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Consider a firm with market power that sells suits. The firm has two types of customers, A and B. There are an equal number of customers of each type. Type-A customers are willing to pay up to $100 for a coat and up to $50 for pants. Type-B customers are willing to pay up to $75 for a coat and up to $65 for pants. Suppose for simplicity that the marginal cost of production is zero. If the firm practices bundling, then what is the optimal price for a suit (which is a bundle of the two products).
Government consumption in our model is simply a "waste", that is it does not affect anyone's utility or affect the production process. Use the Pareto Optimality framework. For each of them,solve the social planner's problem and show the equations ..
A firm, which is the only supplier of a good located in a particular town, is accused of engaging in anticompetitive tactics in order to protect its monopoly position in that town. As part of its defense, the firm has argued that the geographic an..
Discuss the reason why governments might want to intervene and how they might do- with respect to the following "problem" in the functioning of an otherwise perfectly-competitive ("pareto-efficient") economy:
What is the income elasticity? Interpret the elasticity in a mathematic and economic context -- what does this number tell you? Is the own price elasticity consistent with economic principles? Explain.
Between the types of costs faced by a firm how can technology help firms to lower their costs. What are some specific examples of how firms have used technology to lower costs.
What are the values in 2000 dollars of Nancy's monthly mortgage payments in 2001, 2002, 2003, and 2004 and list and describe four determinants of productivity.
In a competitive market, there are two groups of firms. For every firm in group A, the long-run ATC curve is U-shaped and intersects the long-run MC curve when ATC = 20 and output is 4. There is an unlimited number of firms in group A. Every firm ..
Illustrate what is the nature of this trouble. How did this trouble come about? In what ways will this trouble impact the US economy.
Illustrate what market did Microsoft have a monopoly in the late 1990s. What technological advances threatened that monopoly.
What is the firm's cost function when the cost of pollution certificates is included? What is the firm's marginal cost function when the cost of pollution certificates is included? Derive the firm's supply function.
how would outcomes be affected if people, on average, preferred to work for themselves rather than for someone else, i.e., if on average people preferred self-managed to alienated labor?
Identify each of the following events as: (use a, b, or c to answer the question) a) part of an expansionary fiscal policy b) part of a contractionary fiscal policy c) or not part of fiscal policy i. The corporate income tax rate is increased.
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