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Complete questions by filling the blanks and/or circling (or highlighting) a correct choice.
1. Why are costs important in economics? Differences in using costs from accounting?
Costs are important in economics in determining the optimal (a__________ ) of resources based on what firms are willing to pay, which in turn depends on how much consumers are willing to pay for the products produced by these resources. How an optimal combination of resources is chosen by following the producers' goal of minimization of total economic costs. The "least-cost way of production" results in allocative efficiency. Keep in mind that the producer's goal is to maximize profit and that goal must be consistent with the minimization of costs Costs reflect the market prices of the resources used in production, but also economic costs include the ( o____________ c________ ) of using some resources that may not have an explicit market price. Economists argue that the cost of all resources should be considered when determining the real cost of production.
Whereas the "accounting costs" refers to the ( implicit, explicit ) cost, economists (but not accountants) would count the income forgone in the use of the owner's time as an economic cost, the interest forgone by using one's own funds, and so on. These implicit costs should be counted so one can judge the true economic or opportunity cost of production. If these costs are neglected, then an overallocation of resources could occur because not all of the production costs are being measured.
Provide a three to five sentence summary of the article. What was your article about? You will briefly summarize the article by stating the main points.
Elucidate under a fixed exchange rate system expansionary monetary policy depletes foreign reserves at the federal reserve.
Consider a subway company whose cost function is given by C(T) = 1000 +T. Due to the government regulation, this company must set the fare per passenger at the marginal cost (MC pricing). Is this pricing efficient? Would this company run the business..
Agree or disagree and explain your answer. "The typical firm in a monopolistic competitive market earns above normal profits because it sells a differentiated product and only produces up to the point where marginal revenue equals marginal cost."
Executive officers within an organization will often feel compelled and tempted to emphasize short-term results—net income for the current year—over long-term
In a small open economy with a flexible exchange rate, an expansionary fiscal policy will cause which of the following to happen?
Consider an industry with 7 firms whose market shares are given in the following frequency: Calculate the HHI for the industry! Suppose one of the firms with a 12% market share announces that it plans to buy one of the firms with a 7% market share. C..
Based on data provided - an extra (marginal) $1,000 per month spent hiring additional labor would yield an extra (marginal) 5 apps per month in output. And an additional $1,000 spent on capital would yield an extra 8 apps per month in output.
In the typical signaling model, it is assumed that the costs of acquiring an education are higher for low-ability than for high-ability workers. Suppose that the government steps in and subsidizes low-ability workers for the higher costs they incur i..
Let the consumption function depend positively on disposable income and negatively on the interest rate. Provide the economic intuition behind this assumption. Draw a IS/LM graph with the normal IS curve as well as the IS curve with this modified con..
The long run is defined as:
a. How many of these new cardholders would you expect to default? What is the stan- dard deviation?
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