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In the initial Bertrand equilibrium, two firms with differentiated products charge the same equilibrium prices. A consumer testing agency praises the product of one firm, causing its demand curve to shift to the right as new customers start buying the product. (The demand curve of the other product is not substantially affected.) Use a graph to illustrate how this new information affects the Bertrand equilibrium. What happens to the equilibrium prices of the two firms?
Assume that instead the market is monopolized and the monopolist's marginal cost function is 2+Q. Calculate the consumer and producer surplus. How much has the producer gained versus the competitive example in part 1.
Receipt of a letter from the tax authorities stating that additional income tax is due for a prior year. 3 Filing of an antitrust suit by the federal government
Is the fact that the yen interest rates shown never drop below zero a coincidence, or can you think of some reason why interest rates might be bounded below by zero?
Obtain the three CPS wage datasets, do the following for each of the three datasets, at at the end compare your results. (1) Specify and estimate a model of hourly wages using our CPS data
How is full-employment output, Y, determined in the Keynesian model with efficiency wages? In this model, how is full-employment output affected by changes in productivity (supply shocks)? How is it affected by changes in labor supply?
Explain how to quantify the gains
where N is the set of all individuals in the population, and hi is the human capital of individual i. Assume that H is fixed. Suppose there are no human capital externalities and factor markets are competitive.
In contrast, such changes became frequent in the interwar period. Can you think of reasons for this contrast?
The bank pays a. 10%, b. 11.25%, per year, compounded annually, on such deposits. What is the maximum fixed amount Mr. Jones can withdraw at the end of each year and still have the funds last for 15 years? Ans: a.$9,203.16; b. 9,869.27
For the isocost line, clearly identify the vertical and horizontal intercepts. For the isoquant, clearly identify 5 combinations of Labor and Capital that will produce Q = 20 (including the bundle that minimizes the firm's cost of production). M..
A small country imports a product with a world price of $9. The domestic industry is composed of numerous small firms who together have a supply function Q = 2P/3. The domestic demand function is Q = 40 - 2P. There is a tariff of $3 per unit.
Determine the equation of the three lines drawn from each vertex to the midpoint on the opposite side. These lines are called the medians of the triangle.
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