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Initially, Michael has 10 candy bars and 5 cookies, and Tony has 5 candy bars and 10 cookies. After trading, Michael has 12 candy bars and 3 cookies. In an Edgeworth box, label the initial allocation A and the new allocation B. Draw some indifference curves that are consistent with this trade being optimal for both Michael and Tony.
What is the competitive equilibrium price per ride and what is the equilibrium number of rides per day? How many boats will there be in equilibrium? In this competitive market, what is the aggregate profit?
Suppose that due to a new government study, consumer preferences for chicken suddenly increase. In the model of consumer theory, this would be represented by, During the 1990s, some countries lifted price ceiling on eggs.
Discuss the current monopoly to provide a brief overview of the company. How did the monopoly arise? Did the monopoly increase barriers to entry? Does the company behave like a monopoly or more like a competitive firm?
Assume that the two firms behave as Cournot Duopolists. Explaining the concept of best response or Creaction function, determine the best response function for each firm. Calculate the profit maximizing output of each firm and the market price.
Describe how each of the following will affect the price and quantity of equilibrium. To find out the new values, describe how the supply and/or demand curves will shift in the following cases (if at all).
particularly on the retail end where drug dealers sell the drug to consumers in the U.S. What would you predict would happen to the economic profits of the drug dealer? Suppose the family in South America form a cartel What is the result of the ca..
The governments at certain times have said they are going to cut the federal budget to decrease government spending. What are the two types of government spending categories and what roles do they play.
On average college graduates earn significantly more income than those with less education and the disparity tends to widen into middle age. marginal external cost equals marginal private cost minus marginal social cost.
Last year the US low-cost-carrier Spirit Airlines entered the Dallas-Chicago market. The average ticket price for all airlines servicing the route fell from $200 to $180. After Spirit's entry, the number of passengers increased from 700 to 800 pe..
The monopolist has a constant marginal and average total cost of $50 per unit.than find the monopolist’s profit-maximizing output and price.
Determine whether each of the following increases, decreases, or remains unchanged in the short run: the market interest rate, the quality of money demanded, investment spending, aggregate demand, potential output, the price level, and equilibrium..
Defines the price of the imported good as the foreign market price before it is loaded into the ship, train, or plane for shipment to the importing country.
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