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What difference does it make it society if the market is monopolized instead of being competitive? With reference to the models of perfect competition and pure monopoly compare and contrast the market and firm level outcomes regarding price,quantity and social welfare.
Use economic analysis to explain why the optimal amount of product safety may be less than the amount that would totally eliminate risks of accidents and deaths. Use automobiles as an example.
Illustrate graphically the equilibrium of such a monopolistic firm.
Suppose there is a $200 billion recessionary gap. If there are no taxes or imports to restore the economy back to potential GDP how much should government expenditure be changed if the marginal propensity to consume is 0.75? Does government expenditu..
The company you work for needs to rent a bulldozer for a job. The company has made a non-refundable deposit of the first month’s rent (equal to $1,000) on a 6-month lease for a bulldozer. Assuming the plan is to use the bulldozer for 6 months, and th..
What will be the complete and final impact on the GDP if the Federal government increases spending and simultaneously increases taxes to pay for the additional spending?
Spalding Doughnuts wants to know about its waiting line. Currently, Spalding Doughnuts uses a single-server, single-phase system when serving customers. What is the average number of customers waiting in line? What is the probability of having more t..
Unemployment and inflation are called the "twin evils" of macroeconomics. The two measures are closely related - when unemployment rises, inflation tends to fall, and vice versa. One major theory about the relationship of unemployment and inflation i..
Suppose that in response to a foreign crisis, the government increases defense spending by $50 billion. How would the increase in defense affect the economy? How would the effects differ depending on the size and sign of the output gap when the cr..
Increasing returns to scale in production means. The demand curve facing a price-making firm is. In the long run all production inputs are variable. Decreasing returns to scale prevail when output increases by a proportion that is smaller than the pr..
Explain whether each of the following scenarios best reflects features of Sweezy, Cournot, Stackelberg, or Bertrand duopoly: Neither manager expects her own output decision to impact the other manager’s output decision. Each manager charges a price t..
The success of the apple ipad leads more firms to begin producing tablet computers. In the six months following the japanese earthquake and tsunami in 2011, production of automobiles in japan declined by 20 percent.
Wicksteed made a significant contribution to value theory during the marginal utility revolution. This contribution was the "Exhaustion of the product"
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