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1) Suppose that a perfectly competitive firm has a short-run total cost function STC(Q) = 10 + 40Q + 0.5Q2.
a. Calculate the price below which the firm will not produce any output in the short run.
Name the circumstances which indicate an oligopolistic market structure and discuss a real life example of such a market structure. What are the most significant differences between oligopolistic and perfect competition from the consumer's point o..
Choose a nation and an economic concern, such as population, unemployment, etc. Look for the Library and Internet for data sets for the concern that you have chosen.
Draw a supply and demand diagram 2. In equilibrium, how many packs of cigarettes are purchased? What is the equilibrium price? What is consumer surplus and producer surplus in equilibrium?3. Suppose that a flat tax of $1.50 per unit is imposed on c..
The Ben Bernanke has said that the Federal Reserve is going to continue its latest round of Quantitative Easing until unemployment falls to 6.5%. How fast will the economy have to grow to bring unemployment down to 6.5% by this ..
"We have too many hotels in this town already. Statistics show that vacancy rates average 20 percent on any given night." Assuming this is correct, evaluate his negative assessment of the situation in terms of business-stealing and product-variet..
Now suppose that these immigrants are particularly talented so that the country's total factor productivity increases. Incorporating only this additional information, clearly and accurately show what effects this would have on economic output, emp..
"The United States can manufacture X more efficiently than can Great Britain. Yet we import X from Great Britain." Explain
What is the saving function? What is the marginal propensity to save and what is the aggregate expenditure function? What is autonomous expenditure? What is the marginal propensity to withdraw?
Nobel Laureate Paul Samuelson said that comparative advantage is one of the few ideas in economics that is both "true and not obvious." Since it's not obvious, we should practice with it a bit. In each of the cases below, who has the absolute adva..
Suppose that rich countries surprisingly commit to much higher official aid, to be maintained for several decades. What would be the effect of such aid on?
Need Price for every cartelization level, market output, market profits, cartel output and profits, and need noncartel firm output and profit. This if for 5 companies.
Consider current budget problem of many states. What is it Explain. What are the two basic choices for them to get out of financial trouble Explain the impact of each. Why are some states playing for a federal bailout if needed
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