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Economics assumes that everyone would like to consume more of everything but we (as consumers) only have a limited quantity of resources with which to satisfy our consumption. Critically explore you
Suppose you have $900 in savings when the price level index is at 100. If inflation pushes the price level up by 18 percent, what will be the real value of your savings?
Find the SPNE of this game. Is there an outcome of the game that both parties prefer to any SPNE? And find a NE for which the outcome di¤ers from any SPNE outcome.
Draw the extensive form game tree for this example. How many strategies does player 1 have in the strategic form of the game? Also, give an example of a pure strategy for player 2 in the strategic f
The general rule for allocating a productive resource efficiently across different production activities of the same product, like fishing boats in the text case example, is to choose the allocation
The station and a number of marketing factors related to oil industry and demand for gasoline. After careful analysis, Susan developed. What is the Maximax decision? Develop an Opportunity Loss Table
Assume a diagram in which a budget line is imposed on an indifference map. A consumer will maximize her utility: at any point where the budget line and an indifference curve intersect.
Draw the decision tree for this problem without the probability values. Compute the revised probabilities needed to complete the decision, and place these values in the decision tree.
What is the savings rate? What would the government, private, and national savings and their rates be if the government introduced taxes T = 20 while the other variables remain unchanged?
suppose a firm is collecting $1250 in total revenues and the total cost of its variable factors of production are $1000 at its current level of output. In the short run one can predict that the fir
According to the circular-flow diagram GDP can be computed as payments firms make to factors of production but not as revenues they receive from the sales of goods and services.
Will this shift the labor supply curve,demand curve if both in home construction? How will this affect wages and number of workers in hone constuction?
Increase Social Security benefits by the same amount. How will this combined tax-transfer policy affect aggregate 5. If the AD shortfall is $800 billion and the MPC is 0.8.
At what price of food in terms of manufactures would A and B respectively supply food? Would trade take place between A and B in David Ricardo's world? How many manufactures could A supply?
Domestic demand curve is D = 75,000,000 - 500000P. Draw the US demand and supply curves for oil and indicate how much is imported in barrels of oil and its value per year.
What would happen if instead a policy was instituted that reduced barriers to entry in the hospital sector and therefore made the market more competitive?
Plot the aggregate expenditure and aggregate supply curves for incomes ranging from 500 to 3,000. What is the level of consumption at the equilibrium level of income?
Given the following production function: Q= 30X + 2XY -.5X2 - .5Y2. Now using the information on input prices and MR, what is the optimal input combination?
You are the manager of a monopolistically competitive firm. The inverse demand for your product is given by P = 50 - 25Q and your marginal cost is MC = 25 + Q. a. What is the profit-maximizing level
For example, by doubling the use of capital and labor, the firm would also double its output. What would the average and marginal cost curves look like under constant returns to scale? Explain.
Where two brands (Kleenex and Puffs) dominate the industry. According to the theory of contestable markets, the price charged for facial tissue will then be?
Assuming you ONLY have the production and not the input prices or MR, what is the slope of the isoquant given X on the vertical axis and Y on the horizontal axis.
What non-price strategies do cell phone network providers use in the market you are studying? How does a consideration of this affect your answer in Question 3 above?
Using marginal analyses discuss the following and explain your answers. Is it a correct decision if doctors make $80,000 a year and nurses make $40,000 a year? Explain.