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Consider a perfectly competitive market in long-run equilibrium where all firms operate under the same cost conditions. Suppose a new technology becomes available which reduces marginal production costs. Explain graphically and verbally what happens to the market in the short run and in the new long run equilibrium if factor prices and demand are assumed to remain the same as before.
Hint: You have to use two parallel diagrams, one for an individual (representative) firm and one for the industry.
How does your decision to invest in a college degree add to your capital stock Show this on your projected production possibilities frontier for ten years from now compared to your production possibilities curve without a college degree
Explain and illustrate how each of these events would affect aggregate demand, aggregate supply, and prices, then explain how you would respond with economic policies. Please show illustrations showing the movement of the AS and AD curves.
Hasbro is approached by a savvy economist who has figured out a way to identify each market and segregate them. The demand from bronies and little girls is as indicated above.
How does your consumption of the two goods change? How does your response depend on income and substitution effects? Can you afford the bundle of soda and pizza you consumed before the price changes?
Suppose there is a simultaneous increase in the demand for diamonds and increase in the supply of diamonds. Which of the following will occur as a result of these simultaneous events?
With a series of benefit cuts across many firms throughout the economy, some economists argue that nominal wage rates, a major cost of inputs for firms, have been decreasing.
The following demand and marginal cost equations represent the demand for some service inside the firm. At what price should the service be sold? Would it matter whether there was an external market for this service? The demand function P = 30-..
Assume that you are a marketing manager for a supermarket. The accounts department provides you with different price elasticites for a variety of goods. Some products (e.g. confectionaries & cosmetics) are relatively price-elastic
Prove that if the value of G is v1 and the value of H is v2 , then the value of G + H is v1 + v2 . Give an example of G, H which only have a common row strategy, but for which G + H has a different value than v1 + v2.
What does the Federal Reserve take into account when establishing general and specific rates of interest? Describe the recent tools the Federal Reserve has used to influence the U.S. economy, and explain their effects. In your opinion, have these mea..
Describe various revenue models available as video content shifts from atoms to bits. What are the advantages and disadvantages to each-for consumers, for studios, for middlemen like television networks and Netflix
Describe how the market for corn would be influenced if ethanol, a corn derivative was used to fuel cars in US. How would market be influenced if a new technology caused corn farming to be more efficient?
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