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Show the equilibrium in the above economy (as described in Question3) on a properly labelled diagram using Demand and output lines. If the economy's current production is at $1800 million, how would you characterize the situation in the economy? What needs to happen for this economy to be in equilibrium?
Assuming that all of each firm's $16 fixed cost is sunk, what is a firm's short-run supply curve?. What is the short-run market supply curve? c. Determine the short-run equilibrium price and quantity in this industry.
Empirical studies suggest that when a large number of firms are present in a market, prices are usually ________ and profits are usually ________ than when there are only a few firms in a market.
State whether each of the following will increase or decrease the attractiveness of going to college and give your reasoning:
Suppose you are the manager of the only theatre in town that plays Shakespeare. You found that the quantity demanded for your tickets decreases from 160 to 150 when the ticket price increases from $44 to $49. What is the price elasticity of demand fo..
Suppose you were given a choice to select from a menu of items in your employee benefits package. The menu might include medical coverage ($1500 deductable), life insurace equal to a year's salary, vacation time based on length of employment with the..
Which is a likely characteristic of a differentiated oligopolistic market?
Assume that, in a competitive market, long run supply and demand is more elastic than short run supply and demand. Suppose that the government imposes a transactions tax in this market. In the long run, the tax will collect [less/more] revenue and ca..
Calculate national income form the following figure-consumption: 200 billion. if there were 80 million people in this country, what would the GDP per-capita be? if all prices were to double overnight, what would happen to the values of real and nomin..
Thinking back to the business cycle discussion, how would Keynesian economists explain the performance of the economy during the last few years? Show graphically using the AD/AS model, and explain your reasoning. Next, how would neoclassical economis..
Why is the U.S. GDP so much higher than that of Mexico? Would the same reasons apply when we compare the U.S. GDP to Canada's GDP?
Let X ∈ [0, 10] and y = f(x) = cx with c > 0. What is the slope of f(x)? Is it constant or it depends on x? What is the value of f(x) when x = 3?
Define, describe and use an example for the following terms: Diminishing Marginal Returns, Implicit cost, Marginal revenue, Price ceiling, Price takers. Describe the type of elasticity that consumers would hold with a Rolex watch and a generic bottle..
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