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Consider a simplified version of the model of the public agency captured in eg. (11.2) Suppose inverse demand for Q is given by D(Q)= 10-Q. Suppose the price of labor (w) is 1 and production of Q is in direct proportion to the amount of labor used: Q=L.
a. Write an expresion for the budget (consumer surplus) as a function of Q.
b. In a plot of Q versus P, plot the budget constraint and sketch indifference curves for the agency head.
c. On the same figure, sketch the objective function for profit maximizing monopolist.
d. How do the results differ in terms of choice of Q between the profit maximizing monopolist and the public agency?
e. For a given Q, how would the choice of l differ between a profit maximizing monopolists and the public agency?
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Some countries do not protect human rights in the same manner as the United States (US).
Use indifference curves and isoprofits for wages and job risk to present one possible reason for this difference in annual salaries. You must explain the shapes of your indifference curves and isoprofit curves to receive full credit.
I am borrowing $255,920.00 which is the total amount of the home ($319,900.00) minus $63,980.00. i am trying to figure out what my monthly payment on the loan which willneed to be paid back in 25 years at 6.5%.
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Fit each of the following examples into one of the three reasons for trade: I. Division of knowledge II. Economies of scale/creating competition III. Comparative advantage a. It is the 1950s.The American auto industry makes mediocre cars at high p..
Suppose a soft-drink firm is grappling with the decision about whether or not to introduce to the market a new carbonated beverage with 25 percent real fruit juice. Elucidate how might it use the six decision steps to guide its course of action.
Suppose the economy is slumping into recession and needs a fiscal policy boost. Voters, however, are opposed to larger federal deficits. What would policy-makers do?
Why does the aggregate demand curve slope downward? Give at least three reasons and examples when addressing this question, using your text, the Online Library, and the Internet as resources.
Examine the major complexities that would arise under expansion via capital projects. Propose key actions that the company couldtake in order to prevent or address these complexities.
Discuss how the concepts of supply and demand relate to microeconomics and macroeconomics - Is the scenario a macroeconomic or microeconomic example of supply and demand?
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