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During the period of airline regulation, the government set airline fares and regulated an air carrier's entry into and exit from particular markets. Assuming that the incumbent airlines made economic profits while they were regulated, what impact, if any, did the government's regulation of routes have upon air carrier's ability to make profits?
Illustrate the economy's adjustment to its long run equilibrium only, as the formerly dislocated (and now retrained) labour force is finding employment in new industries.
Provide brief but theoretically sound explanation for each of the following.
Finding the short run and long run profit maximizing price - quantity and number of firms in industry.
Discuss the feasibility of lower middle or low income countries resorting to fiscal stimulus to stave off recessions in their own economies. You can use one or more countries as examples.
A monopolist faces demand curve p = 11-Q , where Q is measured in thousands of units. Compute the firm's degree of monopoly power using the Lerner index?
Suppose that natural real GDP is constant. For every 1 percent increase in the rate of inflation above its expected level, firms are willing to increase real GDP by 2 percent.
How many "spells" of unemployment occur each year in this economy? What percentage of the "spells" are only one month long?
Construct a table shoeing Grey's marginal sales per day in each state. Calculate Grey's maximum monthly commission income.
Let the market demand for rye bread be given by Q = 500 + I - 250P rye + 400P wheat , where Q is monthly demand in number of loaves, I is average monthly income in dollars
What is the level of price, output, and amount of profit for an unregulated monopolist? Analyze the effect of regulation on the allocation of resources. Which situation is most efficient? Which situation is most likely to be chosen by government? ..
Draw marginal revenue function for this firm. What is the profit-maximizing price for this firm? On the graph describe the area, this represents the net loss to society resulting from the monopoly power conferred by the patent.
Explain the influence that transferable property rights versus non-transferable property rights, has on individual decision making.
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