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Q1. How does the theory of efficient production apply to managers of government bureaus or departments that are not run for profit? How about nonprofit clubs that collect just enough dues from their members to cover the cost of operation?
Q2. Q=100P-0.3 represents a demand curve. Obtain a demand schedule also a demand curve. What types of products which may exhibit this type of non-linear demand curve? Explain from cost, price and competition perspective
Q3. Most states require that you purchase modest automobile insurance when you buy a car. Use an indifference curve diagram to show that this mandate reduces utility for some people. What kinds of people are most likely to have their utility reduced by such a law? Why do you think that the government requires such insurance?
A basic theory of underlying macroeconomic behavior and therefore useful for making policy predictions. Briefly explain.
Write down the profit maximization problem of the representative firm. What is the new short run equilibrium price and production.
Provide a rational for why you feel the new target market and pricing strategy would be successful and the likely impact to the profitability of the firm.
Evaluate the role and the effectiveness of the Federal Reserve in stabilizing the current economy.
Can you find a Nash equilibrium in pure strategies that is not efficient. In some legislatures, proposals for modifications of the law are formulated by committees.
Clarifying resource demand as well as differs from those determinant product demand.
Elucidate how do the GDP per capitals change after accounting for price indices.
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitute's one product for another. Use examples to illustrate.
The Australian government administers two programs that affect the market for cigarettes
Illustrate the expected total monetary loss under 4% of annual interest rate if this park is permanently closed this year.
If the demand curve is much more inelastic than the supply curve, clarify whether buyers or sellers will shoulder more of the tax burden from a new tax placed on the sellers.
As before pleasing the job, you admit a surprise offer from a competitor. Elucidate how much producer surplus have you earned, if you actually earn $2600 during the month.
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