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Competitive Model, Price Floors, Price Ceilings, Elasticity
Using the Supply and Demand model, show the equilibrium Price and equilibrium Quantity. Label the Consumer Surplus and Producer Surplus on your model.
Assume that the Fed decided engages in an open market purchase of $100 million dollars. If the required reserve ratio is 10%, and if banks hold an additional 2% of their assets in bonds, calculate the total change in the money supply.
An economy is described by the following equations: Yt(subscript) = K0.5t(subscript) L0.5, s = 0.2, δ = 0.1 (no population growth). Find the steady state values for k,y,c,i (all expressed in per-capita form) What are the values of k and y if the econ..
Why is it that unemployment and inflation work in opposite directions--when one is high the other is low and vice versa? This concept is depicted by the Phillips Curve. Why are unemployment and inflation sometimes referred to as twin problems?
Peter consumes comic books (c) and sodas (s). His utility over comic books and sodas is given by u(c,s) = −1 c − 1 s . His income is $10/weeks. Please do not be confused by the fact that the utility here is going to be a negative number, it has no si..
The demand for good X in a town is Q = 10 − P , where P is the price of good X per pound and Q is the quantity demanded in pounds. The marginal cost of producing the good is $2 per pound. What are the monopoly price and quantity? What is the price el..
Describe an example of a real-world industry or market that would be considered by economists to be a natural monopoly. What characteristics of the industry make it a monopoly? What is the impact of the monopoly power on its customers?
These options also sell for $3 each. Strategy C is to establish a zero-cost collar by writing the January calls and buying the January puts.
A small college has space for a maximum of 1,000 students. The college can identify 500 of its students who are willing to pay $20,000 per year and 500 students who are willing to pay $10,000 per year. If the college charges all students the same tut..
Before the airline industry was deregulated, the Airline Pilots Association (ALPA) was generally regarded as one of the most successful unions in raising wages of its members; the International Ladies Garment Workers Union (ILGWU), on the other hand,..
Two folks found $100 on the street and have to decide how to split it. A game theorist came by and proposed the following resolution. Each player simultaneously declares the amount she wants to keep. If the demands sum up to less than or equal to $10..
You are a firm in the highway billboards industry. Your industry is highly concentrated, with a Herfindahl-Hirschman Index of: HHI=3,000. You wish to merge with another firm in your industry, which would cause the HHI index to rise to HHI=3,050. Prov..
Home and Foreign both produce cars and food using labor and capital. In each country, labor and capital are both freely mobile across industries. It takes 5 units of labor and 3 units of capital to produce 1 unit of food, and 4 units of labor and 4 u..
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