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Goods and services not purchased in markets, such as food produced and consumed at home, are usually not included in GDP. How might this impact our measure of economic well being? Should we try and include these types of good when measuring GDP? What about activities in the ‘informal' economy?
Given the following payoff matrix, (a) What is the best (optimal) strategy for each firm? (b) Would firm A using the low price as a threat if firm B enters? (c) What could firm A do to make its threat credible without building excess capacity
Calculate the marginal and average variable product of each unit of labor input. Hint: plot your Units of labor and Units of Output vertically. Calculate total, average total, average variable, and marginal costs.
How would your answers to part c above change, if you could still use a TPT strategy but you could not discriminate between the customers?
Explain the importance of price elasticity of aggregate demand. That is, what are the different welfare implications with respect to consumer surplus when aggregate demand is elastic compared to when aggregate demand is inelastic?
If a representative company with long run total cost given through TC = 50 + 2q + 2q2 operates in a competitive industry where the market demand is given through QD = 1,500 - 40P,
Under what circumstances would a discriminating monopolist produce more socially optimal quantity than a nondiscriminating monopolist Is there any situation under which a discriminating monopolist could produce the quantity that would be produced ..
Illustrate out the term game theory? describe it with the situation in which game theory is applicable, along with any description of the two rival's strategies.
Assume that a country's real growth is 2 percent per year, while its real deficit is rising 5 percent a year. Can the country continue to afford such deficits indefinitely What problems might it face in the future
What is the marginal cost associated with two units of production and the law of diminishing marginal productivity
In this scenario the fixed loan was made prior to the unexpected inflation sodebtors will gain at the expense of creditors. Creditors, on the one hand, will lose because inflation will erode the amount of money they planned to earn on the loans. S..
What are the characteristics of a monopolistically competitive market and how do these differ from perfect competition?
Use supply or demand graphs to examine shifts in supply and demand and resulting changes in market equilibrium in the condition below.
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