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An oligopolistic firms's demand curve will be kinked at the current market price if: a. firm acts as a price leader in the industry, b. the firm produces a differentiate product, c. there is free entry and exit in the market, d. the firm expects other firm's to match all price changes, e. demand is elastic for price increases by the firm.
Suppose you are the manager of a small pharmaceutical firm that received a patent on a new drug 3-years before. Despite strong sales and a low marginal cost of manufacturing the product
The government make a decision to finance the increased expenditures need to close the GDP gap, by rising taxes. Determine the necessary changes in government spending and taxes to close the GDP gap?
The theory of the Communists may be summed up in a single sentence: Abolition of private property,” This is from:
Global Investment Group operates in a perfectly competitive industry with the following Cost and Revenue data: What is the loss minimizing output level for the firm?
Calculate the price elasticity of demand for Einstein's Bagels and explain what it means. Derive an expression for the (inverse) demand curve for Einsteins's Bagels.
Add an indifference curve to your graph and label the point of consumer equilibrium. Indicate Chris's consumption level of A and B. Explain why this is a consumer equilibrium. What can you say about Chris's total utility at this equilibrium?
Suppose your parking lot has two different customers who use it at two times. Daily commuters use it during the daytime, adnsports fans use it at different times to park at sporting events.
Assume that the price was 5% lower and all other factors do not change. How much more would you buy each year? Using this information, compute the own-price elasticity of your demand.
If the government wanted to encourage a monopoly to produce the socially efficient quantity, should it use a per-unit tax or a per-unit subsidy. Explain how this tax or subsidy would achieve the socially efficient level of output. Among the variou..
Illustrate the impact of food stamps worth $100 compared to a $100 cash transfer on Joe's budget set b. Starting this month, Joe would receive food stamps worth $100 per month. How much more food would he buy this month if food on average costs $2..
Which of these economic variables is procyclical and coincident?what did the U.S. business cycles in the early 1890s and early 1930s have in common?
Describe how this change affects output both immediately and over time. Is the steady state effect on output larger or smaller than the immediate effect?
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