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Normal Profits
1. Suppose the Disney Company was experiencing above-normal profits. What would you predict would happen over time?
2. Explain why a proposed merger between Staples and Office Max was not allowed by the Department of Justice?
3. Smokers impose negative externalities on nonsmokers. Suppose the airspace in a restaurant is a resource owned by the restaurant owner.
a. How ould the owner respond to the negative externality caused by smokers?
b. Suppose smokers own the airspace. How would that change matters?
c. If the government gives ownership of the air to nonsmokers, would that change matters?
d. What does a ban on smoking in the restaurant do?
Use the price-cost formula to determine whether or not the firm's operations are productively-efficient. (e) Use the price-cost formula to determine whether or not the firm's operations are allocatively efficient.
Describe the following statement: "In competitive market the least-cost production methods are revealed by entry and exit, while in public utility regulation they're revealed by commission rate hearings. It is easier to fool commissi..
Consider a homogenous-product Cournot duopoly model in which Q is the market output-Determine the best-response function for each firm. Draw a diagram showing the two best-response functions.
Suppose each cake costs the same to make, what is the average cost to produce a cake. Compute Alyssa's labor productivity ration in dollars per hour for each type of cake.
Economic forecasters predicted that consumption also GDP would increase because of higher refunds on income taxes.
Describe and answer in economic terms the question, should a company hire temp teachers or hire new teachers?
The utility function of a worker is represented by U(C,L) = C X L, so that the marginal utility of leisure is C and the marginal consumption is L.
Exchange and markets, Demand supply and market equilibrium
Michael can buy either pizzas or submarine sandwiches. If the prices of pizza and submarine sandwiches double and Michael's money income triples, we can conclude that Michael's budget constraint will
What is her marginal rate of substitution when L = 100 and she is on the budget line? What is her reservation wage? What is her optimal combination of C and L?
Explain why Brownstown's management was reluctant to release this information to its lenders.
Two identical firms face linear demand. Market demand is given by P=30-Q. Compare graphically consumer and producer surplus in Cournot and Stakelberg equilibria to perfect competition.
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