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All firms in a Cournot monopolistically competitive industry have the same cost function C(q) = 25 +10q. Market demand is Q = 110 - p.
(i) Calculate the equilibrium price, firm output, total output and number of firms in the industry.
(ii) How would these values change if a franchise tax of $75 were imposed on each firm?
(iii) What if a technical innovation were to reduce unit production costs to $5?
Explain what happens to the position of the nation's short-run Phillips Curve if the following events occur:
Keynesian thinking dominated US (and other developed-country) policy-making well into the 1970s, although the "classical" counter-arguments kept up a steady criticism:
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Suppose that natural real GDP is constant. For every 1 percent increase in the rate of inflation above its expected level, firms are willing to increase real GDP by 2 percent.
The Lexus LS 430, the top of the line Lexus sedan, riad a base price in Canada of C$85,700 during the fall of 2005. Restated in US dollars using the exchange rate prevailing then, that price is $71,885.
Compute the equilibrium interest rate. Compute the amount of investment demand, private saving, and national saving at the equilibrium interest rate.
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A monopolist faces the demand curvep =11 - Q , where Q is measured in thousands of units. What is the monopolist profit maximizing price and quantity? What is the profit?
If the government starts welfare policy which pays B to all non workers and 0 to all workers, at what value of B will Mike opt out of the labor force and go on welfare?
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