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Consider the following market game: there are two firms in an industry firm1 and firm 2. Firm 1 first chooses the quantity of its production and then firm 2 observing q1 will choose q2.
Here are the cost functions for these firms: C1(q1) = 10q1 + 100
C2(q2) = 5q2 + 150
Demand curve is given by P=1000-Q where Q is the total quantity produced in the market. What would be the output of each of these firms? Which firm will produce more? Why?
How do events, such as the World Trade Center and Pentagon attacks describe in the case study “The Ripple Effects of 9/11” affect the aggregate expenditure line and the aggregate demand curve?
A few years ago, a construction manager earning $70,000/ year working for a regional home builder decided to open his own home building company.
What are the goals/objectives of judges (what do they maximize)? Filing fees: for the marginal case, the one that may or may not be filed the filing cost should equalt what?
Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect to Good X.
Assume that the nation is not large enough to affect the world price. Illustrate the effects of a tariff on imports.
In order to host the Winter Olympic Games the city of Vancouver incurred a large debt, which will have to be repaid over time. Reflecting on this fact, one Vancouver resident complained, “The average guy is going to see his taxes increase” [Austen, 2..
Suppose a tax of $.10 per unit on a good creates a deadweight loss of $100. If the tax is increased to $0.30 per unit, the deadweight loss from the new tax would be:
Consider the model of Gaynor & Town (2012) in which hospitals choose quality with a fixed price. Recall that the model begins with a demand specification, qj = sj (zj , z\j ) × D(¯p, zj , z\j ), where the hospital’s market share sj is a function of i..
What is rent seeking behavior? How does it explain why government has grown in recent years and how it explain why it is difficult to change tax or spending policies in the United States?
Explain how you would calculate the price elasticity of demand of gasoline? In general terms, explain how consumer and producer surplus will change as a result of this price increase?
The optimal number of traffic deaths in the United States is zero." "Any pollution is too much pollution." "We cannot pull U.S. troops out of Afghanistan. We have committed so much already."
An accident occurred and an individual lose a leg. Show diagrammatically the utility functions before and after the accident. Show that if you were the Utilitarian, you would give more income to the individual after the accident, but that even after ..
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