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(a) What are differences between Cournot oligopoly outcome and monopoly outcome in terms of the equilibrium price and quantity?
(b) Explain why it is difficult to maintain a Cartel agreement (other than it is illegal).
(c) Explain the key differences between Cournot oligopoly, Bertrand oligopoly, and Stackelberg oligopoly.
A noted economist recently stated, “This last recession, that ended in November 2010, had lasted 32 months, which is almost 4 times longer than the average recession (which is 9 months), and had the highest unemployment rate (10.6%) we have seen in t..
What is being assumed about the timing of wage setting and price setting that enables us to say that the economy is always on the PS curve but only on the WS curve in a medium-run equilibrium? What timing assumptions would deliver the result that the..
q.assume that when an economy has a gdp of 500 consumption is 550. the mpc is .75. investment is 25. begin the problem
over the subsequent months, they changed their minds and discontinued the experiment. How did the timing affect their conclusion about the profitability of increasing prices?
What is “effective demand” according to keynes? How can there be a lack of effective demand? How did keynes explain that aggregate production and aggregate spending might not be equal? What happens if aggregate production is greater than aggregate sp..
In the late 1990s, the U.S. economy experienced a period of extremely low inflation and extremely low unemployment. Use the AD/AS model to explain what sort of change in the economy would cause this. Include a graphical analysis in your answer, and p..
For each of the following events, explain the short run and long effects on output and the price level, assuming polycimakers take no action.
The deadweight loss from a tax is equal to one half of: A. tax revenue multiplied by consumer surplus B. producer surplus multiplied by consumer surplus C. the decrease in quantity sold multiplied by the tax revenue D. the amount of the tax multiplie..
Eric Williams contends that plantation slavery in the West Indies helped bring about the development of a market economy in England. Name one argument he uses to explain it, and carefully explain how it helped foster a transition to the market solvi..
Explain utility, total utility and marginal utility and the differences between them. Include examples. Explain with examples the law of demand and the demand curve. Explain “the rational consumer, marginal utility and price.
WaterJet Ferries is a successful ferry operator providing roll-on/roll-off car and truck ferry services to the larger islands off the coast using vessels that are propelled by water-jets powered by diesel engines. Over the last twelve months the comp..
Alpha Industries operates in a highly competitive market. While there are a few other firms in the industry due to the high fixed costs of building plants, rival firms are very aggressive in their pricing strategies. Of the products sold in the indus..
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