the maximum profits.
what might prompt the government to establish this price ceiling? next suppose that the government establishes a price floor of $4.60 for wheat. what will be the main effects of this price floor?
Illustrate what output level would monopolist produce. Illustrate what output level would a perfectly competitive firm produce.
demand for labor in China will drive up costs per worker there to $5 per hour. How does this alter the isocost and isoquant graph? d.Given these forecasts, where should you expand production?
An industry said to be characterized by monopolistic competition is the apparel industry. Suppose you were hired as a consultant by a firm in this industry. How would advise the firm as to the levels of output, price, input usage, and advertising?..
Elucidate how do the ratios Px*X/I also Py*Y/I change as income increases in this problem.
Believe that they must be able to explain people's tastes in order to elucidate what happens when tastes change.
Should we worry or lose sleep over our $16 trillion public debt? If there are legitimate concerns related to our increasing public debt, what are they and why should they be of concern?
The law of demand states that other things equal
Discuss two fiscal policy measures taken by the government that attempted to minimize the recession and provide for economic stabilization when the the economy apparently was heading for recession in 2007.
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