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Read Eye on Cell Phones on p. 445 and explain why cell-phone producers offer such a large variety of their products. Draw a graph of a firm's cost and revenue curves if all cell phones are identical. Use your graph to illustrate the effects of the firm introducing a new, differentiated cell phone.
What is the elasticity of supply for corn?
Now suppose the same game is played with the exception that Player A moves first and Player B moves second. Using the backward induction method discussed in the online class notes, what will be the outcome of the game
Suppose a prot-maximizing monopolist is producing 800 units of output and is charging a price of $40 per unit.a. If the elasticity of demand for the product is $ 2, nd the marginal cost of the last unit produced. b. What is the firm's percentage mark..
Yo=1200 Y=C+I+G C=130+.5(Y-T) I=(-400)-(10R) G=150 T=50 1. Compute private savings 2. Compute public savings 3. Compute the value of the equilibrium real rate of interest (R) 4. Suppose G rises from 150 to 200. What is new R?
The historical average had been 6 to 8 percent. Many recent graduates were taking jobs outside law at much lower wages than were typically paid to beginning lawyers. Based on this information, what would be your prediction about lawyers' salaries f..
Which has the smaller outside lag-fiscal or monetary policy?
After a careful study, a firm has estimated its production function as follows: ln Q = 0.375 ln K + 0.625 ln L, where Q = units of output, K = units of fixed factors and L = units of variable factors. What kind of returns-to-scale does the firm e..
What was potential GDP for the third quarter of 2001? What was the actual level of real GDP for that quarter? What was the size difference between the two-the negative GDP gap? If the multiplier was 2 in that period, what was the size of the econo..
In practice, about 15% of the total heat loss is through the air gap. How does the steady-state parabolic heat-flow solution change if one adds a heat conduction path through the air gap? (You can explore this either with analytical methods or wit..
You are the manager of a Mom and Pop store that can buy milk from a supplier at $2.00 per gallon. If you believe the elasticity of demand for milk by customers at your store is -3, then your monopoly price is.
A discriminating monopolist faces the demand schedule Pmkt = 225 - Q and MC = 125 a) What is the market-clearing price for the discriminating monopolist b) How much will the monopolist produce c) What is the net profits of the monopolist
Consider the production function f(L;K) = L + K. a. Suppose K is ?xed at 2. Find algebraic expressions for the total product of labor function TP(L), the average product of labor AP(L), and the marginal product of labor MP(L).
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