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Suppose that the Government wants to augment the level of national savings in the economy and institutes a policy to reward savings behavior. Hence, borrowers face a real interest r as always, but lenders receive r(1+s) on their savings, where ‘s’ is the savings subsidy, 0 < s < 1. Show the effect of this introduction on a consumer’s lifetime b budget constraint and choice of optimal consumption bundles.
Sterling, Inc. is a manufacturer of state-of-the-art computers. For the past ten years, Sterling has acquired all of its microchips from NoBugs Corporation, the only producer of chips meeting Sterling's high specifications. The relationship has been ..
Price ceiling is the law that sets a maximum price below the equilibrium market price, but a price floor is the law that sets a maximum price above the market equilibrium price.
The Newport Beach Sanitary Agency is presently shipping its waste to another municipality at an annual cost of $100,000. It is considering building a landfill near the city. Start-up costs for the landfill are $900,000, and there are closing costs of..
According to the Wall Street Journal, "Rent control disproportionately subsidizes the affluent. A Harvard University study in the late 1980s found that rent-controlled apartments were in some of the city's best neighborhoods, that 94% of their tenant..
Explain and illustrate using a diagram why a monopolist would never produce in the inelastic range of the demand curve. In each of the following cases, state whether the monopolist would increase or decrease output: Marginal revenue exceeds marginal ..
Indicate whether each of the following statements is true or false, and explain why. Producer surplus tends to fall as the supply curve becomes more elastic. Consumer surplus tends to rise as demand becomes more elastic.
Suppose both firms have entered industry. What is joint profit-maximizing level of output. How much will each firm produce. How would your answer change if firms have not yet entered industry.
Describe the demand and marginal revenue curves faced by a firm in a purely competitive market. Are they different from those faced by a firm in oligopolistic competition? If so, why?
Clear focussed understanding of a topic. Critical analysis is an important test of the student's ability to evaluate business economics concepts.
explain how many smoothest sold by each firm, and illustrate what is the profit made by each firm.
Suppose that there is a natural disaster that destroys part of the nations capital stock. Determine the effect on aggregate output, consumption, employment, and the real wage, with reference to income and substitution effects, and explain your result..
A monopoly with a constant marginal cost m has a profit maximizing price of p1. It faces a constant elasticity demand curve with elasticity e. After the government applies a specific tax of $1, its price is p2. What is the price change p2-p1 in terms..
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