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The standard theory of monopolistically competitive firms maintains that, in the long run, such firms will operate at less than full capacity. Does this result depend on whether firms produce identical or differentiated products? Explain. Suppose the government levies a tax of $1 per unit of output. What will happen in the long run to firms’ profits? How does entry or exit affect this result? Explain. Suppose the government levies a tax of $1 per unit of output. What will happen in the long run to firms’ profits? How does entry or exit affect this result? Explain.
Does this event increase or decrease demand and/or supply? How does this change in demand and/or supply affect the equilibrium prices and quantity in the market? In other words, do they increase or decrease? Find the new equilibrium and compare it wi..
Think of another good that you have purchased recently (or you could continue with the good you selected in TDA I). Be specific (e.g. is it breakfast cereal in general or Cheerios cereal specifically). If the price of this item increases, how would t..
Let X ∈ [0, 10] and y = f(x) = cx with c > 0. What is the slope of f(x)? Is it constant or it depends on x? What is the value of f(x) when x = 3?
In the final round of a tv game show, contestants have a chance to increase their current winnings of $1 million to $2 million. if they are wrong, their prize money is decreased to $500,000. A contestant thinks his guess will be right 50% of the time..
What is the economic meaning of the vertical gap between the investment curve and the depreciation curve in the Solow diagram?
In a waiting line model situation, arrivals occur around clock at a rate of six per day and service occurs at one very three hours. Assume Poisson and exponential distributions. Illustrate what is Mean Arrival Rate λ
Comput the following with an explanation how you arrived at each result. The Amount Consumers will spend on new consumption.
A nation has a tax rate of 20% on the first $20,000 of taxable income, 30% on the next $30,000, 40% on the next $20,000 and then 50% on all taxable income above $70,000. Find the ATR of someone with a taxable income of $100,000. How much is a tax cre..
In perfect competition, where we determine optimal price, does the resulting P1 figure simply mean that when the market is at P1, the firm is maximizing it's efficiency?
Weisbro and Sons purchase their inventory one quarter prior to the quarter of sale. The purchase price is 60 percent of the sales price. The accounts payable period is 60 days. The accounts payable balance at the beginning of quarter one is $27,000. ..
Does trade under increasing returns to scale still make both countries better off, as the constant-returns-to-scale H-O model shows? Answer this question using both your diagram and an accompanying verbal explanation.
If your neighbour returns from a shopping trip saying that she got a lot of consumer surplus from her purchases
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