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Let demand for car batteries be such that Q = 100 − 2P. Assume constant marginal costs of 25. Compute the equilibrium price, quantity, consumer surplus, producer surplus and if relevant deadweight loss for:
i. A perfectly competitive firm
ii. A monopoly
iii. Two firms engaged in Cournot Competition.
iv. Two firms engaged in BertrandCompetition.
v. Two firms engaged in Stackleberg Competition (Here you should compute each firms quantity separately.)
You should explain your work and define all relevant concepts.
Discuss the motivational implications of a job which provide autonomy and personal responsibility to the employee. Discuss the motivational implication of a job involves not much significant task.
According to both classics and Keynes, if, all else the same, the general price level increases by 5%, The demand for money will increase by 5%. Both the demand for and the supply of money will increase by 5%. In the real world, if the Fed keeps pump..
Marginal product equals 0 when: a) total product equals average product b) average product reached its minimum value c)average product equals zero d) total product reaches its maximum value
Val-lok Industries manufactures miniature fittings and valves. The company bought a new machine with $8,000 to improve process efficiency. After 3 year useful life, it will be sold out for $2,500. Prepare a table showing the depreciation expense and ..
Alice maximizes expected utility with an index u(x) = √ x where x is the total annual income. Her annual wage is $90000 and she gets an extra bonus of $70000 with probability 0.5. Alice’s certainty equivalent of this gamble is
Suppose there is a bill to increase tax on cigarettes by $1 per pack coupled with an income tax cut of $500. Suppose a person smokes an average of 500 packs of cigarettes per year--- and would thus face a tax increase of about $500 per year from the ..
The marginal private benefit (MPB) for commodity X is given by MPB = 20 – X, where X is the number of units consumed. The marginal private cost (MPC) of producing X is 2X (MPC = 2X). For each unit of X produced, the marginal external cost (MEC) of pr..
Rent controls place price ceilings on rents at levels below market equilibrium rental rates for the stated purpose of making housing more affordable for low-income families. Using demand and supply analysis, answer the following questions:
In the country of Growlandia the labor force grows by 3% per annum, while the capital stock grows by 4% per annum. Suppose 40% of national income goes to labor. Suppose the country’s actual rate of growth is 5% per annum. Calculate the value of the r..
In 2012, a group in Germany proposed a “wealth tax” -- on building, machinery and equipment—that would be levied on all employers having at least $1.4 million invested in such assets. Use the labor market theory learned in this chapter to analyze the..
Illustrate what are some criteria which Rollerblade should use to select countries to enter also. Illustrate what three or four countries meet these criteria best also are the most likely consolidates.
What are heuristics? How do they help the brain function? List and describe three common heuristics and how they work. Explain your answers.
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