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Humpty Dumpty receives some nonlabor income and decides not to work Draw a graph with leisure on the horizontal axis and consumption on the vertical axis showing his preferences, budget constraint, and the optimal consumption bundle. Label the intercepts and the optimal bundle.
Value added is the
Describe an example of a real-world industry or market that would be considered by economists to be a natural monopoly. What characteristics of the industry make it a monopoly? What is the impact of the monopoly power on its customers? Why might gove..
Imagine a firm in monopolistic competition. A firm in monopolistic competition produces a product that you are familiar with, such as clothing and food. Explain the decisions you will make to maximize profit. Compare oligopoly (when there are only tw..
If the general inflation rate is 6% compounded monthly, find the Actual-dollar value and the Constant -dollar value of the 20th payment.
In a situation that occurs only once, if you advertise and your rival advertises, you will each earn $5 million in profits. If neither of you advertises, your rival will make $4 million and you will make $2 million. What is the solution or equilibriu..
Suppose the interest parity condition holds and that the domestic interest rate is greater than the foreign interest rate. What does this imply about the current versus future expected exchange rate? Explain. Suppose the one-year nominal interest rat..
Have you or members of your family cut back on spending? If so, in what ways? Have you or members of your family tried to save more? Why or why not?
At the end of the one-year contract, what will his "friend" offer John as the price for an extension of the deal?
Supply and Demand in the Cell Phone Market.
The property appraisal office for Mobile County has just installed new software to track residential market values for property tax computations. The manager wants to know the total equivalent cost of all future costs incurred when the county commiss..
An industry demand curve faced by firms in a duopoly is P =69 - Q, where Q = Q1 + Q2. MC for each firm is 0 ( note: Marginal Revenue has twice the slope as the demand curve.) How many units should each firm produce? How much money will each firm make..
Assume that a country's production is Y = L^0.5K0.5. Capital lasts 20 years. Savings rate is 20%. How much is capital per worker in steady state? How much is output per worker in steady state? How much is consumption per worker in steady state? What ..
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