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How would each of the following affect the firm's marginal, average, and average variable cost curves?
a. An increase in wages b. A decrease in material costs c. The government imposes a fixed amount of tax. d. The rent that the firm pays on the building that it leases decreases.
Answer the following questions on the basis of the monopolist's situation illustrated in the following graph.
Describe the major difference between the law of demand and the law of supply. Consider the supply and demand schedules below.
Suppose a risk-averse consumer has an initial wealth of $5,000 and a utility function U(M) √M.. He faces an 80 percent chance of losing $4000, and a 20 percent chance of losing $0.
This problem uses Okun's law to study how the unemployment and inflation rates change when there are demand shocks. Assume that the relationship between the output ratio and the unemployment rate, U is given by the equation U = 6.0 - 0.5 (output ..
Decide if the values of the goods produced are included in the 2006 GDP and explain your reasoning.
Suppose a product sold in a competitive market is subject to a government price control. Suppose the regulated price is less than the free market equilibrium price.
All firms in a Cournot monopolistically competitive industry have the same cost function C (q)= 25 + 10q. Compute the equilibrium price, total output, firm output and number of firms in the industry.
How do you think each of the following affected the world price of oil? (Use demand and supply analysis.)
If I told you that GDP was forecast to rise by a bit more than 3% over the next year, what would that mean to you? What should you be asking about the forecast?
Efficiency and sustainability are management goals with respect to renewable resources. As Field explains, biological and economic considerations are typically blended in determining the efficient allocation of these resources.
In article on the steel industry, The Wall Street Journal noted that as steel prices were falling, steelmakers were not cutting production
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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