what are the problems faced in determining the demand for a durable good. Durable goods such as houses, car, etc. are generally very much costly. They are usually purchased by taking loans. Thus their demand will depend on the terms…
What is the difference between counselling and counselling skills? With references Counseling is a procedure to help the person who is under a dilemma or a given problem. Counselor is generally the person who possesses required skills and tries to…
1.The new Millennium Dome Company (NMDC) must choose the entry fee for a new sports arena. Suppose an expensive consultancy firm has estimated the demand schedule to be as follows:a.Compute the price elasticity of demand for the range P= $30…
suppose you have a limited money income and you are purchasing products A and B whose prices happen to be the same. To maximize your utility you should purchase A and B in shuch amounts that? AnswerSince the price of…
Vascos utility function is U=10X(squared)Z. The price of X is px=$10, the price of Z is pz=$5, and his income is Y=$150. What is his optimal consumption bundle? Show this bundle in a graph. Vascoas utility function is given by…
WHAT DO YOU UNDERSTAND BY THE TERM :THE MARGINAL PRINICIPLE AND EQUI-MARGINAL RETURN Economics is all about making choices. The marginal principle is based on the comparison between marginal cost and marginal benefit of a particular activity. The marginal benefit…
what is the meaning of output is below the output at which minimum atc is reached The output corresponding to the minimum of ATC is called efficient level of output. This is because it is produced with a minimum possible…
in analyzing the market for property space the important feature about demand is that it is derived and the important feature about supply is that it is inelastic. critically discuss this statement with reference to the theoretical insights into demand…
An incumbent monopoly with constant marginal cost k operates in a market with demand schedule p = a-Q, where p is the price, Q is the quantity demanded and a > k is a positive parameter. A second rm (with…