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Consider the Isle of Lucy, a country initially characterized by government regulations that require detailed reporting of the activities of firms to the governement. Suppose, after years of stagnation, a new government is elected, and the new government announces a dramatic reduction in the reports firms have to file on their activities.
Assuming other things equal and capital and labor are fixed in quantity and using our aggregate production function and factor market diagrams, illustrate what happens to output, the real retal rate on capital, and the real wage of labor following the reduction in government regulation. Explain your answer briefly. Make sure you label all axes and points of equilibrium.
Explain how a company that is competing in a purely (or perfectly) competitive market should increase its competitive stance in the marketplace. Provide specific examples.
Discuss and explain the limitations of the United States "supply side" policy in the war on drugs. Can we win the war on drugs? Describe your position on legalization.
What is the level of equilibrium income in the economy and what is the value of the marginal propensity to expend?
Which industry is more highly concentrated: one with a Herfindahl index of 900 or one with a four-firm concentration ratio of 78 percent?Assume that each of the remaining firms controls 1% of the market. How would you describe its market structure?
Calculate the opportunity cost of producing the first 15 houses and what is the marginal rate of substitution between houses and clothing production?
If the nominal GDP is $559 billion in the base year, and it rises to 577 in year 1, and 605 in year 2, what is the real GDP in each year, given that the price index has risen from 100 in the base year to 104.5 in Year 1 and up to 108.3 in Year 2?
Why does rent control result in a shortage of rental units and any time there is a shortage of a good it means that the price is too low. Analyze this statement.
Second-degree price discrimination is also known as block rate setting. captures all consumer surplus. sets a different price for each customer.
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Find out the own price elasticity of demand and state whether demand is elastic, inelastic or unitary elastic. Determine the income elasticity of demand state whether good X is normal or inferior
Why should this employee probably choose to tell only some of the other firms rather than all of them and what factors will determine the best number of firms to sell the secret to?
Suppose you are the CEO of ClipIt, a paper clip producer. Your firm enjoys a patented technology that allows it to make paper clips faster and at a lower cost than your only rival, FastenIt.
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