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Consider a monopolist in a market with linear inverse demand p(q) = 4 - q/2. The monopolist's cost function is c(q) = 2q. Write down the monopolist's profit function. Compute the profit-maximizing quantity and the corresponding price.
Germany and France produce guns and butter. Who has the comparative advantage in which good? You must show your work to get credit, e.g. by calculating the relative opportunity costs of guns in each economy. What is the range of exchange rates at whi..
illustrate what feature of the value function explains the phenomenon, and how.
Under which of the following circumstances is the principal-agent problem likely to be most serious. The government agency that controls the development and availability of new medical discoveries, including pharmaceutical drugs is
The main discussion question is an interesting one this week, but the realm of exchange rates has a major influence on macroeconomics. As economies become more and more open in trade, the value of a nation's currency can influence GDP and interest ra..
A student has not yet graduated from school but is looking for a job. Is the student considered to be in the labor force? Why or why not? In what ways is GDP a misleading measure of economic performance? Is real GDP per person a sufficient measure of..
What happens if the FOMC members DISAGREE on what to do with Monetary Policy? How is a compromise or resolution reached?
Suppose a handbill publisher can buy a new duplicating machine for $2000 and the duplicator has a 1-year life. The machine is expected to contribute $2200 to the year’s net revenue. What is the expected rate of return?
The inverse demand a monopoly faces is p = 100−Q+A0.5, where Q is quantity, p is the price, and A is its level of advertising. Its marginal cost of production is constant at $10 (no fixed cost), and its cost of a unit of advertising is $1. (a) Write ..
One of the largest car dealers in the city advertises a 3-year-old car for sale as follows. Cash price $13,750, or a down payment of $1375 with 45 monthly payments of $361.23. Sharon bought the car and made a down payment of $2000. The dealer charged..
Suppose that in Year 1 an economy produces 100 golf balls that sell for $3 each and 75 pizzas that sell for $8 each. The next year the economy produces 110 golf balls that sell for $3.25 each and 80 pizzas that sell for $9 each. The value of nominal ..
Determine how the following affects the slope of the output demand curve, and explain your results: The marginal propensity to consume increases. The intertemporal substitution effect of the real interest rate on current consumption increases.
1. Which of the following approaches to understanding and predicting consumer behavior depends primarily on the knowledge and experience of a firm's employees and its suppliers?
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