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Consider a constant cost perfectly competitive industry which is initially in long-run equilibrium under current demand conditions. Assume that the number of firms in the industry is fixed at its current level ie: the number of firms cannotbe changed. Now suppose that the demand increases.a) Assuming that the number of firms cannot be increased, describe the industry's new long-run equilibrium (output, price, profit) using a firm-industry diagram. b) Show the change in producer surplus on your diagram. What does the increase in producer surplus represent?
Suppose an individual lives two periods. In period 1 she works full time and makes $100. In period 2 she enters partial retirement and makes $20. She can borrow and save at the constant, risk-free interest rate r.
Would you give an example of a microeconomic decision you have made at work or home? What factors contributed to making that decision? Example:
Suppose that after the wage goes up in the Northern state, workers lose their jobs in the North and decide to move to the Southern state. This increases the population there. Adjust the graph to show what happens to employment and the wage in this So..
Describe the model of consumer buyer behavior. Providing a list of the steps or a graphic of the model is not adequate, as you must explain how the process works in the real world using your own words.
According to the theory of comparative advantage, nations gain from trade because
1. when the government increases taxes to provide traditional public goods such national security there tends to bea.
Debts and Deficits: Compare the traditional view versus the view of Ricardian equivalence of the effects of a debt-financed tax cut on:
new york citys banking communitynbspserved many of the functions of a centralnbspbanknbspduring large parts of the
What price should do you charge if it wants to maximize its revenue from this concert? And, how much revenue will it receive?
Suppose a monopoly manufacturer sells directly to a monopoly retailer. What are the implications in regard to price, output, and profits as compared to the case where the monopoly manufacture and monopoly retailer merge
Intelligent fiscal policy and appropriate monetary policy permit for a stabilizing influence on US economy. The government is able to make action through expansionary or contractionary fiscal policy to manage recession and inflation when necessary.
The quantity demanded of cellular phones to change
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