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Show how a buyer with monopsony power sets its output, indicating the correct intersection on a fully labeled diagram. Is it correct that “a monopsonist hires fewer people at higher pay than would prevail in a competitive market”? Explain your answer.
There is a life-saving drug for Hepatitis C (Sovaldi). It can cost up to $84,000. There is one and only one provider of it. You are around the dinner table with your family this weekend and your family knows you have been taking Health Economics. wha..
The president of the US announces in a press conference that he will fight the higher inflation rate with a new anti-inflation program. Predict what will happen to interest rates if the public believes him. If the public believes the president's prog..
Suppose that Charles, an economist from an AM talk radio program, and Dina, an economist from a university in Massachusetts, are arguing over government intervention. The following dialogue shows an excerpt from their debate:
Explain how the United States calculates unemployment and why many economist do not find this as a real economic indicator. How is unemployment calculated in other countries? Give two examples. What are your thoughts and ideas on this?
Assume this economy is closed to trade, and compute consumption, government purchases, national saving, and investment.
A dissenting opinion in this case argued that Jerry Schuster did carry on his father's business and should be liable for obligations of the continued business. Does that strike you as reasonable? Shouldn't a warranty be valid so long as the business ..
Suppose that the price of Hershey’s chocolate increases. What would happen to equilibrium price and quantity in the market for Godiva chocolate? Be able to draw the graph that illustrates your answer.
Examine the first diagram showing the monthly production possibility frontier for the Tivoli and the monthly production possibility frontier for the Frivoli. Which tribe now has an absolute advantage in producing spaghetti? Which has the comparative ..
Sometimes, a bidder on a work contract may bid lower than what would maximize his/her profit from the contract and the reason for that is to create goodwill. How would you value the goodwill that is obtained in this way?
According to an early study conducted by the U.S. Department of Agriculture, 8,500 pounds of milk can be produced during a specified time period by a cow fed the following combinations of hay and grain:
q1. currently there is an incumbent monopoly in a market. a potential entrant may enter. the incumbent can spend x
Suppose the MWTP in periods 1 (now) and 2 (one year from now) is given by P = 8-0.4q. Marginal extraction cost = $2. r = 10%. The available supply is 20 units. Suppose 13 units are consumed in period 1 and 7 units in period 2. Calculate the present v..
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