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Compare the price and output decisions of a profit-maximizing firm under conditions of pure competition, imperfect competition, and small oligopoly. Show that your answer does not depend upon the cost structure of the firm. What are the social implications?
During the Great Depression, food was left to rot in the fields or fields that had once been actively cultivated were left fallow. Use one of the principles of economy-wide interaction to explain how this could have occurred.
What factors make the fed independent from politicts? Why is there so much political pressure on the fed, despite its independence? How does the fed work to protect itself from political pressure?
Why is there a social cost to monopoly power? If the gains to producers from monopoly power could be redistributed to consumers, would the social cost of monopoly power be eliminated? Explain briefly.
Explain how, with trade, Nebraska can end up with 40 million bushels of wheat and 120 million bushels of corn while Iowa can end up with 40 million bushels of corn and 120 million bushels of wheat.
Consider the following structure of the cost function: c(w, 0) = 0 and cy(w, y) = int(y), where int(y) is the smallest integer greater than or equal to y element of nonnegative real numbers. Draw the graph of the total cost curve.
Here is the information you require to answer the question. This information is taken from the graph. So you will require to draw the graph to answer the questions. The best level of output for monopolist in short run is 500 units and is given by p..
you are given the following equation for the real demand for money mpd .25y - 50 ra. compute the demand for money
Suppose the wage rates of workers are based on the expected price level. If there is an unexpected increase in AD, it will cause the actual price level to increase. Then workers should raise their expected price level and negotiate a higher wage r..
Suppose the production function for pasta is Q = 4kl. What is the long-run optimal input combination when Q = 16 , r = 4 , and w = 36 ? What is the long-run total cost function when r = 4 and w = 36?
Using the following information complete the cash flow budget for the months of January, February and March. Be sure to include GST in the rows provided. GST at the end of December 2006 was negative $2500.
aggregate demand involves the purchasing actions taken by consumers businesses governments and the spending by u.s. and
suppose the consumption function isc 400 billion 0.8y and the government wants to stimulate the economy. by how much
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