skip to Main Content

Economics

A dominant strategy is one where the one firm picks:A) a strategy only after seeing the other firms decision.B) a strategy that must be repeated.C) the same the strategy as the rival.D) a strategy no matter what the rival does.Little…

Read More

Microeconomics Assignment #3

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…

Read More

suppose you have a limited money income

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…

Read More

Microeconmics Easy Money$$$$!!!

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…

Read More

EQUI-MARGINAL RETURNS

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…

Read More

oligopolistic and efficiency

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…

Read More

supply and demand

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…

Read More

capacity precommitment

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…

Read More