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1. Evaluate the following statements and discuss whether they are true, false or uncertain. Justify your answers.
(i) A monopolist encounters a linear demand curve should always produce at the point where the demand is unit elastic in order to maximise profit.
(ii) Applying the rational spending rule, a consumer consuming two products A and B should always buy more A and less B if the marginal utility of the last unit of A consumed is higher than that of B.
Distinguish macroeconomics and microeconomics. What is the difference between positive and nonnative economics? How can knowledge of positive economics be useful in normative economics?
a. Describe a situation where prices have been held out of equilibrium due to government intervention in the market-the obvious ones discussed in the text are rent control and agricultural subsidies. You may use a specific example of one of these,..
What is your evaluation of Smucker's business lineup and its acquisitions since 2002? How attractive is the processed foods industry? How strongly positioned are the company's brands in each segment of the industry?
Make supply and demand diagrams for market A for each of the following. Use these diagrams to determine how each of following changes in demand or supply affect equilibrium price & equilibrium quantity.
Illustrtae what is the Nash equilibrium without an enforceable contract. Explain why this is the likely outcome.
In the coordination failure model, suppose that consumers’ preferences shift so that they want to consume less leisure and more consumption goods. Determine the effect on aggregate variables in the good equilibrium and the bad equilibrium, and explai..
Assume that potential rural-urban migrant would work for two periods ( of some length) in either the rural or the urban area.
A firm uses third-degree price discrimination to sell the same cologne under two different labels. The price elasticity of demand for `High Class' is -1.25. The price elasticity of demand for `Splash-This-Stuff-On' is -2. Which one of the followin..
Would you face imperfect, monopolistic, oligopolistic, or perfect competition - What sort of circumstances would you have to be aware of, and why?
The use of fiscal policy to achieve a noninflationary full-employment gross domestic product without regards to the effect on public debt or policy that balances the economy rather than the budget is known as?
You should understand the derivation of the aggregate supply and aggregate demand schedules and you should be able to distinguish between movements along these schedules and shifts in the underlying schedules themselves.
Assuming this is a sequential move game with the employer moving first, indicate most likely outcome. Does the ability to move first give the employer an advantage? If so, how? As the employee, is there anything you could do to realize a higher..
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