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A monopolist faces the demand curve p = 11-Q , where Q is measured in thousands of units. The monopolist has a constant average cost of $6 per unit.
a) Calculate the firm's degree of monopoly power using the Lerner index?
b) A government regulatory agency sets price ceiling of $7 per unit. Find quantity produced? Profit? What happen to the degree of monopoly power?
Draw a bowed-out production possibilities curve (PPC or PPF) with an aggregate measure of medical services, Q, on the horizontal axis and an aggregate measure of all other goods (and services), Z, on the vertical axis.
What is the value of the money multiplier? What is the value of the nomial money supply? What are the nominal values of deposits, currency and reserves?
Find the velocity given that the market is in equilibrium. MD1 is the relevant curve and it is given that the real GDP is 30,000.
Use the data in the table to the right to answer the following questions. What is the external cost per unit of production? What level is produced if there is no regulation of the externality?
Suppose the market for widgets can be described by the following equations: What is the equilibrium price and quantity?
True/False: For each of the following concepts, decide whether it's true or false, and briefly explain why (2-3 sentences). You can also use diagrams if they are helpful. Each correct answer is worth.
What is your economic cost of buying a ticket? What is your economic cost of attending the game (once you already bought the ticket)?
Explain why competitive markets normally lead profit maximizing firms to make choices about resource use that lead to an "efficient" allocation of resources to the market?
Use the IS/LM model and the IS-PC-MR model to explain what monetary policy to pursue.
How much does the gross price increase in each market
Show these data graphically. Upon what specific assumptions is this production possibilities curve based? What would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a lev..
Describe what effect a contractionary fiscal policy would've on the price level and real GDP starting from full employment equilibrium.
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