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In a perfectly competitive industry, the price of good A is $2. If a firm in this industry decides to increase its price to $2.50, it will: a. realize an increase in profit of $0.50 per unit output. b. lose some of its customers in the market. c. be unable to sell any quantity of good A that is produced. d. experience a decrease in profit of $0.50 per unit output. e. be able to increase the quantity sold of good A.
Parikshit’s utility function is given by m+s1/2, where s denotes sushi (with price p in “normalized sushi-units”) and m denotes part of his income (in dollars) he does not spend on sushi. Find his demand function for sushi.
he Bureau of Labor Statistics announced that in October 1996, of all adult Americans, 127,587,000 were employed, 7,221,000 were unemployed, and 66,645,000 were not in the labor force. How big was the labor force? What was the labor-force participatio..
Explain how natural monopolies cause market failure? How is the deadweight loss associated with this form of market failure measured? What is a typical form of government intervention to correct it? How effective is this type of intervention?
(All numbers in the thousands) In May 2015, the civilian non-institutional population was 250,455. The number of employed workers was 148,795. The number of unemployed workers was 8,674. The number not in the labor force is 92,986. What was the unemp..
Monetary Policy Each of the following events will have one of the effects given below. Identify the correct effect by letter. Some answers may be used more than once and some may never be used. The level of aggregate real income (real GDP) decreases...
Illustrate what variables or than cost appears or have biggest impact on demand for McDonald's products. How much influence does company have over se variables.
Discuss the following statement: In the real world there is no industry which conforms precisely to the economist’s model of perfect competition. This means that the model is of little practical value’. Illustrate with a diagram and explain the short..
When companies expand into the international arena, they do so either because their home market has matured or because they see real opportunities in the foreign market. Discuss which kinds of international strategies are most appropriate for compani..
Cap-and trade as an economic tool for controlling environmental pollution only works if the regulating agency has specific information about the environment. What must be known for cap-and-trade work?
If a country wants to fix its exchange rate at a rate that is higher than the market rate, what monetary or fiscal policy must it use? If a country wants to fix its exchange rate at a rate that is higher than the market rate, what monetary or fiscal ..
Explain the logic of the Ricardian view of government debt and evaluating its practical relevance.
Indifference curves
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