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1. Why does rent control result in a shortage of rental units.
2. How does price elasticity of demand affect how much of a tax is passed on to the consumer and how much is absorbed by the seller. Describe the effect with graphs.
3. Why will monopolistic firms make economic profit in the short run bot not in the long run. Describe and show graphically.
4. Your brother-in-law wants to borrow $1000 from you but he has a fit when you tell him he will have to pay you the same pecentage of interest on the loan that the bank gives you. Are you justified? Why or Why not?
5. During the 1930s Jewish fighters dominated boxing. From the around 1975 until the present, blacks have dominate basketball. Describe the cause(s) underlying these two situations.
A new taco making equipment that is same in size and expense to hog dog carts has encouraged more street vendors to begin selling tacos.
Suppose the market shares of the six largest firms in the industry are 12 percent each. Compute the six-firm concentration ratio and Herfindahl-Hirschman index for this industry.
suppose Arnor and Gondor are two very similar countries that started out with identical population, technologies, etc. except that Gondor has a much higher mortality rate due to a more hazardous geographical location.
How much insurance should I buy to be fully insured and what is a fair insurance premium?
Suppose a tax per unit output (per-unit tax) is imposed on the production of Q with the intent of making equal the market level of output and the socially efficient level. How high should that per-unit tax be? What is the gain in net social benefi..
Assume that a hypothetical economy with an MPC of 0.75 is experiencing a severe recession. 1. By how much would government spending have to rise to shift the aggregate demand curve rightward by $50 billion 2. How large a tax cut would be needed to ac..
Compare and contrast each market structure. Make sure to discuss the differences in the productive and allocative efficiency when comparing and contrasting.
What was the actual (ex post) real return?
Many environmentalists, or general members of the public, are horrified by the notion of marketable pollution permits. They argue that big corporations should not be able to buy the right to pollute the environment. Make the counter-argument.
What phase of the business cycle do you believe Spain was in during 2013? Explain why with reference to theory and represent this phase of the business cycle using an aggregate demand and supply model.
There are 10 identical firms, each firm's marginal cost is MC(q)= 5 + 5q. The market is competitive. derive the market demand function.
The United States currently imports all of its coffee. The annual demand for coffee by U.S. consumers is given by the demand curve Q = 250 –l0P, where Q is quantity (in millions of pounds) and P is the market price per pound of coffee. World producer..
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