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Which of the following are the ideal conditions for a laissez-faire economy?
a. external benefits and perfect competition
b. external benefits and oligopoly
c. no externalities and no barriers to entry
d. no externalities and moderate barriers of entry to protect consumers
e. either A or B
A medical device company has a monopoly on a certain class of cardiac implants. Demand for the implants is given by P=28000-5Q and marginal revenue is given by MR=28000-10Q. The total fixed costs for the implants division is 50000 and the marginal co..
Explain difference between nominal and real variables and give two examples of each. According to principle of monetary neutrality, which variables are affected by changes in quantity of money.
A simple model of search. Consider an agent who lives two periods. He is unemployed at the beginning of the first period and has a wage offer of w. If he accepts the wage offer w, he will work forever at that wage. What is the expected value of the p..
A price floor reduces the amount of a product that consumers buy because it keeps the price above the competitive equilibrium of market.
In the argument for why perfect competition is allocatively efficient, the price that people are willing to pay represents the gains to society and the marginal cost to the firm represents the costs to society. Can you think of some social costs or i..
q.the us government could not pass its annual budget. as a result the us government has partially shut-down roughly
Use the model of aggregate demand and aggregate supply to illustrate the initial equilibrium (call it point A). Be sure to include both short-run and long-run aggregate supply
AZ approved 98 patients for organ transplants, but those patients have been told they can no longer receive transplants because of budget cuts. The state is facing a $1.5 billion budget deficit and has cut all of their state-funded lung transplants a..
Which of the following market conditions in an oligopoly increase the probability that it will be able to maintain prices well above the competitive market level? Explain your answer briefly in each case.
Suppose a person has $20 to spend on music and likes both rap music (R) and country music (C) with a set of preferences so that U=C^1/2R^1/2. Write down the budget constraint equation for him. Show his optimal consumption choice in a graph. Use the h..
What is probability that these 64 students will spend a combined total between $703.59 and $728.45.
The expected annual net savings in operating costs will be $25,000 during the first year and $40,000 during the second year. If your interest rate is 10%, what would be the equivalent net savings per machine-hour?
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