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The kinked demand curve model can be used to explain the sticky prices n markets characterized by oligopoly. A typical kinked demand curve consists of two straight lines joined at the kink. ( a piece -wise linear where P is price (in dollars and Q is quantity demanded). solve: P = 18-Q if Q is less than or = to 4 and P = 22 -2Q if Q is greater than 4. Where P is price in $ and Q is quantity demanded.
Demand in a market is found to be inelastic. Is the market necessarily an antitrust market? Is this necessarily true? If p A + t > pB , is A an antitrust market?
Suppose the People's Bank of China wishes to peg the rate of exchange of its currency, the Yuan, in terms of the U.S. dollar. In each of the following situations, should it add to or subtract from its dollar foreign exchange reserves? Why? a. U.S. pa..
Discuss the issues involved in deciding upon a value of the social discount rate for evaluating the costs and benefits of current investments to mitigate and/or adapt to climate change.
Firm manufactures bicycle component upgrade kits. Kits have a short-run average variable cost of $48 and are sold for $66 each. What is breakeven level of daily output for firm.
Kermit and Fozzie play a game with two jars, each containing 100 pennies. The players take turns, Kermit goes first. Each time it is a player's turn, he chooses one of the jars and removes anywhere from 1 to 10 pennies from it. Does this game have a ..
Are you for or against free trade? Are you for or against NAFTA? What is the economic basis for trade? Explain the underlying facts that support free trade and give an example of a good that you purchased recently that is based on resource difference..
A stock is expected to pay a dividend of $2.50 per share indefinitely. The stock is expected to generate a return of 8 percent in the foreseeable future. Based on this information, Compute a fair price of this stock.
Technology is now being developed so that road use can be priced by computer. A computer in the surface of the road picks up a signal from your car and automatically charges you for the use of the road. How would this affect bottlenecks and rush-hour..
Joe won $365,000 a year for life in the state lottery. Use the labor-leisure choice analysis to answer the following. show how Joe's lottery winnings affect the position of his budget line. Joe's utility function for goods per day (Y) and hours of le..
Economists frequently point out that factor movements between two countries can be a substitute for goods movements between the countries in terms of the impact on relative factor prices in the countries. Explain why the two types of movements can be..
Suppose that the supply curve for gold is very steep (positively sloped, but almost vertical). Would a $ T tax tend to have a relatively large or a relatively small effect upon the quantity exchanged in the market? Would there tend to be a relative..
Training is maximized when leaders set clear expectations for learners, use techniques for reinforcing learning during training, and take steps to ensure that the desired performance is maintained after training. First, briefly describe one of your j..
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