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Question 1
a) State the general meaning of elasticity as it applies to economics. Define the price elasticity of demand.
b) A storm destroys half the banana crop. Is this event more likely to hurt banana farmers if the demand for bananas is very elastic or very inelastic? Explain.
c) Define the law of diminishing returns. Why is this law considered a short-run phenomenon?
d) Although managerial economics is based primarily on microeconomics, explain why it is also important for managers to understand macroeconomics
e) Define scarcity and opportunity cost. What role do these two concepts play in the making of management decisions?
Question 2
a) What are the key points in a short-run production function that delineate the three stages of production?
b) Explain the relationship between the law of diminishing returns and the three stages of production.
c) Explain the relationship between a firm’s short-run production and its short-run cost function. (Focus on the marginal product of an input and the marginal cost of production).
Almond growers in CA are very concerned. Normally, honey producers would keep their bees next to almond orchards, where the bees would gather nectar and pollinate the almond trees. Lately however, bee keepers have moved to Arizona where it is chea..
which one of the following factors would most likely cause an increase in consumption i.e. an increase in the amount of
Economics 312/702 - Macroeconomics: Problem Set 1. Find the equations determining the steady state, and characterize the steady state as sharply as you can. How does having elastic labor supply (v ≠ 0) affect the steady state levels of consumption ..
Discuss the Coase Theorem. Illustrate what this theory imply about the role of goverment in dealing with market externalities.
a. What is the profit-maximising outcome? b. What is the outcome if each firm acts as a profit-maximising unit? Explain.
The raise of Hispanics in the labor force but required data showing what it means. Explain how much of and increase in the labor force.
According to the neo-classical economic theory, the market is a natural, self-regulating system that tends automatically towards the full employment equilibrium of supply and demand.
Explain how scarcity and poverty are different. Give examples to support your reasoning. The economic way of thinking requires administrators to incorporate eight principles.
Assume that gasoline retailing industry is perfectly competitive, constant expenses, and in long run equilibrium. If the government unexpectedly levies a 5-cent tax on every gallon sold by gasoline retailers,
Vera is an impoverished graduate student who as only $100 a month to spend on food-Explain why Vera's preferences are of a very special type here. How would you graph them?
Contrast the market demand/supply curves and the individual firm's labor supply/demand curve in a perfectly competitive labor market. How does the law of diminishing marginal returns affect a firm's demand for labor
How does this article relate to material covered in class? Does the author's point of view agree or disagree with the class material? Does the article make sense? (Sometimes they don't).
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