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Suppose that a certain manufacturer has a monopoly on the sorority and fraternity ring business (a constant-cost industry) because it has persuaded the “Greeks” to give it exclusive rights to their insignia.
a. Using demand and cost curves, draw a diagram depicting the firm’s profit-maximizing price and output level.
b. Why is marginal revenue less than price for this firm?
c. On your diagram, show the deadweight loss that occurs because the output level is determined by a monopoly rather than by a competitive market.
d. What would happen to price and output if the Greeks decided to charge the manufacturer a royalty fee of $3 per ring?
Illustrate what is the capital account balance. Illustrate what is the financial account balance.
For a given firm the MRPL = $50, and the MRPK = $100, while the PL = $10 and the PK = $20. What are the general case rules for producing at least cost and maximizing profits? Is the above firm maximizing profits? Why or why not? What (if anything) ca..
Has the U.S. economy experienced inflation or deflation during recent recessions.
Illustrate what is the proper role of unions. Why are they declining in membership and influence in the economy.
Using the fundamental equations from the general monetary approach, describe how each of the following will affect the home and foreign price level, real money balances, and the exchange rate, EH/F . Also, state whether the home currency appreciates ..
In what ways does the Krugman model of trade differ from the Heckscher-Ohlin model of trade? Carefully explain. In what ways does the Linder theory of trade differ from the Heckscher-Ohlin model of trade? Carefully explain.
For 2 different companies from 2 different market types (perfect competition, monopolistic competition, oligopoly, monopoly) provide well thought out, typewritten responses to the following. Description of Company’s Products and/or Services: Name of ..
Suppose you have been tasked with regulating a single monopoly firm that sells 50-pound bags of concrete. The firm has fixed costs of $10 million per year and a variable cost of $3 per bag no matter how many bags are produced. You find out that if yo..
Karl Marx’s thinking is a product of the l9th century. There have been great economic, political, and technological changes since then. How are his theories to be evaluated today? Are they perhaps obsolete and outdated?
Think about a firm that you have done business with recently. What industry does this firm belong to For example, McDonald's is a firm in the fast food industry. What market structure would this industry fall under
Illustrate what is happening to the U.S. exchange rate when the U.S. nominal exchange rate is unchanged, but prices rise faster abroad in the United States than abroad.
Recall from Exercise Ul the population of animals fighting over a food source worth 200 calories. Assume that, as in part (b) of that exercise, the cost of a fight is 150 calories per fighter. Assume also that a third phenotype exists in the populati..
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