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A monopoly with a constant marginal cost m has a profit maximizing price of p1. It faces a constant elasticity demand curve with elasticity e. After the government applies a specific tax of $1, its price is p2. What is the price change p2-p1 in terms of e? How much does the price rise if the demand elasticity is -2?
Suppose that GDP is currently $25,000 and marginal propensity to consume is .50. If autonomous investment increases by $5,000, what will GDP be in new equilibrium.
A health insurance company knows that there are two types of customers (smokers and non-smokers), each facing different health risks. Explain the problem of “adverse selection” and the problem of “moral hazard.” Give one example of a market in which ..
In each of the following situations, the possible bundles contain apples and oranges and either 0, 1 or 2 of each. An example bundle would be 2 apples and 1 orange = (2, 1). In each part, there is a description of a set of preferences. In bundles wit..
How will globalization impact our economy in both short run and the long run? State your arguments "for" and "against" globalization and finally summarize your view on globalization.
Traditionally we look at the distribution of consumption as a fairness concern, not an efficiency concern. Why is that the case? Is there a perspective from which income distribution looks like a public good?
Jim Range has to choose between buying more soda or more pasta for the week. He has a fixed income and he knows the prices of both products. Using indifference curves and budget constraints, illustrate the amount of soda and pasta that Jim will purch..
How does Microsoft's incentive to engage in second-degree price discrimination in the market for applications affect its incentives to raise the price of Windows?
What is the speaker in "The Weary Blues" attempting to convey in his description of the scene?
Let’s compare the incentives generated by two different types of public programs. The Aid to Families with Dependent Children (AFDC welfare before reform) provides an income subsidy, G, at 0 hours of work, it is taxed away at a rate t when an individ..
Determine the optimal number of plants that the firm should have to take full advantage of the market demand. Calculate the firm's profit.
Discuss the debate over whether the expansionary monetary or fiscal policy would have successfully pulled the U.S. economy out of the Great Depression. Discuss the changes in federal tax policies during the Great Depression. Explain their impacts ..
Sally deposited $100 a month in her savings account for 24 months. For the next five years she made no deposits. What is the future worth in Sally’s savings account at the end of seven years, if the account earned 6% annual interest, compounded month..
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