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Suppose that the output of a certain country is given by:Q = 20x^3/5 y^2/5 billion dollars if x billion are spent on on labor and y billion dollars are spent on capital, i) Find the output of the country if it spends $32 billion on labor and $243 billion on capital ii) By how much should the amount spent on capital be changed, if the amount spent on labor is increased by $1 billion? iii) What is the marginal rate of technical substitution (MRTS)?
A market maker faces the following demand and supply for widgets. Eleven buyers are willing to buy at the following prices: $15, $14, $13, $12, $11, $10, $9, $8, $7, $6, $5. Eleven sellers are also willing to sell at the same prices. What is the equi..
Which of the following is not a necessary precondition for economic growth?
Identify at least four key points of a relevant economic article from either the Strayer Library or a newspaper - Analyze the dynamics of supply and demand to anticipate market equilibrium.
Illustrate what happens to the equilibrium price and quantity in each market. Which product experiences a larger change in price.
If consumer incomes increase, the demand for product Y:
When using a supply-and-demand model to illustrate how land rents are set, economists typically draw the supply curve as a vertical line because: a. The supply of land is fixed. b. The supply of land is perfectly inelastic. c. The quantity supplied o..
Assume that for a perfectly competitive firm marginal revenue equals rising marginal cost at 100 units of output. At this output level, the firm's total fixed cost is $600 and its total variable cost is $400. If the price of the product is $10 per un..
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 60 - 0.25P, and the marginal cost of production is $80. Determine the optimal number of units to put in ..
When the Fed decreases the interest rate paid on reserves, if the ratio of currency to deposits decreases also while the monetary base is constant, then:
Define production possibility frontier; state the conditions require for its construction and show how it is constructed. State the basic properties.
q1. explain the essential distinctions among the stages-of-growth theory of development the structural change models of
Consider the cap-and-trade system and the market for tradable pollution permits and answer all parts of the question. If all polluters adopt a more efficient abatement technology, how will it affect the permit price? Will the ambient environmental qu..
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