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The City Council in Bigtown is debating whether to give monopoly rights to Bigtown Cable TV, Inc. Bigtown Cable is arguing that monopoly rights will allow it to employ more people at higher wages. As the staff economist for the City Council, analyze this argument for them (they want graphs as part of the explanation).
Assume the model Y = C + I + G + X - M, where C = a + bYd and Yd=Y - Tx; Tx is exogenous; I = f( i but MPI = 0; G = Go and X = Xo; M = Mo + mY; an increase in aggregate income a decrease in aggregate income no change in aggregate income an income cha..
The market for lemonade in a town consists of two lemonade stands (i.e., firms), 1 and 2. An agricultural economist estimates the following demand for lemonade in this town: Q = 300 - P, where Q is the market quantity and P is the market price. find ..
Discuss the social and economic effects of colonization? How did it contribute the “Price revolution”?
A firm that sells headphones at $5 the piece has two plants, one in San Diego (US) and one in Tijuana (Mexico). Both plants make the same product but workers in Tijuana make $32 per day and workers in San Diego make $64 per day. What are the Marginal..
Suppose a company produces $5M worth of output and has sales of $2M each to domestic and foreign customers. It imports $1 M worth of raw material, pays its workers $3M in wages, pays its creditors $2M in interest, and has minus $1M in profits for its..
You work at a Gazebo company (Shady Tents) and you hire an economist to estimate the price elasticity of demand for your product, and the estimate is .9 (in absolute value) and this has been fairly stable over the last year.
In any event, the difference between what is wanted and what is obtained can cause issues. In marketing implementation, we term these "intended" versus "realized" marketing strategy. When these two items are very close to one another, the implementat..
Compare the efficiency of monopolistic and perfectly competitive markets. Discuss the economic factors that lead to the development of monopolies. Examples of monopolies include electric utilities, railroads, airlines, cable television, and sports le..
A firm has $1.5 million in sales, a Lerner index of 0.57, and a marginal cost of $50, and competes against 800 other firms in its relevant market.
Suppose that Kiribati can produce 1000 tons of breadfruit or 500 tons of fish, and that Tuvalu can produce 750 tons of breadfruit or 1875 tons of fish. What is the opportunity cost of 1 unit of fish in Kiribati? Which country has a comparative advant..
Assume the current rent is also equal Illustrate one would commonly expect for the future.
Assume that a nation’s marginal propensity to consume is 0.9, and that its potential GDP exceeds its actual real GDP by $5000. By how much should that nations government change taxes in order to completely close that GDP gap?
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