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Suppose we have a competitive market for a good with domestic demand and supply given by:
P = 310 - .05QD
P = 30 + .03QS
International supply is given by a constant competitive price of P1 = $90.
Calculate the producer surplus from parts a and b. Are producers better or worse off as a result of international trade? Explain why.
Suppose the domestic government imposes an import tariff equal to $20. What will be the domestic quantity demanded and supplied, and what will be the tariff revenue to the government?
Taxi fares in New York recently were increased by nearly 50%. Predict the effect on the price of taxicab medallions, the earnings of taxicab drivers and congestion in New York streets.
What price should DD set to maximize profits? What would output be if DD acted like a perfect competitor and set P = MC?
Determine the profit-maximizing prices both firms will charge. In addition, calculate the price-cost margin for each firm and indicate which has more pricing power and why.
Answer the following questions on the basis of the monopolist's situation illustrated in the following graph.
Find the optimal level of inputs L* and K* that minimize the cost of producing Q0. What is the cost of production associated to L* and K*?
Suppose there is an increase in risk aversion by wealth holders in the sense that, other things equal, they want to hold more of their wealth in money (bank deposits) and less in securities.
Draw marginal revenue function for this firm. What is the profit-maximizing price for this firm? On the graph describe the area, this represents the net loss to society resulting from the monopoly power conferred by the patent.
What distinguishes money from other assets in the economy? What are demand deposits, and why should they be included in the stock of money?
Suppose two identical firms produce widgets and they are the only firms in the market. Find out the Stackleberg Equilibrium.
In the country A, all wage contracts are indexed to inflation. That is, each month wages are adjusted to reflect increases in cost of living as reflected in changes in price level. Explain answer with aggregate supply and aggregate demand curves.
Explain International Monetary System
Consolidated Drugs, Inc. has spent $4 million developing and testing a new anti-aging drug. Management now estimates that it will cost $2 million to produce and market this new product.
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