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Prompt: The inverse market demand for mineral water is P = 200 - 10Q,where Q is total market output and P is the market price. Two firms have complete control of the supply of mineral water and both have zero costs.
Calculate the DWL from Cournot oligopoly.
Denote the Cournot quantity for each firm by qa, and denote half of the monopoly quantity by qb. Suppose that the two firms interact with each other for infinite periods, and in each period they choose quantities simultaneously.Consider the following collusive strategy, the same as discussed in class: produce qb only if no one has cheated so far, and produce qa forever if some has cheated before. Assume each firm acts to maximize its sum of discounted profits where the interest rate is r. For what values of r can such collusion be sustained?
Assume no change between 2005 and 2006 in the population, percentage of part time workers and working age population. Second, discuss in detail how the numbers show the unemployment rate can fall even if there are no new jobs being created. List t..
Which of the following is an expansionary fiscal policy? Which of the following combination of assets is considered to be money? When you buy a ticket to the rodeo, you are using money as a(n).
Assume that prior to the increase in G and T that G=1,200 and T=1,200. Calculate the values of C, S, I and r before G and T go up? What happens after the increased spending to C, S, I and r? What explains the changes in S, I and r
Illustrate what is the labor variance for the month. Illustrate what is the labor efficiency rate for the month.
Assume that the United States economy is in long-run equilibrium with an expected inflation rate of 4 percent and an unemployment rate of 6 percent. The nominal interest rate is 9 percent. Using a correctly labeled graph with both the short-run and..
Consider an exchange economy with two goods, 1 and 2, and two consumers, A and B. The consumers are initially endowed with a total of unit of each good, i.e. w1 = w1A + w1B = 1 and w2 = w1B + w2B = 1.
The energy Department estimates that domestic demand for natural gas will grow by more than 40 percent between now and 2025. Distinguish between a demand function and a demand curve.
The long-run growth rate of potential output is 3% per year, velocity is constant, the money supply grows at a rate of 5% per year. Initially, actual output equals potential output. The nominal interest rate is 3.5%. Prices are sticky in the short..
1. when the demand line is perfectly elastic there is no deadweight loss after taxation.2. firms must not operate if
Derive the IS curve in the (Y, i) space using the aggregate demand plot in the (Y, AD) space.
Explain carefully how oligopolies can use product differentiation strategies to increase barriers to entry. Consider both brand name creation and product line proliferation strategies.
If the marginal product of the second worker hired by a firm is 14 units and the price of a unit of output is $7 regardless of the quantity of output sold, then the marginal revenue product of the second worker is?
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