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In terms of currency denomination, describe how the firm prices its revenues and costs. What means do they use to hedge against exchange rate risk?
level Calculate the equilibrium of income/ aggregate expenditures. Assuming M = 200, calculate the new equilibrium and the multiplier.
Discuss how managers of over the counter healthcare products could use the concepts of elasticity to maximize profit.
What factors will determine the price at which such licences trade? How would you devise a scheme for deregulating the taxi trade in this city which successful?
Do the implications of analysis based on the median voter theorem justify the replacement of income taxes with a poll tax?
Discuss the relevance of the idea behind the Laffer curve - namely, that beyond a certain tax rate revenue will fall as the tax rate rises.
What pieces of information about the policy holder would the insurance company like to collect? Do they concern characteristics of the policy holder or actions?
Analyze three main systems of agriculture found in the developing world. To what extent are these systems concentrated in three major developing regions.
What do merchants usually do to sell items that are overstocked? What does this tell you about the equilibrium price for the product?
Explain the concept of production function. Describe the production function for hamburgers, computers, concerts, haircuts, and a college education.
What will be the effect of a simultaneous 10 percent increase in price and a 10 percent increase in income on health expenditures?
Re they substitutes or complements. Explain what's happening in words your mom might understand. Are there policy implications to this finding?
Solve for an expression giving the firm's output (qt) at each point in time from 0 to T - 1. Discuss your result and give an intuitive explanation.
Disucss the profit-maximizing sustainable equilibrium for this model when the tuna are notcommon property (that is, when the level of effort can be controlled).
Briefly explain whether consumer surplus will increase or decrease and whether producer surplus will increase or decrease.
What will be the effect on the same individual's current consumption of a guaranteed increase in next period's income of £110?
Draw the two-period budget constraints implied by the following information: income this period $50, income next period $50 and rate of interest 10%.
Show how a fall in the price of electricity will affect the amount an individual is willing to pay to rent a television.
Suppose that it costs 12 pence a mile in direct operating costs to run a car. How much consumer's surplus will be gained from operating the car?
An individual is faced with a choice of buying housing in one of two markets; the private market. Why will individual necessarily choose the public housing?
Let X be games of golf per annum and Y all other goods. Draw the indifference map and budget constraint of an amateur who pays to play golf.
What is the most that person A would pay for two units of the good, rather than forgo consuming it altogether?
Calculate the profit-maximizing price-quantity combination for the firm. What are the firm's profits?
Are there any circumstances in which the firm in monopolistic competition can produce at a level of output at which the average cost curve is upward sloping?
Suppose the firm was prevented by law from charging a meter rental charge. Should this affect the profit-maximising price and output of electricity?