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Despite our elegant models of supply and demand analysis, in real life some prices don’t adjust to changes in market forces right away. Which are typically the slowest to respond?
decides not to play by the rules of the game. Then illustrate what could the final equilibrium position be.
q1. assume you are to specify a short-run total variable cost function for a nursing home. elucidate the variables you
Consider the perfectly competitive Corn industry. It is initially in long run equilibrium at quantity Q0 and price P0. Draw a supply and demand diagram for the Corn market showing this equilibrium. Draw a diagram for a typical firm in its initial lon..
Who is hurt and who is helped by an increase in the legal minimum wage? Under what circumstances might a higher minimum not reduce employment?
Describe and explain price and output determinations for firms. How does the change from the short run to the long run for a Monopolistic Competitor? What effect does product differentiation have on the firms approach to price and advertising?
If Starbucks introduces the world to premium blends, and demand rises substantially, illustrate what will happen in this market as it moves to a new equilibrium.
Why do many prospective voters choose to watch sports on television rather than watching the news or political roundtables? In your answer, be sure to mention the role played by rational ignorance.
Describe why it is often asserted that exporters suffer when their home currencies appreciate in the real terms against foreign currencies and prosper when their home currencies depreciate in real terms.
Can you come up with any examples of either adverse selection or moral hazard affecting you or someone you know in their family life, love life, or job? (Here’s one to get started on: Is an obnoxious guy or an interesting guy more likely to start a c..
In Taxland, the first $5,000 earned per year is exempt from taxation. Between $5,000 and $20,000, the tax rate is 10 percent. Between $20,000 and $50,000, it’s 15 percent. Above $50,000, it’s 25 percent. You’re earning $75,000 a year. How much in tax..
The demand function for a firm’s product is Q = P^(-3). The firm’s marginal cost of production is constant at MC(Q) = 12. Calculate the elasticity of demand, as a function of Q. Based on your answer to (c), what is the firm’s profit-maximizing price?
Cartels with a small number of industries have a greater probability of reaching the monopoly outcome than do cartels with a larger number of industries.
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