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Discuss the main points of chapter 11-New Classical Economics. How does New Classical Economics (rational expectations) differ from the original Classical Model? How does New Classical Economics differ from the Keynesian position?
Which of the following are positive economic statements and which are normative? Explain. a) Higher gasoline prices cause the quantity of gasoline that consumers buy to decrease. b) Everyone should enjoy open access to health care. c) A comparison of..
Assume that two firms sell differentiated products and face the following demand curves: = 15 − + 0.5 and = 15 − + 0.5. Derive the best response function for each firm. Do these indicate that prices are strategic substitutes or strategic complements?..
Suppose you had one of the three winning tickets in last week’s Powerball Lottery; your prize would have been $188 million if you took your winnings in the form of an annuity. If the annuity were paid in 20 annual instalments using an interest rate o..
Find three examples of firms that pioneered a new product in a new market . In your opinion, why were the successful pioneers successful and why were the unsuccessful ones unsuccessful?
Elucidate how Illustrate what the balance sheet will look like (comparison to above) if Brimstone declares a 10% stock dividend.
Suppose a major US manufacturer is for casting demand for its products during the next year. How will the forecast affected each of the following?
Suppose that the world price of oil is roughly $80 per barrel and that the world demand and total world supply of oil equal 34 billion barrels per year (bb/yr), with a competitive supply of 20 bb/yr and 14bb/yr from OPEC. Using this information, deri..
Why do most modern societies try to reduce poverty? Why don’t they do so by simply passing a law requiring everybody to have the same income? Explain
A company has acquired a paint booth (see prices). The anticipated life for the booth is 14 years but the company plans to depreciate it as a 7 year MARCS property (half year conversion). Determine the book value of the equipment for its first six ye..
Assume that the state government is interested in subsidizing the local production of steel. The current price of steel is $1600 per ton and the government wants to provide a subsidy of $100 per ton. Use a diagram to indicate the pre-subsidy situatio..
Suppose that the paper clip industry is perfectly competitive. Also assume that the market price for paper clips is 2 cents per paper clip. The demand curve faced by each firm in the industry is: Always higher than the firm's MC curve. A horizontal l..
Redstone Clayworks, Inc. is located in Sedona, Arizona and manufactures clay fire pits for patios. They are one of about two dozen firms around the world that manufacture and sell clay fire pits for retailers such as Home Depot, Lowe’s, Front Gate, a..
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