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Compare and contrast the market models of Pure Competition and Pure Monopoly with respect to output, price, profitability, consumer surplus, producer surplus, total surplus, productive efficiency and allocative efficiency. Which market type is more desirable strictly on the basis of economic efficiency? Why? Which market would likely result in above normal long-run economic profits?
U.S. Airways experienced huge losses for several years in the 1990s, yet it continued to operate its fleets.
Presently, AFC has on its medical staff 10 doctors and 10 nurses. The daily wage of a doctor is $600, whereas a nurse is paid only $200 a day. Write the equation for the medical isocost of AFC.
Consider the Solow model with total factor productivity At constantly growing at rate g>0. Determine the a) instantaneous impact on GDP per capita, instantaneous impact on consumption per capita, long-run impact on GDP per capita (i.e. compare the le..
Suppose the tax rate is 10% on the first $20,000 of taxable income, then 25% on the next $30,000, then 50% on all taxable income above $50,000. The government also provides a $4,000 exemption per family member. Compare the average tax rates for Ben’s..
Between Q1, 2014 and Q1, 2015 measured Output in the non- farm business sector increased by 3.2%. During this time period the unemployment rate fell from 6.6% to 5.5% and total hours worked in the nonfarm business sector increased by 2.8%. What was t..
Suppose a firm has a constant marginal cost of $10. The current price of the product is $25, and at that price, is it estimated that the price elasticity of demand is -3.0. Is the firm charging the optimal price for the product?
A company is considering the purchase of one of the following two machines that can generate the same output rate. If interest rate is 10%, determine which machine should be purchased by the use of annual cash flow analysis approach with least common..
One policy originating in this period sought to break up tribes by removing children from their families and enrolling them in Government-run boarding schools far from home.
List the leading economic Indicators that are analyzed to determine the trend of growth or decline in the economy. What leading Economic Indicators are of significance to your organization and /or Industry, and why. Define "Business Cycle". Does the ..
A piano manufacturer has a daily fixed cost of $1,200 and a marginal cost of $1,500 per piano. Find the cost C(x) of manufacturing x pianos in one day. Hint: A linear cost function, C(x) = mx + b. Use your function to answer parts b to e. On a give..
For the true value of assets to be felt, you should only hold money up to the point where its ________ is equal to its marginal benefits.
Suppose that consumers become more pessimistic about future income and lower their autonomous consumption. With no government response, this would ___________ short-run output. If the Fed wanted to counteract this change, it should __________ the Fed..
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