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1. You have $600 to spend on beans and rice. The price of beans is $40 and the price of rice is $30.
a) Graph your budget constraint with books on the vertical axis
b) Suppose that the government subsidizes beans such that each unit of beans are half-price, up to the first 2 units (any additional units are full price). Graph your budget constraint in this circumstance.
Some games of strategy are cooperative. One example is deciding which side of the road to drive on. It doesn't matter which side it is as long as everyone chooses the same side. Otherwise, everyone may get hurt.
The firm faces a constant marginal revenue curve given by:MR = 200 and how should the firm allocate production?-How much should Factory #1 produce and how much should factory #2 produce?
Assume that the competitive firm's marginal cost of producing output q is given by MC(q)=3+2q. Suppose that the market price of the firm's product is $9. Find out level of output will the firm produce?
What is the tax incidence of an excise tax when demand is highly inelastic Highly elastic What effect does the elasticity of supply have on the incidence of an excise tax What is the efficiency loss of a tax
The information below describes the real GDP per capita for the country of Bedrock for the period of 1975 to 1991.a. If a new business cycle began in 1975, how long was this cycle b. The peak occurred in which year The trough occurred in which year c..
1. describe the industry and explain the general pattern of change of the particular market model.2. hypothesize the
What market structure is used to benchmark allocative efficiency and why do we use it? Illustrate and explain using a diagram
International trade is most likely to occur whenever a. one of the trading nations is self-sufficient b. all of the trading nations are self-sufficient c. one of the trading nations gains from trade d. each of the trading nations gains from trade
How can two countries both be better off as a result of trade? How can tariffs protect U.S. jobs? Do tariffs lead to a net increase in jobs? Explain. Who are the winners and losers from trade restrictions? Given that trade restrictions impose loss..
The estimated market demand of a commodity X is given as Q=70-3.5P-0.6M+4Pz, where Q=Estimated units of X demanded, P=Price of the goods, M= Money income and Pz= Price of related goods.
What Is the pros & cons of giving the FDA more authority over pharmaceutical and marketing companies?
Obtain the demand equation for natural gas and calculate the annual change in consumer surplus
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