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1) A monopolist faces the following demand curve P=222-2Q. The monopolist's cost is given by C=2Q.
(a) Calculate the profit-maximizing quantity and the corresponding price. What is the resulting profit/loss. Calculate the monopolist's markup.(b) Calculate the profit-maximizing quantity and the corresponding price if this firm were competitive and charged marginal-cost-prices? What is the resulting profit/loss. Calculate the firm's markup.(c) Compare the results to (a) and (b) and calculate the deadweight loss caused by the monopoly.
2) A monopsonic Fast Food Chain exhibits a demand for labor given by w=210-3L, where w denotes the wage and L the quantity of labor hired. Workers' labor supply is given by w=2L+7.
(a) Calculate the profit maximizing labor demand and the resulting wage paid for the monopsonistic firm.
(b) Calculate the welfare loss compared to the competitive outcome.
3) If the government imposed a minimum wage of w=70, what would be the resulting quantity of labor employed, the wage, and the welfare loss. Also, calculate the change in welfare compared to the free market outcome (i.e., in the absence of minimum wages). Is this a welfare gain or a loss?
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Assume a bank has $200,000 in deposits, a needed reserve ratio of 10%, and bank reserves of $50,000. Then the bank can make new loans in the amount of?
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Assume that the demand and supply curves for eggs for the United States are given through the following equations:
Given the global economy, increase of emerging economic superpowers such as China and India, and challenges to remaining competitive in a global world, do you think that American federalism remains relevant?
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Describe why it would cost Andre Agassi or Venus Williams more to leave professional tennis tour and open the tennis shop than it would for the coach of the univeristy tennis team to do so.
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What is the initial effect of the tax reduction on aggregate demand? What additional effects follow this initial effect? What is the total effect of the tax cut on aggregate demand?
If the price elasticity of demand for gasoline is 0.3, and the current price is $1.20 per gallon, what rise in the price of gasoline (in cents or dollars) will reduce its consumption by 10%? please explain.
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