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Question: Use the following diagram to answer a-d.
a. How much would a perfectly competitive firm produce at each of the indicated prices?
b. At which prices is the firm earning economic profits? Zero economic profits? Negative economic profits?
c. At which prices would the firm shut down?
d. Indicate what this firm's supply curve would be.
Discuss a scenario in which the use of leading indicators for your industry or firm (or an industry or firm of your choosing, could be fictitious or general) might improve performance and promote better decision making.
A. Calculate the total revenue at each price level. B. Calculate the price elasticity of demand between these two points. C. Is this demand elastic or inelastic? Explain how you know this.
Describe the Kuznets' Inverted-U hypothesis of income distribution. Use the empirical evidence (both cross-country and time-series) to examine the validity of this hypothesis.
Formulate a linear programming model for this problem, clearly defining the decision variables and listing the objective function and all of the constraints.
Describe various revenue models available as video content shifts from atoms to bits. What are the advantages and disadvantages to each - for consumers, for studios, for middlemen like television networks and Netflix
How does high income inequality suppress economic growth. With respect to social conflict, credit constraint on the poor, "poor person" median voter, less developed countries have more children, etc.
Japan and South Africa are major trading partners. Indicate and explain how an increase in real GDP of South Africa will affect the demand for the Japanese yen in the foreign exchange market
In the context of a Keynesian open-economy income model for a country, carefully explain the impact of each of the following autonomous events upon equilibrium income in the country and upon the country’s current account balance: (a) an increase in d..
What was the nominal interest rate last period (before the cuts) if the real rate was equal to the marginal product of capital?What happens to the real rate of interest this period (after the cuts) if the Federal Reserve does nothing to change the n..
If a competitive industry is currently suffering economic losses then what can be expected to happen to the number of sellers, the price of the product, the volume of output and losses in this industry over time?
Verify your answer to part (c) by calculating the change in the market value of equity assuming that the relative change in all market interest rates is an increase of 30 basis points.
Watch the movie "A Beautiful Mind". Pay attention to the scene where Nash argues for an optimal equilibrium (the bar scene). Would you say that his "equilibrium" constitutes Nash equilibrium Explain.
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