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Two identical firms face linear demand. Market demand is given by P=30-Q. Suppose both firms face zero marginal costs.
1. Solve for Cournot equilibrium prices and outputs.
2. Solve for Stakelberg equilibrium prices and outputs.
3. Compare graphically consumer and producer surplus in Cournot and Stakelberg equilibria to perfect competition.
What is the share of Household A's income spent on education? Does this household consume more or less education if EF = 20 is provided by the government? What is the share of Household B's income spent on education?
Mention the four assumptions for the Monopolistic competition model.
Recently, a troubled bank borrowed $800 million from the Federal Reserve. Describe the impact this event had on the monetary base.
Find out an article which is related to health economics from health journal. Some possible sources include Health Affairs
Using the dynamic augmented Phillip's Curve model (Y/PC/MR), demonstrate the effects of the Following changes. Show both the short-run and long-run effects.
If I told you that GDP was forecast to rise by a bit more than 3% over the next year, what would that mean to you? What should you be asking about the forecast?
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
Atlantis is a small, isolated island in the South Atlantic. The inhabitants grow potatoes and catch fresh fish. The accompanying table shows the maximum annual output combinations of potatoes and fish that can be produced.
Suppose that a perfectly equal distribution of income existed in Disneyland. Which of the reccent residents would have the same income he or she has in present distribution?
The impact of changing from a federal income tax to a federal consumption tax would be:
List and explain the sources of expenditures in economy by focusing on the 4 major sectors of economy.
What is the hypothesized elasticity of demand for one product/service that is produced by the company (or a product/company you are familiar with)?
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