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Suppose the book-printing industry is competitive and begins in a long-run equilibrium.
Draw a diagram describing the typical firm in the industry.
Hi-Tech Printing Co. invents a new process that sharply reduces its cost of printing books. What happens to Hi- Tech's profits and the price of books in the short run when Hi-Tech's patent prevents other firms from adopting the new technology? Draw it.
What happens in the long run when the patent expires and other firms are free to use the technology? Draw it.
Describe how the system converges to its new equilibrium. What happens to the equilibrium wage in the long run? What happens to the equilibrium population size in the long run?
To give Mom a day of rest, Dad plans to take his two children, Bart and Cassie, on an outing on Sunday. Bart prefers to go to the amusement park (A), whereas Cassie prefers to go to the science museum (S). What is the rollback equilibrium to this gam..
Explain why the price elasticity of demand is negative. What would the price elasticity of demand be for a “prestige good”, one for which quantity purchased increases as price increases? How do you reconcile these two statements?
Demonstrate that inflation is always a monetary phenomenon in the long-run, and explain why it might not always be a monetary phenomenon in the short-run.
General Electric paid its line workers $10 per hour last year when the Consumer Price Index was 100. Suppose over the past year that deflation occurred and the aggregate price level fell to 80. GE must pay its workers $ this year in order to keep the..
Assume that major wheat producers in the world increased their land under wheat by 30 percent. Graphically show the effect of increase in land under wheat on the grain market.
If the point price elasticity of demand equals -2 and the marginal cost per unit is $10, the optimal price is: a. $5 b. $10 c. $20 d. impossible to determine without further information. 6. When the cross-price elasticity : a. demand rises by 3% with..
Current annualized yields on 1 year US treasury securities are only .28%....while current annualized yields on 2year US treasury securities are .69% (note you may assume that both 1 and 2year securities in this example are “0” coupon securities with ..
Demand for microprocessors is given by P=35 - 5Q where Qis quantity of microchips in millions. The typical firm’s total cost of producing a chip is Ci=5qi where qi is the output of firm i. Suppose that one company acquires all the suppliers in the in..
Consider the following game. Firm 1, the leader, selects an output q1, after which firm 2, the follower, observes the choice of q1 and then selects its own output q2. The resulting price is one satisfying the industry demand curve P = 200 − q1 − q2. ..
How do segmentation of global financial markets, government incentives to attract direct foreign investment (DFI) and variation in national tax rates allow multinational corporations to lower their cost of capital compared to single country corporati..
For each case below, please state if the person mentioned is unemployed for Frictional, Structural, or Cyclical reasons.
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