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In a world of perfect information, if consumers could costlessly contract with private contractors to produce a good and there were no economies of scale,
a) firms would be unnecessary.
b) markets would be unnecessary.
c) consumers would be unnecessary.
d) consumers would face greater production costs.
Suppose you have 10 individuals with values {$1, $2, $3, $4, $5, $6, $7, $8, $9, $10}. Your marginal cost of production is $2.50. What is the profit-maximizing price?
Show how the answer depends on the shape as well as location of the supply as well as demand curves.
Assume that when an economy has a GDP of $500, Consumption is $550. The MPC is .75. Investment is 25. Begin the problem by setting up an Income/Consumption Schedule like the one on page 190 of your text. What is the Break-Even level of Income? What i..
Protectionist trade policies are often enacted with the political intention of strengthening exports, and hence GDP. Examples of protectionist trade policies include quotas and import taxes. What is the impact of the protectionist trade policy on the..
In countries such as Zimbabwe, which had problems with high inflation, the increased use of another country’s currency (such as the U.S. dollar or South African rand) became common. Why do you suppose this occurred?
Discuss the following excerpt from a recent story in the Wall Street Journal. In your discussion demonstrate that you can use the concepts of: "price discrimination and "barriers to entry" to explain:
What is the difference in profit maximization between the perfect competitor and all other types of firms? A(n) ____ may offer products that are either differentiated or nondifferentiated.
Dave Macy decides to sell his gold jewelry and deposits the cash at his local bank. How would this be recorded on the bank’s balance sheet?
A business is generating $1000 a month for the next 5 years at a nominal interest rate of 12% compounded monthly. How much cash should one pay for it?
Two firms compete in a market to sell a homogenous produce with inverse demand function P = 400 - 2Q. Each firm produces at a constant marginal cost of $50. Use this to compare the output and profits in settings characterized by Cournot, Stackelberg,..
Which resource of production is the only one which nations can significantly increase in the short term.
Econ 522 - Economics of Law - Contract Law - Consider a contract to sell an old piece of furniture which looks worthless, but turns out to be a valuable antique. Explain how the principle of "uniting knowledge and control" supports this rule.
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