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    Economics Homework Solutions

    Advantages and disadvantages of monopoly   A seller selling an exclusive and special product tends to dominate the market. If there is no close substitute, he decides to set the price for the product, as there is no close competition. This market structure is called monopoly. There are monopolies that are government owned  Railways, the rail transportation that consumers are compelled to

    Distinguish between location and localization of industry [convertful id="42294"] Location of an industry is the setting of economies of scale in pre-decided geographical areas where the producers receive several advantages that include reduced cost of production, cheap labour and an area where they expect the demand to be of the highest accord. There are several factors due to which the industries choose

    Q: match each consumer protection agency with its objective Ans: Food and drug administration- protect the people /public’s health by securing the safety of the drugs and food products. Federal Communications Commission- ensures continuous promotion and progress of broadband services and resources for the same. Federal Trade Commission- safeguards people from dishonest trade and business activities National Highway Traffic Safety Administration – help in

    Part III Deliverable Length: 600–800 words The government decides to tax cookbooks because they feel that they encourage overeating and can lead to health issues, such as obesity and heart disease. Answer the following: What type of tax is this? Explain.What happens to the supply of cookbooks?What happens to the equilibrium price?Who pays the tax at the end?Is this a good way to finance programs

    PART 2 11.   Which one of the following statements correctly describes real GDP? A. Real GDP measures the total dollar value of all goods and services produced within the borders of a country using current prices.B. Real GDP measures the value of all goods and services produced in the world, using current prices.C. Real GDP measures the total dollar value of all goods and services consumed

    Key Assignment Final Draft  You are starting your own Internet business. You decide to form a company that will sell cookbooks online. is scheduled to launch 6 months from today. You estimate that the annual cost of this business will be as follows: Technology (Web design and maintenance)$5,000Postage and handling$1,000Miscellaneous$3,000Inventory of cook books$2,000Equipment$4,000Overhead$1,000 Part I Deliverable Length: 1 paragraph plus calculations You must give up your full-time job,

    Homework #3 INSTRUCTIONS (PLEASE READ):  This homework is OPEN BOOK.  Record your answers for all questions in the very back of the file in the space provided.  Answers must be typed and well-written in understandable English.  Feel free to use graphs to explain your answer, if appropriate.  Enter your answers into the assignments portion of WebTycho in the appropriate section (Homework

     Suppose demand is p = 20 - 2QD and supply is p = 2 + 2QS. The government enacts a $2 per unit tax. What is the post-tax equilibrium quantity?  SAMPLE ANSWER: P=20-2QdP=2+2QsTax=$2/unitNew Supply curve =P-2 = 2+2QsSo, equating both the demand and new supply curve,20-2Q=4+2QSo, 4Q=16So, Q = 4So,the post tax equilibrium quantity is 4 units -Suppose demand is p = 20 - QD and supply is p = 2 + QS. The government