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Assume that market demand for tomatoes is given by P = 8 - Q and market supply for tomatoes is given by P = 2 + Q where P is dollars per bushel and Q is millions of bushels per year. Graph these and find the equilibrium price and quantity in this perfectly competitive market. Using the rule that the area of a triangle equals one half times the base times the height, calculate the consumer surplus and the producer surplus and the total (social) surplus. Does this outcome attain allocative efficiency?Now assume that the government imposes a price ceiling of $4 per bushel on tomatoes. What do we call this situation? Which curve (supply or demand) sets the actual number of tomatoes traded in the market if the price ceiling is in place? What is the market quantity traded? What happens to the areas of the consumer surplus, producer surplus, and total surplus? Is allocative efficiency obtained? Explain
In the context of the IS-LM model, what is the effect of each of the following on equilibrium output and the real interest rate? Explain why these effects occur and show graphically.
The depreciation schedule for certain equipment has been arrived at by various methods. The estimated salvage value of the equipment at the end of its 6 year useful life is $600. Identify the resulting depreciation schedules. Year A B ..
What is the argument against attempting to balance the Federal Government budget rapidly at the present time via either deep cuts in Federal Government spending on goods and services or via sharp increases in federal income tax rates?
The government has to go into the market and buy output, which it then puts in a warehouse for indefinite storage. the government must buy units of output to reach its price target the price support program raises profit per firm to.
if unit labor costs in Spain and Portugal rise, but unit labor costs in Germany decline and other producer prices remain unchanged, what effect should these factors by themselves have on export trade and why
Suppose the level of autonomous expenditure, which we could call A, rises by AA. What is the effect on the level of equilibrium national income?
Illustrate what is the cross elasticity of demand among the two brands of widgets.
Two oligopoly company are in the process of estimating their marketing strategies. Firm 1 can generate estimated profits of $10 million from strategy A
This seems to have reversed itself somewhat in recent years. Illustrate what factors might have been at work.
How would you show what happens with equilibrium income if agents suddenly lose confidence and decide to spend less, even if their income has not changed?
A new taco-making machinery which is similar in size and cost to hog dog carts has encouraged more street vendors to begin selling tacos.
Describe the law of diminishing returns. Then discuss why you agree or disagree with following statements.
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