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Three stores have a problem with theft, and security is a public good. Let’s use S to stand for the number of person-hours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula MB = 100 2S, and the cost of patrols is $30 per hour. What is the socially efficient level of security? If security is left to the independent decisions of the stores, what will they choose? How would your answer change if there were 5 stores?
Assume your town decides to levy a tax to raise funds for construction, maintenance also other expenses for local schools. Should the tax be proportional, progressive or regressive.
Assuming other countries do not change their own trade policies, what would be the impact on the value of the dollar relative to other currencies? What would be the effect on the jobs in U.S. industries?
What are monopolist's profit maximizing output and price. What is resulting deadweight loss relative to competitive outcome. Suppose government levies a specific tax of $5 per dose on monopolist.
Discouraged employees are not considered unemployed. People who work part time but want to be working full time are considered employed.
Calculating MPC, In one year, a consumer's income increase by $400 and her consumption increases by $120. Her marginal propensity to consume is equal to.
Consider the following statements on the basis of positive economic analysis that assumes ceteris paribus. Liston other thing that might change and thus alter the outcome stated.
First National Bank receives a deposit of $5,400. If there is no slippage, explain how much could the money supply expand.
The average physical product of labor is 25, the last worker added 10 units to total output, and total fixed cost is $5,000. How much output is being produced
What is the employment rate? B. Suppose the government sets a minimum hourly wage of $8. How many workers would lose their jobs?
Describe if the demand for the following products is price elastic or price inelastic, and explain your answer.
Name at least one reason why an insurance company might set a deductible. Explain when can forcing everybody to buy full insurance at market rates help everybody?
Suppose that a tax of $28 is levied on each item sold by a monopolist, and as a result, it decides to raise its price by exactly $28. Why might this decision be against its own best interest?
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