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Q1. If the equilibrium level of aggregate expenditure is 80 billion as well as there is a reduction in consumption of 2 billion, what will the new equilibrium level of aggregate expenditure be?
Q2. Clarify the statement: "Fixed costs exist only in the short run. There are no fixed costs in long run." Why might the time frame for the "short run" differ from one industry to the next? Provide examples of two industries with different time frames for the short run. Clarify why this is the case.
Jim Bradley is the director of the Bradley bakery. He has collected data on his store for the past year.
Give an example of a government created monopoly. Is creating this monopoly necessarily bad public policy?
At what level of output are total profit maximized. Illustrate what price will be charged.
Suppose a consumer is at an optimum, consuming 6 hamburgers a week at a price of $1.50 each and 10 donuts a week at 50 cents a donut.
The consumer is indifferent between B and a lottery ticket with probabilities. Construct a set of von Neumann - Morgenstern utility numbers for the four situations.
If the marginal cost of planting and harvesting an acre is $7000 per acre for each of the five acres, how many acres should the farmer plant and harvest.
Suppose that a pay equity plan has just been put in place in your organization. The pay equity consulting firm did a job evaluation and assigned points to each of the male-dominated and female-dominated jobs.
Explain the process of how that movement occurred using behaviors of consumers and suppliers. Graph the movement between the two points as well.
Bud Owen operates Bud's Package Store in a small college town. Bud sells six packs for off-premises consumption.
Carefully explain the concept of the reaction function in duopoly analysis.
Suppose the point of tangency that characterizes long-run equilibrium for a monopolistically competitive firm occurs at Q1 units of output.
Show how each of the following would initially affect a bank's assets and liabilities.
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