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The agricultural market for corn usually can be characterized as a purely competitive industry. How might the following events affect the shot-run cost curves and output for a firm in the industry?
a) A reduction in the cost of fertilizer that is sold to corn farmers.
b) The market price of corn falls.
c) Suppose that the farmer now markets his corn as a special blend which is different than all of the other corn offered for sale in the marketplace. How would this action change the farmer's cost curves and/or demand and marginal revenue curves?
The kinked-demand schedule that an oligopolist believes confronts the firm is given in the table below. Compute the oligopolist's total revenue at each of the nine prices
The public tends to view trade deficits with alarm while macoreconomics claims that trade deficits can actually be usefull for the economy. Discuss the macroeconomists position on trade defilicts
What is the business cycle and how is it linked to a secular trend? Describe each of the four phases of the business cycle and indicate how they a linked to the concepts of a "boom", a "recession" and an "expansion".
What are the advantages of Fed increasing interest rates if the GDP gap is positive?
What is your economic cost of buying a ticket? What is your economic cost of attending the game (once you already bought the ticket)?
Compute total revenue, marginal revenue, marginal cost, and average total cost of this natural monopoly. What is the profit maximizing output and price for this natural monopoly when the government does not regulate it?
Define and describe the difference between the absolute advantage and the comparative advantage.
What is the opportunity cost of going to a doctor to be examined for skin cancer? Would eliminating research reduce or increase the cost of U.S. health care?
What does Friedman believe about expansionary monetary policy? Do you think Keynesian economists would agree?.
Suppose you are reviewing an isocost graph. The axis on the graph shows capital units on the vertical axis, and labor units on the horizontal axis.
Suppose you want to produce WIDGETS in your country. The international price of an imported WIDGET is $50 and pays an import tariff of $10 per unit. Three inputs are needed to produce a WIDGET.
Assume that you're a member of the Board of Governors of Federal Reserve System. The economy is experiencing a sharp decline into a recessionary phase of the business cycle.
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