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1. An individual competitive firm's short-run supply curve is the portion of its marginal cost curve that equals or rises above the average variable cost. Explain why.
2. If all the assumptions of perfect competition hold, why would firms in such an industry have little incentive to carry out technological change or much research and development? What conditions would encourage research and development in competitive industries?
3. Describe the demand and marginal revenue curves faced by a firm in a purely competitive market. Are they different from those faced by a firm in oligopolistic competition? If so, why?
4. Although there is relatively little difference in the cost of producing hardcover and paperback books, these books sell for very different prices. Explain this pricing behavior.
5. An emissions fee is paid to the government, whereas an injurer, who issued and held liable, pays damages directly to the party harmed by an externality. What differences in the behavior of victims might you expect to arise under these two arrangements?
Suppose the consumtion function is ( C = $500 billion + 0.9Y) and the government wants to stimulate the economy. By how much will the aggregate demand at current prices shift intially (before multiplier effects) with (a) A 50 billion dollar increa..
Proponents of trade liberalization which freer trade might actually improve the quality of the environment.
Top Gun Marketing, Inc., offers overhead banner fly-by promotion services using their Cessna aircraft and banner creation facilities.
who are managed with a heart device known as the right heart catheter. Suppose as a result, the FDA limited supply of the heart catheters. Draw the likely effect of the report and subsequent action by the FDA on the market fo rright heart catheter..
Illustrate what factors led to the mortgage default crisis. How did mortgage defaults affect banks involved in mortgage lending and mortgage investing.
If foreign producers can sell in the domestic market, what is the equilibrium price What is the equilibrium quantity? How much is sold by domestic and foreign producers, respectively What is the revenue for domestic and foreign producers, respecti..
Assume you hire a furloughed Wall Street analyst to aid you examine your production process, and she uses your historical cost records to estimate that your total cost function is C(Q) = 100 + 2Q + 3.5Q2. Using this equation, answer the following ..
Suppose a firm has a constant marginal cost of $10. The current price of the product is $25, and at that price, it is estimated that the price elasticity of demand is -3.0.
Assume Madison has sixteen hours in the day for work or leisure. She earns $5 an hour and receives $15 each day in non-labor income.
Suppose that benefit rules are changed so those disabled workers who take jobs that pay less than $X per day receive a benefit that brings their total daily income (earnings plus the DI benefit) up to $X. analyze the work-incentive effects of the c..
List the federal government's three most important sources of tax revenue. How do these differ from your state government's three most important sources of tax revenue Why do you think that these different government entities use different tax bas..
Mr. Capon is a butcher who recently increased price of steak at his market from $1:50 pound to $2 a pound. Correspondingly his sales dropped from 200 pounds a day to 100 pounds a day.
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