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Pat is deciding how to spend his summer vacation. He has exactly forty days of vacation time, and exactly $12,000 of disposable income. He can spend his time and money in two ways: travel, or home improvement projects. For the sake of analytical tractability we will measure vacation travel, T, in units of four-day trips, and we will measure home improvement, H, in units of two-day projects, but we will also assume that Pat can choose fractions of units of both travel and home improvement. Furthermore, we will assume that for Pat, \more is better", which simply means that whenever there's a way for Pat to get more of both travel and home improvement, he will do it.-Question : Suppose Pat tells you that he is trying to decide between four trips and ten projects, on the one hand, and six trips and seven and a half projects on the other hand.(i) Draw Pat's budget constraint (i.e. the set of combinations that he can just aord nancially) on a neat and precise graph, with H on the vertical axis. [Sloppiness is the kiss of death in any form of analysis.](ii) Compute Pat's budget constraint mathematically.(iii) Compute the price of a trip, PT , and the price of a home improvement project, PH? [Hint1: you have two unknowns, so you need two equations that link them together. Hint2: what do you know about the slope of the budget constraint?]
Explain why in a monopolistic industry, if demand and cost curves are the same as those of a competitive industry, and if the demand curve has a negative slope and the supply curve has a positive slope, then monopoly output will be lower and price..
Explain how to describe price elasticity of demand. What are the factors that affect price elasticity of demand.
Required help using economic theory and applying to real world situations and current events.
Describe the impact of an increase in government spending on GDP using both Keynesian and classical points of view.
Evaluate the result in (2) from perspectives of efficiency and equity drawing upon price/cost margins for your explanation. You may want to also consider issues involving the stability of collusive cartels.Then tell us what that means for rational ..
Assuming no population growth or technological progress, find the steady state capital stock per worker, output per worker, consumption per worker and investment per worker given that the rate of saving is 20% and depreciation rate is 10%.
Use Excel or other calculation software to input the data to calculate an estimated regression. Then, from the calculation provided, interpret the coefficient of determination, indicating how it will influence your decision to open the pizza busin..
Explain how does the marginal price for a product like this differ from a product like automobiles. What relevance might there be to this difference.
Thomas Edison once complained that he was not making a profit selling light bulbs because his factories were operating 25 percent below capacity.
The Conference Board publishes an index of Consumer Confidence that is good measure of the non price determinant of demand, customer expectations.
Is this a good model for unemployment? What would you add to study the problem more completely? What assumption does this model make regarding unemployment
Compute the income elasticity also elucidate how sale of the novels would change during a period of rising incomes.
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