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The price of beer rose by 6%, the price of pizza rose by 2.7% and the price of chocolate did not rise at all. Also, suppose that beer presents 8 percent of the economy and pizza represent 31 percent. Chocolate is the rest of the economy. What was the inflation rate for this economy?
She can charge different prices in the two markets. Illustrate what is the profit-maximizing combination of quantities for this monopolist.
Country A has real GDP per person of 250,000 while Country B has real GDP per person of 500,000. All else constant, Country A will eventually have a higher standard of living than Country B if
The law in Ruba says no worker shall be paid less than nine slugs per hour.
A monopolist sells in two geographically divided markets, the East and the West. Marginal cost is constant at $50 in both markets (marginal cost is also equal to average total cost). The inverse demand curve in each market is as follows: Pe=450-.5Qe ..
As per the mathematical laws that govern the relationship between average total cost and marginal cost, where must these two curves intersect.
What are the major theoretical rationales behind the ISI (import substitution industrialization) strategy? How do you evaluate its success and/or failure? What developments were responsible for its termination in most Third World countries?
Consumption is $6 trillion, investment is $2 trillion and government purchases are $2.5 trillion. The country exports $1 trillion and imports $1.5 trillion. Find net exports and solve for the level of aggregate demand.
Firms A and B make up a cartel that monopolizes the market for a scarce natural resource. The firms’ marginal costs are MCa = 6+2Qa and MCb = 18+Qb respectively. The firms seek to maximize the cartel’s total profit. The firms have decided to limit th..
Suppose an individual faces employment risk of the following form: Her employment is subject to business cycles in which she faces the risk of a layoff with probability 10%. When she is employed, she receives an income of $100. She earns nothing when..
Assume that the demand for chalk is = 8 -0.1Q, where is the market price and is the total market output measured in thousands of boxes of chalk. Suppose that there are three firms in this industry, each of which has a constant variable cost of $2. Co..
Mustard and mayonnaise are substitutes. Mustard and relish are complements. Mustard is a normal good. During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves.
Given that the US economy production function (to calculate current GDP and potential GDP) is : GDP = Y= F(K,L,N) = 0.04K+0.03L+0.03N. The current GDP is produced with K=200, L=100, and N=100, the full employment GDP (potential GDP) can be potential..
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