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Describe the factors that drive profits to zero in perfectly competitive markets in the long run. Explain carefully the incentives that drive the market to a long run equilibrium.
Suppose a second firm enters the market. let Q1 be the output of the first firm and Q2 be the output of the second. What is the profits of each firm as functions of Q1 and Q2.
For the following situation, come up with a game (in normal form – the matrix representation we have been using) to describe the situation. Determine the pure strategy Nash equilibria.
Reflect on the notion of fiscal union within the European Union. Why is it becoming necessary? Can it be achieved quickly enough to avert financial disaster within the trading bloc?
Suppose that the U.S. government decides to charge beer consumers a tax. Before the tax, 15 billion cases of beer were sold every year at a price of $7 per case. After the tax, 9 billion cases of beer are sold every year; consumers pay $10 per case (..
Examine the following list of goods and services. Which goods and services should be included in Fredonia GDP in 2009, which should be excluded, and why.
If the government imposes a quantity tax on the consumption of a good, it means that the consumer has to pay for each unit of the good its price plus the tax. For example, if the price of a chocolate bar is $5 and the government imposes a tax of 20 c..
Until the 1977 Supreme Court decision in Bates v. State Bar of Arizona, all states prohibited advertising by attorneys. That decision gave constitutional protection to an attorney’s right to advertise the availability of their services and the fees t..
The data is listed per quarter, and real GDP data was calculated using 2005 as the base year. Fill in the columnns for the GDP deflator and for the percent increase in price level.
The vertical intercept for the demand curve is at 500 and the vertical intercept for the supply curve is at 100. Initially, there is no tax on the market, and the airplane sells a quantity of 40 units at a price of $420. But at some point, because bo..
EverKleen Pool Services provides weekly swimming pool maintenance in Atlanta. Dozens of firms provide this service. The service is standardized; each company cleans the pool and maintains the proper levels of chemicals in the water. At what output le..
Assume the market for fruit from a local fruit stand has the supply and demand curves given below. Find equilibrium price and quantity in the market. Calculate consumer surplus at equilibrium. Calculate producer surplus at equilibrium.
If labor is paid $100 and your average tool price is $250 what is profixt maximizing level of output and labor? What is your maximum profit?
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