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1. When a government wants to increase tax revenue, they will often increase the sales tax on gasoline. Using price elasticity of demand, explain why the tax would be placed on gasoline rather than, say, yachts. What might be the long run effect of raising the price of gas? In other words, who is harmed by the tax? Who benefits from such a tax? Are low-income households disproportionately harmed as compared to high-income households? Why or why not? 2. Your decision to pursue a higher-level degree is based on investment in human capital. What are the marginal costs and benefits of pursuing additional education and the inherent risks associated with this decision?
FlyAway Airlines has regular flights between San Diego and San Francisco. It can treat business and pleasure travelers as separate markets by demanding advance purchase and Saturday night stay-over for pleasure travelers.
suppose the market interest rate is 10 percent. Would you be willing to lend $10,000 if you were guaranteed to receive $1,000 at the end of each of the next 12 years plus a $5,000 payment 15 years from now? Why or Why not?
What are the advantages of the Herfindahl index over concentration ratios in measuring degrees of concentration in an industry? (b) What is the disadvantage of both?
Given a 15% raise in a good's price and a 25% decrease in quantity demanded for good by consumer, which of the following types of elasticity best describes the demand curve for the consumer?
Gordon lists his old Lionel electric trains on eBay. He sets a minimum acceptable price, known as his reserve price, of $75. After five days of bidding, the final high bid is exactly $75. He accepts the bid.
Discuss how the "tale of two auto plants" in the opening article shows how the choices facing a firm marking a long-run decision on plant location are much greater than those for a firm with a plant already in operation.
It can produce 100 cars with 200 workers and 50 machines, or it can produce 166 cars with 300 workers and 75 machines. Would you describe the manufacturer production function as exhibiting decreasing, constant, or increasing returns to scale? Explain..
Consider some of products which are widely advertised on television. By what type of firm is each produced the perfectly competitive firm, an oligopolistic firm, or another kind of firm? How many major products can you think of that are not advert..
labor is the important factor of production for all firms. the most recent unemployment rate is estimated at 7.7
A firm uses capital and labor to produce output according to the production function q= 4*(Sq Root of KL)
In considering the net effect of expansionary fiscal policy on the trade deficit, the. Income effect offsets the price effect. Price effect offset the income effect
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