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The government imposes a fixed fee per year on each firm operating in a competitive market. What happens to output, the optimal scale of a firm, and price if there is a free entry into the market. Show the effects on the firm and industry diagrams.
Compute the producer surplus from parts a and b. Are producers better or worse off as a result of international trade? Discuss why.
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
During the period of airline regulation, the government set airline fares and regulated an air carrier's entry into and exit from particular markets.
Find the velocity given that the market is in equilibrium. MD1 is the relevant curve and it is given that the real GDP is 30,000.
You are the manager of a firm that manufacturers front and rear windshields for the automobile industry. Due to economies of scale in the industry
The average weekly earnings of bus drivers in a city are $950 with a standard deviation of $45. Assume that we select a random sample of 81 bus drivers.
Demonstrate that removing the subsidy will make consumers worse off but will nevertheless improve society's economic welfare.
Engineers at national research laboratory built a prototype automobile which could be driven 180 miles on single gallon of unleaded gasoline. They estimated that in the mass production the care would cost 40k for each unit to build.
Suppose that because of the ongoing financial turmoil banks become more prudent: that is, other things equal, banks want to hold more excess reserves and make fewer loans.
What is the unemployment rate? What will the unemployment rate be if the unemployed increases to 7 million and 3 million individuals become discouraged workers?
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
What is the profit-maximizing price and output? What is the total profit? What is the price elasticity of demand at the profit maximizing output?
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