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The manager of a local monopoly estimates that the elasticity of demand for its product is constant and equal to -3. The firm's marginal cost is constant at $10 per unit.
a. Express the firm's marginal revenue as a function of its price.
MR = x Pb. Determine the profit-maximizing price.
Elucidate the fiscal policy also which factors limit its effect.
Which of the following is the result of competing through advertising for a monopolistically competitive firm? Which of the following is true about advertising?
One basic popular voting scheme is rank-order voting, where individuals assign a rank (1,2,3) to the possible alternatives; the assigned ranks are then added up and the alternative with the lowest sum wins. Consider a choice among the 4 alternativ..
Assume that the yearly personal income per capita is in the US is $39,000 in 2008, the price of gasoline is $4.00 per gallon, and the consumption of gasoline per capita is 450 gallons.
The number of repairs manufactured through a computer repair shop depends on the number of employees as follows:
For an unknown reason, aliens kidnapped all immigrants residing in the US. One morning America wakes up and finds that the only people left in the country are American citizens, while all legal and illegal immigrants are gone.
Calculate total factor productivity growth (our measure of technological progress) for each country using the growth accounting framework discussed in class.
Explain how one might interpret periods where these measures are significantly different from each other as periods during which supply shocks occurred.
The economy of a country called Econoland is described by the following desired aggregate expenditure components (all figures in billions of $). For the purposes of this question, the first set of equations will be referred to as fiscal policy1.
Elucidate what is the cross elasticity of demand for pipes and pipe tobacco.
explain how the changes in the equilibrium price also quantity.
Illustrate what should it do in the short run. Restricting the issuance of Federal Reserve Notes because paper money is the largest portion of the money supply.
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