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Explain Cournot competition. Illustrate and explain strategic substition. Illusrate and discuss the operation of the Cournot model as it relates to the empirical evidence regarding 1) price markups over marginal cost and the number of competitors and 2) price stability.
Explain why do we consider a business-cycle expansion different from long-run economic growth. Why do we care about the size of the long run growth rate of real GDP versus the size of the growth rate of the population.
Using your knowledge of utility and consumer behavior and the data below, show exactly how you would spend your income, on which goods and why. Be sure to calculate the MU/P for good X and good y, and then proceed. (20 pts) Q MU x MU y 1 90 150 2 84 ..
What did you add more specifics and associated reasons why you decided to recommend the course of action you selected and how you believe the course of action you selected might best be carried out.
Derive total, average and marginal revenue schedules. Explain why your answer to part is an example of marginal analysis and optimizing behaviour in general.
Describe the implication of income differences for the basic monocentric city model? What are the key factors in the model that determine where lower and higher income households will live? Discuss this prediction in the U.S. context.
Suppose the market demand function is given by: Q = 100 - 2P , where Q: total quantity, P: market price. And in this market there are two firms with MC=AV=$10. Find each of the following: Perfect competition price, quantity, and consumer surplus? Mon..
Suppose that the demand function for crab cakes is equal to Qd = 200P^(-1). Using calculus calculate the price elasticity of demand when P = $20. Is demand for crab cakes elastic, unit-elastic, or inelastic? Briefly explain
Hamsung , Inc., a manufacturer of electronic appliances, estimated the unit cost of one of its products as follows: Material costs $ 63 Labor costs $ 24 Overhead $110 $197 The overhead cost is made up of $50 per unit variable costs and $60 per unit f..
Consider 2 firms, each has MC = 0. The 2 firms compete in quantity in the market with inverse demand P = 150-10Q where Q is the economy’s total output. If the two firms each starts at 0 production level and has to decide whether it should increase pr..
A monopolist faces an inverse market demand P(Q) = 200 − (1/2)Q and a marginal cost of MC(Q) = 20 + Q. What is the unregulated monopolist’s optimal quantity? What would an appropriate regulatory instrument to bring this market back to efficiency? Wha..
The XYZ corporation is currently producing 1000 units of output. The marginal cost of one additional unit is $10. The resulting marginal revenue from selling that unit is $12 is the firm maximizing profits? If not, should it produce more or less?
A company issued 10 year, 7% bonds with a par value of $100,000. The company received $96,526 for the bonds. Using the straight line method, the amount of interest expense for the first semi-annual interest period is:
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