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Suppose a product sold in a competitive market is subject to a government price control. Suppose the regulated price is less than the free market equilibrium price. By using the Concepts of consumer and producer surplus, show that decontrol of the price may make consumers worse off but will nevertheless improve society's economic welfare.
Suppose an economy only produces single consumption well. Consider permanent upward shift of production function. Graphically describe the effects on each of following:
Compute the steady state levels of population. How might we transition between these two steady states and growth during the Malthusian regime?
What is Nash Equilibrium output for his supposing that the two firms choose their production quantities simultaneously?
Suppose that the car manufacturer allows the car dealer to return all unsold cars at the end of a recessionary year. What is the car dealer's profit in a growth year and in a recession? What is their expected profit?
Describe the major difference between the law of demand and the law of supply. Consider the supply and demand schedules below.
The FCC has hired you as a consultant to design an auction to sell wireless spectrum rights. The FCC indicates that its goal of using auctions to sell these spectrum rights is to generate revenue.
In an article on the steel industry, The Wall Street Journal noted that as steel prices were falling, steelmakers were not cutting production-Explain how advertising can be employed to allow Tots-R-Us to keep price average above cost without encoura..
The owner of the Los Angeles Dodgers has commissioned a study that showed the demand by fans for stadium seats (per playing date) to be P = 22 - 0.2Q-How much revenue does the owner make at the current price?
Suppose planned investment falls by 100. Graphically illustrate using the AE-Y graph the effects of this reduction in planned investment on the economy. Also calculate the new equilibrium level of income.
Explain how the distinction between expected and unexpected inflation is important to the distributional effects of inflation.
Compare and contrast the strengths and weaknesses of today's Federal Reserve operating procedures and monetary decision making policy.
What is the difference between the real interest rate and the nominal interest rate? How would not knowing the difference effect perceptions of the economy and affect people's decisions?
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