Calculate revenue, Microeconomics

Assignment Help:

Question 1  (9 marks)

During the 1990s, technological advance reduced the cost of computer chips.  Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of prices and quantities.

(a)   Computers                 (3 marks)

(b)   Computer software  (3 marks)

(c)    Typewriters                (3 marks)

 

Question 2  (6 marks)

After an economics lecture one day, your friend suggests that taxing food would be a good way to raise revenue because the demand for food is quite inelastic. 

(a)   In what sense is taxing food is a ‘good’ way to raise revenue?  (3 Marks)

(b)   In what sense is it not a ‘good’ way to raise revenue?                (3 Marks)

Question 3  (5 marks)

Most studies of firms’ long run costs have found that average costs decline as firms produce increasingly larger output levels (economies of scale), such as for automobile firms.  However, trucking (haulage) firms appear not to experience falling average costs associated with large-scale operations. Why might this be the case? 


Related Discussions:- Calculate revenue

International economics, how has the haberlers theory of opportunity cost ...

how has the haberlers theory of opportunity cost an improvement over the classical theory of trade

Tax, if the inverse demand curve is p = 120 - Q and the marginal cost is co...

if the inverse demand curve is p = 120 - Q and the marginal cost is constant at 10, how does charging the monopoly optimum and the welfare of consumers, the monopoly, and society?

Direct and indirect benefits, Direct and Indirect Benefits Life time e...

Direct and Indirect Benefits Life time earnings of an educated person is an instance of direct benefit from education. Skills produced in training or extension programmes in a

Program spending, Program Spending: Government spending that is undertaken ...

Program Spending: Government spending that is undertaken to provide useful public programs. Program spending includes both transfer payments which are intended to supplement the in

Will governments follow good policies, Will Governments Follow Good Policie...

Will Governments Follow Good Policies? That governments can assist in development and growth doesn't mean that governments will. The broad experience of growth in developing ec

Firms and industry, explain the main criteria for classifying firms into in...

explain the main criteria for classifying firms into industries.which criteria serve the better and why?

Determine he combined production of fiber optic cable , Graph the following...

Graph the following example and answer the questions: The United States and Japan only produce two goods.  They have the same fixed resources and they are equally efficient, and bo

Determine the cost efficient levels of emissions reduction, Determine the C...

Determine the Cost Efficient Levels of Emissions Reduction Two firms produce a pollutant called Q.  The total cost of reducing emissions of Q are as follows for Firm 1 and Fir

Free trade, is country beter off with ban on imports?

is country beter off with ban on imports?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd