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1. Explain why a monopolist's marginal revenue curve lies bellow the demand curve. Explain why this leads the monopolist to produce an inefficient quantity.
2. Discuss the labor market from the two point views of supply and demand.
3. Discuss about the pros and cons of the outsourcing.
A more serious problem with input-based pay systems (e.g., a wage her hour), relative to an output--based system, is:
A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to 70% of their equity. They purchased their home 11 years ago for $74,102. The home was financed by paying 15% down and signing a 30-year..
Select a news article dated within the previous two months and analyze the issue using the economic concepts and theory learned in this class. Include at least one graph developed in our course.
Why might consumers’ price elasticity for ice cream cones once they are in an ice cream store be .20 and their longer-term price elasticity be 1.2?
Antitrust authorities at the Federal Trade Commission are reviewing your company’s recent merger with a rival firm. The FTC is concerned that the merger of two rival firms in the same market will increase market power. A hearing is scheduled for your..
Suppose there are two types of workers: high-ability and low-ability. Workers know their own abilities but firms do not. A high school diploma costs a high-ability person $10,000 and costs a low-ability person $15,000. What value of $K guarantees tha..
Graphically depict using the Average Total Cost curve (among others) why efforts to break up a monopoly into many small firms will not be successful. Explain your intuition as well.
A competitive firm has the production function q = f(L,K) = sqrtL + 2sqrtK , for which MPL= 1/2sqrtL and MPK = 1/sqrtK. Find the firm's conditional factor demands for L and K at the factor prices w = 4 and r = 2. What is the firm's (total) cost curve..
Imagine a Harrod-Domar setup. Suppose that a developing country's capital-output ratio (k) is 4, and the savings rate (s) is 12%. Depreciation is 1%, and the population growth rate is 2%. What will be the equilibrium growth rate of GDP? What is happe..
Illustrate what is most X that can be produced? most Y. Illustrate what is formula for opportunity cost of X in terms of Y in this economy.
Explain how does imposing rent controls affect the number of housing units available to low-income families
Brazil is the world's largest coffee producer. There was a severe drought in Brazil in 2013-2014 that damaged Brazil's coffee crop. The price of coffee beans doubled during the first three months of 2014. Draw and discuss a supply and demand diagram ..
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