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Assume that market demand for tomatoes is given by P = 8 - Q and market supply for tomatoes is given by P = 2 + Q where P is dollars per bushel and Q is millions of bushels per year. Graph these and find the equilibrium price and quantity in this perfectly competitive market. Using the rule that the area of a triangle equals one half times the base times the height, calculate the consumer surplus and the producer surplus and the total (social) surplus. Does this outcome attain allocative efficiency?Now assume that the government imposes a price ceiling of $4 per bushel on tomatoes. What do we call this situation? Which curve (supply or demand) sets the actual number of tomatoes traded in the market if the price ceiling is in place? What is the market quantity traded? What happens to the areas of the consumer surplus, producer surplus, and total surplus? Is allocative efficiency obtained? Explain
You are the manager of a firm that produces and markets a generic type of soft drink in a competitive market. In addition to the large number of generic products in your market, you also compete against major brands suh as Coca-Cola and Pepsi.
(Short-Run Aggregate Supply) In the short run, prices may rise faster than costs. discusses why this might happen. Suppose that labor and management agree to adjust wages continuously for any changes in the price level.
when potential output grows 4 percent per year. Suppose also that the Fed is following the Taylor rule, with an inflation rate of 2 percent over the past year. The federal funds rate is currently 3 percent.
Select any low income country (or countries) on which you can find data on the following (a web search should yield you the required information)
Explain how can the abolition of cash fight inflation and reduce unemployment.
A firm has cost function: C(y) = { y^2 + 1 if y > 0, {0 if y = 0, Let p be the price of output. 1) If p = 2, how much will the firm produce? If p = 1, how much will the firm produce? 2) What is the (optimal) profit function of the fir..
The demand for coffee cakes is less than or equal to 4. Five pounds of flour and 2 pounds of sugar are required to make a pan of coffee cakes, and 5 pounds of flour and 4 pounds of sugar are required to make a pan of Danish pastries. A pan of coff..
Which is a real life example of a market that is close to perfect competition. computer monopoly, an oil and gas cartel or else.
Write each production function given below in terms of output per person y a Y/L and capital per person k K /L. Plot these per person versions in a graph with y on the vertical axis and k on the horizontal axis.
You were recently hired to replace the manager of the Roller Division at a major conveyor-manufacturing firm, despite the manager's strong external sales record. Roller manufacturing is relatively simple, requiring only labor and a machine that cu..
If you are the chief economist of a country experiencing high unemployment and flat GDP, what macroeconomic policies might you enact in response to these economic conditions? How would you expect these policy changes to impact the economy?
A consumer product company is considering introducing a new shaving system called DELTA-4 in the market. The company plans to manufacture 75 million units of DELTA-4 a year. The investment at time 0 that is required for building the manufacturing ..
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