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List and explain the conditions under which the Oligopolistic firm achieves profit maximization and loss minimization. Be thorough. i. Using the MR MC approach, discuss how to determine when the oligopolistic firm maximizes profit or minimizes loss in the kinked demand curve model.
Why are standards important for competition in the European market? Discuss examples (like telecommunication)! New members want to join the EU: Please name economic arguments to discuss if a further enlargement makes sense.
Carl has a utility function U(x, y) = 2xy + 1. Maximize his utility subject to the budget constraint and derive his demand functions for x and y.
Rational expectations imply that households and firms are forward looking. What does that say about the importance of a short-run downturn in demand for firm decisions? Explain why firms might hold excess labor and capital during a recession. Explain..
What is the current level of unemployment? Inflation? Growth? What are the only 2 ways to increase the growth rate of the Economy? What are the three goals of Macroeconomic policy? Please provide a brief description of each.
The Federal Reserve uses the federal funds rate as an operating target because
Your firm's research department has estimated the elasticity of demand for toys to be -0.7. As the manager of the firm, determine the impact of an 8% increase in toy prices on your total revenues.
A DOT is performing a benefit-cost analysis of a new highway using an analysis period of 40 years as part the required environmental impact assessment of the project. The section of highway is estimated to have a construction cost $260 million dollar..
We can see that aid to Africa has increased significantly over the last 40 years and that incomes in Africa have stagnated. Explain why these two facts do not constitute proof that aid is not effective in increasing incomes in Africa.
You are the manager of a firm in a market where the demand is P = 50 − Q. You have only one rival, and both you and your rival face a production cost of $2 per unit. As it stands, you would both choose your output simultaneously. But you have the opp..
When the price level rises, the long-run aggregate supply curve ________.
Assume all markets are competitive, the product price is p = $2 per unit, the wage rate is w = $16 per hour and the firm's production function is q=E(36?E), where E is the level of employment and the firm's fixed costs are zero. What is the value of ..
What are the economic justifications of the size premium? In factor pricing models like the intertemportal capital asset pricing model (I-CAPM) or arbitrage pricing theory (APT), it is assumed that exposure to one of these factors represent exposure ..
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