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The bank is constructing a new Internet banking strategy to entice new consumers to sign up. Your manager has asked you to contribute to this strategy through describing how money works. In an e-mail to your manager, explain three functions of money in the economy. Then, describe what happens to the velocity of money when electronic forms of currency are widely used. As an example, calculate the velocity of money when nominal gross domestic product (GDP) is $1 trillion and the money supply is $250 billion.
What is the shutdown point? Give an example. How is the short-run defined in the production process? Please provide references if applicable.
Describe why personalized pricing or 1st degree price discrimination is g enerally more profitable than menu price. Why, if this is the case, do companies use menu pricing?
When international hostilities increase, the United States government will sometime use trade sanctions instead of military action.
Find out the price p0 = S(q0) at which q0 units will be supplied and compute the corresponding producers' surplus PS. Sketch the supply curve y = S(q) and shade the region whose area represents the producers' surplus.
A number of stores offer film expanding as a service to their consumers. Assume that each store that offers this service has a cost function C(q)=50+0.5q+0.08q2 .
Assume that a union's target is to maximize total wage income received by union workers, namely, the average union wage times the number of union workers employed.
There're many different kinds of monopolies which exist in the market. you're going to talk about the different kind of monopolies, their place in the market, and their effect on society. please describe the following:
Alfred Kahn, currently an economics professor at Cornell University, led the United States drive to deregulate airline industry as chairman of the Civil Aeronautics Board under President Jimmy Carter.
Now assume that there're five firms in the industry, and that they collude to set the price. What price will they set? What will be the output of each firm? What will be the profit of each firm?
What are the characteristics of a Perfectly Competitive Market and what are the Characteristics of a Monopoly?
Firm Z, operating in a perfectly competitive market, can sell as much or as little as it wants of a good at a price of $16 per unit. Its cost function is C=50+4Q+2Q^2. The associated marginal cost is MC=4+4Q, and the point of minimum average cost ..
Since a monopoly is the only source of supply, customers are entirely at its mercy. There is no limit to the price the monopoly can charge.
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