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"Capital and Interest"
You are the economist of a firm with market power. The inverse demand for your product is given by P= 200 -10Q and your marginal cost is 5 + Q. What is the profit-maximizing level of output? What is the profit-maximizing price?
Suppose a firm faces the demand curve which gives a constant price elasticity of demand of -2. (recall the Lerner index) 1. If the firm's marginal cost is constant at $2, what is the profic-maximizing price and quantity? 2. If the firm's marginal cos..
Suppose that increased international trade makes product markets more competitivein U.S., would we expect to observe an upward slope on the WS curve or the PS curve
A tax levied on the buyers (demand side) of a product: Which of the following can occur as a result of advertising in a monopolistically competitive market? Check all that apply. An adverse effect of rent control is that it creates a shortage in the ..
You are borrowing money to buy your first house that costs $250,000. You go to the first bank you see, Big Attitude Bank, and they are charging 5% interest. After taking this class, you decide to shop around and find a bank called Super Cheap, that i..
Classical model (against government intervention) and the Keynesian (in favor of government intervention) views regarding government intervention in the economy. what events and when are the most beneficial time to have the governement intervene. Why..
A large wood products company is negotitating a contract to sell plywood overseas. The fixed cost that can be allocated to the production of plywood is $800,000 per month. The variable cost per thousand board feet is $155.50. The price charged will b..
Suppose that the currency-to-deposit ratio is 40 percent and that the excess reserve ratio is 1 percent, whereas the required reserve ratio is 9 percent. Calculate the effect of an open market sale of $10m on the money supply (M), checkable deposits ..
Suppose for three years income has been increasing and the income elasticity of demand for ACME tools is 0.3. What will the change in the number of ACME tools being purchased be, if the rise in income over the past 3 years has been 10%. If forecaster..
For each of the following sets of supply and demand curves, calculate equilibrium price and quantity.
If today's production of capital goods exceeds the depreciation of capital.
Draw below a illustration of marginal cost and average total cost curves for a small firm that is in long run equilibrium. a. locate the long run equilibrium price and quantity if the firm is perfectly competitive. b. Label the price and quantity P1 ..
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