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The discussion on price ceilings supposed that the medical industry faces increasing marginal costs of production. Suppose a for-profit, monopolistic hospital is experiencing economics of scale ( i. e.., downward-sloping average and marginal cost curves) in the relevant range. Show graphically and discuss in writing the problems associated with a price ceiling set where the demand curve intersect the marginal cost curve and a price ceiling set where the demand curve intersects the average cost curve. Think in terms of allocative efficiency and financial solvency.
A precise statement of the rationale for a business and a step-by-step explanation of how it will achieve its goals is a
Consider the following variation of the Romer model. Provide an economic interpretation for each equation. Demonstrate that 0
Elucidate each event whether it changes short-run aggregate supply, long-run aggregate supply, aggregate demand, or some combination of them.
Raphael enjoys going to the theater to see plays, and he also enjoys going to rock concerts. The following diagram shows two of Raphael's indifference curves for going to plays and concerts. With Raphael's initial budget constraint (BC_1), he chose t..
Derive the total supply function of X for the industry assuming that the industry operated under perfect competition.
The World of Videos operates a retail store that rents movie videos. For each of the last 10 years, World of Videos has consistently earned profits exceeding $38,000 per year. The store is located on prime real estate in a college town. World of Vide..
A newspaper cartoon shoes a wealthy person standing on a pile of money saying "your greed is hurting the economy!" to a fellow who clearly has no money but arries a sign demanding the minimum wage to be raised. What effects would a binding minimum wa..
Discusses some of the factors that can make the results of a regression analysis more useful or less useful to managers who are seeking to predict future costs for their companies. Looking for an explanation that will be about a page or more long.
Suppose the demand curve for a public park is Q = 80 –2p, where Q is the number of visitor-days and p is the entry price. The marginal cost of operating the park is MC = 10. What is the efficient level of entrance fee and the number of visitors at th..
Illustrate what happens to output, the price level, and the expected price level in both the short run and the long run.
During World War 2 gasoline and other consumer goods were in short supply on the home front so that maximum resources could be diverted to the war effort. In order to cut back on the consumption of these many products, rationing coupons were issued t..
In December 1994 a man in Ohio decided to deposit all of the 8 million pennies he’d been saving for nearly 65 years. (His deposit weighed over 48,000 pounds!) With a reserve requirement of 10 percent, what will be the cumulative change for the bankin..
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