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In a perfectly competitive market an individual firm (seller) faces a perfectly elastic (horizontal) demand curve, set at the market price. With a horizontal demand curve, is there any consumer surplus? Why or why not? What does this indicate about the impact on consumers should a single firm shut down?
In any of the other market structures (oligopoly, monopolistic competition, or monopoly), the sellers face downward sloping demand curves. Is there any consumer surplus generated? Why or why not?
Illustrate what does this theory predict about the term structure of interest rates in terms of how the yield of long term bonds are related to yields on a sequence of 1 year bonds.
Explain how premium business models work. Make sure to include the mathematical equations we used in the Dropbox case study to describe the economics of this type of offering (calculating how many paid customers are needed to support free customers).
Find the demand for L and R. (Hint: Use your result from part 3 and the budget constraint.) Now assume that the price of right shoes increases. What will be the substitu- tion eect from this price change? Explain.
In an oligopolistic market, firms pay close attention to the strategies of their rivals. In monopolistic competition, with a large number of sellers, it is assumed that there is not this kind of rivalry, or interdependence. Why is there probably some..
Either an increase in demand with the supply curve held constant or a decrease in supply with the demand curve held constant will raise a market's equilibrium price.
In the United States, the majority of individuals who have private health insurance
The Federal Reserve open market committee which meets once every 6-8 weeks to discuss monetary policy met on June 16-17 this week. Investors around the world are searching for clues about how soon and how fast the Fed will raise interest rates.
One of the partners favors moving downtown because she believes the additional business gained by moving downtown will exceed the higher rent at the downtown location plus the cost of making the move.
You are the manager of a firm that receives revenues of $60,000 per year from product X and $80,000 per year from product Y. The own price elasticity of demand for product X is -1.5, and the cross-price elasticity of demand between product Y and X is..
Draw a supply and demand curve, label X & Y axis and show equilibrium. Show a shift in demand and supply, and why it has occurred (non-price determinants). Describe all changes. Show in two or more graphs and use 2 examples for each - supply and dema..
In the text we stated that the bank of Canada's long run policy target is the rate of inflation. What experiences have led many central banks to choose this long-run policy target?
Elucidate why a currency depreciation leads to an improvement in a countries balance of trade.
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