User Account

All Pages

Response in relation to scarcity and in terms of the demand

Assignment Help Microeconomics
Reference no: EM13338140

One of the functions of price is to ration resources and goods and services. What do we mean when we say price serves as a rationing device? Elaborate your response in relation to scarcity and in terms of the demand and supply model

Reference no: EM13338140

Questions Cloud

How do you suppose the price-earnings ratio of these company : One roommate says that he buys stock only in companies that everyone believes will experience big increases in profits in the future. How do you suppose the price-earnings ratio of these companies compares to the price-earnings ratio of other compani..
Does the merger lead to a higher or a lower cournot : Suppose that P = 400 - 20Q and that there are 3 firms, each with a marginal cost of 30. Suppose that firms 2 and 3 merge. The merger allows the combined firm to lower its marginal cost to 20. Does the merger lead to a higher or a lower cournot equili..
Health expenditures in the u.s. have increased from : Health expenditures in the U.S. have increased from 5% of GDP to 17% of GDP over the past 50 years. List and explain the 3 reasons for this increase.
What is the percent decline in sales : An auto dealership estimates that its demand curve has an elasticity of 2.78. If it wishes to increase sales by 12%, by how much should it decrease price? What will happen to revenue (rise or fall)? If instead it raises price by 20%, what is the perc..
Response in relation to scarcity and in terms of the demand : One of the functions of price is to ration resources and goods and services. What do we mean when we say price serves as a rationing device? Elaborate your response in relation to scarcity and in terms of the demand and supply model
What is the size of the labor force : Suppose the number of employed people in an economy is 121,166,640. The unemployment rate in this economy is 10.4 percent, or .104, and the labor force participation rate is 72.5 percent, or .725.
Real gdp rose by what percent : Suppose nominal GDP in 2005 was $14 trillion, and in 2006 it was $15 trillion. The general price index in 2005 was 100, and in 2006 it was 103. Between 2005 and 2006, real GDP rose by what percent?
The size of the labor force in a community is : The size of the labor force in a community is 800, and 720 of these folks are gainfully employed. In this community, 200 people over the age of 16 do not have a job and are not looking for work
What amount must be placed on deposit today to equal : What amount must be placed on deposit today to equal $15,000 in 4 years at 15 percent per year compounded continuously?

Reviews

Write a Review

Microeconomics Questions & Answers

  Does the increase in the current price increase or decrease

Does the increase in the current price increase or decrease the asset’s average expected rate of return? At what price would the asset have a zero average expected rate of return?

  Discuss static effects and dynamic effects of customs unions

Define world allocative efficiency as it relates to regionalism and multilateralism. Discuss the static effects and dynamic effects of customs unions.

  Market for gasoline

As a result of increased tensions in the Middle East, oil production is down by 1.2 million barrels per day-a 5 percent reduction in the world's supply of crude oil.

  What will happen to the equilibrium price and quantity

This innovation could save farmers $1 billion a year in crops now lost to frost damage. If this technology becomes widely used, what will happen to the equilibrium price and quantity in, for example, the potato market?

  Define bank''s capital-asset ratio

High capital-asset ratios are desirable as they offer a buffer against non-performing bank loans.The ratio is defined as the excess of bank liabilities over assets.

  What number of drivers appears to be most efficient

What number of drivers appears to be most efficient in terms of output per driver and what number of drivers appears to minimize the marginal cost of transportation assuming that all drivers are paid the same salary?

  What can the federal reserve bank do to keep output

Suppose that consumers become pessimistic about the future health of the economy. What will happen to aggregate demand, output, and employment in the short run. Use the AD/AS figure to illustrate.iii) Considering the macroeconomic effects of pessi..

  Output decision making

Describe why the profits of such firms tend to increase when there is the excess supply of the inputs they employ in their production process.

  Draw a graph for the market in equilibrium

Select any industry with which you are familiar. Make a graph of this market in equilibrium. Provide 2-examples for industry of conditions which would change supply and two that would change demand.

  Explain why is elasticity of supply important

Why is elasticity of supply important when it comes to analyzing the operation of the market system Think back over the last century: what factor do you suppose has most influenced the elasticity of supply of aluminum, automobile, and petroleum in..

  How to increase property tax only on residential property

Your local government needs to increase tax revenue. To increase tax revenue it can either increase the property tax on residential property or increase the property tax on all property. The government wants to impose the smallest excess burden po..

  Define supply curves

Suppose consumers' income is $50,000 and the price of satellite TV service is $90. At what price would the demand for cable TV services be 55,000 households?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd