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1. explain why a monopoly has no supply curve.
2. Explain why in a monopolistic industry, if demand and cost curves are the same as those of a competitive industry, and if the demand curve has a negative slope and the supply curve has a positive slope, then monopoly output will be lower and price will be higher than those of the competitive industry.
Is the GDP measure underestimating or overestimating national production and total income in the economy? Why? What are the impacts of the shortcomings of the GDP as a measure of the national product and national welfare.
Suppose a risk averse agent. Explain how many units of the contract will the agent buy if the price is q=k.
The market for paper in one region of the US is characterized by the following demand and supply curves: Qd=160000-2000P Qs=40000+2000P (Q is 100-pound lots) The marginal external cost of the effluent being dumped into the local streams ..
ABC Corporation is a small Canadian company that sells staples in Canada, which is a very competitive market. The staples can be classified as a standard commodity, with stores viewing staples as identical to those supplied through other companies.
Raj's Utility bundles of X and Y is given by U(X,Y)=XY A. Fill in the table with Raj's utility for the corresponding bundles x=1 x=2 x=3 ,y=1 ,y=2 ,y=3 B. Wri..
Suppose after taxation that the consumer is given a payroll tax rebate that happens to be exactly equal to the amount of gasoline tax he pays. Illustrate what will be the consumer consumption of gasoline now and how much will be the amount of reba..
Explain why is a struggle underway in Cuba between social equality and the free market. Why did Cuba permit free markets? Who in the video wants Cuba to remain socialist.
Discuss ways the Fed's objective function can be used with an economic model to evaluate alternative monetary policies. Discuss ways that economists could use the Phillip's curve to create better economic policy than we currently have.
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?
Over the last three years, as the result of decreasing prices for digital cameras, the price of developing traditional 35mm film has increased 5% yesrly. How would I go about graphing this impact on the market for 35mm cameras.
A firm has offices in London and New York. Fractional units of labor can be employed in each location (as part-timers can be hired) and the headquarters could be in either city.
Suppose you are the manager of a firm that sells its product in a competitive market at a price of 50. Your firms cost structure is c=40 + 5Q2. The profit maximizing output for your company is;
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