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“A producer who is attempting to maximize wealth (or profit) will never knowingly set their output where the demand for their product is ‘inelastic.’” Refute or prove this statement. Does your answer depend on whether the producer is a price taker or a price searcher?
Define and explain the money multiplier. Identify the change to the money supply in the following situation: The required reserve ratio is 12.5 percent and the Fed increases the monetary base by $100.
The FCIC fails to link unethical behavior of borrowers and lenders to the causes of the financial crisis of 2007-2008. The FCIC insists that the behavior of regulators and policy makers were the sole cause of the crisis.
According to Coase's theory of the firm, why do firms exist? How do firms contribute to the efficiency of the market economy in ways that 'networks of independent contractors' do not? How are the boundaries of the firm best established?
In its rivalry with Westinghouse, General Electric instituted a "price protection" plan. This plan stated that if GE lowered its price, it would rebate the price difference to its past customers. Show that this plan makes collusion between GE and Wes..
A market has linear market MC (might be supply) and demand curves. No one will buy the good if the price is above $200 and the firm will not produce the good if the price is below $20. Calculate the consumer surplus and producer surplus if this is a ..
Explain how do you expect the supply and demand of your selected good to change in the next year. Relate you expectations to the price and quantity of the good in the marketplace.
Assume instead that the industry can sell any also all of its output at the fixed marketplace price of P = 120. Find out the industries optimal output.
Consider the market for corn in the United States. Suppose that the mandated percentage of ethanol in gasoline is increased and at the same time a corn blight destroys a significant portion of the corn crop. Using a supply and demand diagram, show wh..
An economy produces 2 goods soda a beer. Fully explain why the marginal cost function in the beer industry derives from the marginal benefits of the soda that is given up when beer is produced.
When looking at inflation, you will find that this is measuring how much prices change. How does this influence the unemployment rate?
q1. james marshallian demand function clarifies the utility maximization problem that is max u x1 x2. as the cost of
In the 1990s and early 2000s, Japan's central bank reduced real interest rates to zero percent, but investment spending did not respond enough to bring the economy out of recession. Japan's experience is an illustration of: Athe crowding-out effect. ..
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