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Q1. Currently, there is an incumbent monopoly in a market. A potential entrant may enter. The incumbent can spend X dollars lobbying to require all new firms that enter the market to use a pollution-abatement device that costs Y dollars to install. If lobbying occurs, the pollution-abatement device will be required. Draw the game tree describing this situation. Under what conditions will the monopoly lobby?
Q2. Suppose that the supply curve of healthcare services is perfectly inelastic (i.e., vertical). Analyze the impact of an increase in consumer income on the market price and quantity of the services. Now, suppose that the demand for healthcare services isperfectly inelastic (i.e., vertical), while the supply curve is upward sloping. Analyze the impact.
Sets out the aggregate demand and aggregate supply schedules in Japan. Potential GDP is 600 trillion yen. What is the short-run macroeconomic equilibrium.
Suppose that the only input used in the generation of solar energy is sunlight
Compare the competitive price charged and quantity produced under perfect competition and monopoly. Other than identifying the presence of only one producer under monopoly, why do we tend to see this differential.
Excise tax is levied on the buyers of a good, then after the tax buyers will pay for each unit of the good.
Explain how the short-run Phillips curve, the long-run Phillips curve, the short-run aggregate supply curve, the long-run aggregate supply curve, and the natural rate hypothesis are all related.
Alex's Furniture Mart produces and sells tables in a perfectly competitive market. When Alex's Furniture Mart produces and sells 250 tables.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Suppose that these cost figures accurately refl ect the economic costs of providing inpatient services at these two hospitals and that the two hospitals face the same average total cost curve.
Gains from trade will result if a country specializes.
If she neither borrows nor lends, which project has the higher present value at the interest rate 50%. Which has the higher present value at an interest rate of 5%.
A local community voting to raise property taxes to increase school expenditures
Explain what occurs when a new technology makes another one obsolete in terms of economic profit?
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