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Explain whether LP techniques can be used in each of the following economic settings.
a. There are increasing returns to scale in production.
b. The objective function and all constraints are linear, but the number of decision variables exceeds the number of constraints.
c. The firm faces a downward-sloping linear demand curve. (To sell more output, it must lower its price.)
d. The firm can vary the amounts of two basic chemicals in producing a specialty chemical, but, for quality control reasons, the relative proportions of chemicals must be between 40/60 and 60/40.
Do you agree or disagree with the statement that: "A monopolist always charges the highest possible price."? Explain. b.) Why can't an individual firm raise its price by reducing output or lower its price to increase sales volume in a purely com..
Define the production possibilities curve in your own words.Could a nation's production possibilities curve ever shift inward? What are TWO factors that may cause this to occur?How can an economy achieve points that are outside the production possibi..
The various financial indicators suggest that this setting of monetary policy is exerting a degree of restraint on the economy and the high exchange rate and subdued consumer spending are putting downward pressure on some prices, although increases ..
Assume that Qd = 80-2P and Qs = 2P-20. If the government imposes a price ceiling at $15 in this market, what is the loss in producer surplus?
Beachfront resorts have an inelastic supply, and automobiles havean elastic supply. Suppose that a rise in population doubles thedemand for both products (that is, the quantity demanded at eachprice is twice what it was.)
Discuss how changing tax rates affect consumption spending and aggregate. Provide an example not in the textbook to illustrate your answer.
Using the mortgage calculator spreadsheet available on VISTA, produce a graph which displays, for each month, the amount of repaid principal (also called normal paydown) and the interest paid when the nominal mortgage rate is r = 5.33% compounded ..
Use a diagram to show the effects of weak exports and investment on actual versus potential GDP in the Canadian macroeconomy and how might the announced trade deal with the European union provide a source of optimism?
However, rather than having data on individual workers, you have access to data on manufacturing firms in Ohio. in particular, for each firm, you have information on hours of job training per worker(training) and number of nondirective items produ..
Based on those calculations, briefly describe the overall economic performance over the last 7 years (2006-2013) and critically predict about these three macroeconomic variables for 2014-15. 5 pts
If an investor deposits $1000 now, $3000 three years from now, and $600 per year for 5 years starting 4 years from now, how much money can be withdrawn every year forever beginning 12 years from now, if the rate of return on the investment is 8%.
assume that all the factors affecting demand in this model remain the same but that the price has changed. further
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