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Assume the market for sugar. When a drought reduces the sugar crop and at the same sugar substitutes become more popular, then: A. price must increase, but the change in quantity is indeterminate. b. price must decrease, but the change in quantity is indeterminate. c. quantity must increase, but the change is price is indeterminate d. quantity must decrease, but the change in price is indeterminate e. none of the above
Describe each market structure discussed in the course (perfect competition, monopolistic competition, oligopoly, and monopoly) and discuss two of the market characteristics of each market structure.
The firms cost functions are given by the following functional form: C(qi)=ciqi, where i=1,2. Under this functional form, the firms marginal cost equals its average cost. Discuss each firm’s best-response function when the firms compete by choosing p..
A competitive firm uses two variable factors to produce its output, with the production function y = min {x1/2, x2}. The price of factor 1 is $4 and the price of factor 2 is $5. Due to a lack of warehouse space, the company cannot use more than 20 un..
If portfolios are formed by randomly selecting stocks, a 10-stock portfolio will always have a lower beta than a one-stock portfolio.
An economy has the following Money demand function: (M/P)d= .4Y/i^.5 . Where i is the nominal interest rate. Calculate velocity if the nominal interest rate is 4 percent. Calculate the new velocity of money.
If the total fixed cost increases to $5,000, Elucidate how many papers should be sold daily for profit maximization.
Adding a variable input (labor) to a fixed input (capital) will result in an increase in output: As a firm adds labor beyond the point of diminishing returns: ATC and AVC get closer together as quantity produced increases because:
Draw a graph for an individual with a strictly concave expected-utility function, who has wealth y and faces the possibility of a loss L which occurs with probability p. Show expected wealth, expected utility, certainty equivalent and risk premium. L..
Panther Hall is a college dorm with 100 residents who each have the identical demand function for a pleasant community room, given by the equation MB = 1000 – 9.95Q. The marginal cost of maintaining the community room is MC = 1500 + 5Q, where Q = squ..
Countries with higher personal saving rates tend also to have higher rates of business investment and capital accumulation. Explain why this fact does not provide a justification based on social efficiency for policies that increase U.S. personal sav..
You Sell Short 100 shares of USG which is currently selling for $55/share, and you pay a fee of $8/share. One year from now USG is selling for $35/share and you decide to Buy to Cover your Short position in USG. How much money did you make or lose?
To save on gasoline expenses, Edith and Mathew agreed to carpool together for traveling to and from work. Edith preferred to travel on I-20 highway as it was usually the fastest, taking 25 minutes in the absence of traffic delays. Mathew pointed out ..
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