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Give brief answers to each of the following:
(a) "Since a monopolist is the only supplier of a well- defined product, there is no limit to the price it may charge." Is this statement true or false?
(b) Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic. (c) "The ultimate monopoly product would be one whose cross elasticity of demand, with respect to any and all other products, was zero." Comment. (d) "The reason movie theaters charge youngsters and oldsters less than the rest of us is because theater owners want to help these two low-income groups."
Assume the airline industry consisted of only 2 firms: American and Texas Air Corp. Let the two firms have identical cost functions, C(q) = 40q. Suppose the demand curve for industry is given by P = 100 - Q and that each firm expects the other to ..
An essay on Market imperfection associated with negative externalities.
Changes in government spending and interest rates
Macroeconomics questions, discuss the short-run and long-run effects, Keynesian model, Distinguish between ongoing demand pull and ongoing cost push inflation.
Assume that a price support system for cotton requires the federal government to pay farmers $3,000 for each acre to not plant cotton. How would you shift either the supply or demand curve for cotton to describe the effect of this action? In your a..
If the price of manufactured goods rises to $6 bushel (a rise of 50%), the parity price of corn as well rises by 50% - to $4.50 in this hypothetical example.
True/False: For each of the following concepts, decide whether it's true or false, and briefly explain why (2-3 sentences). You can also use diagrams if they are helpful. Each correct answer is worth.
How will a fall in domestic investment affect the trade surplus and net capital outflows in the domestic economy, the trade deficit and capital inflows in the rest of the world.
Why might it be difficult for the Fed to formally adopt inflation targeting? Would inflation targeting be a good policy for the Fed in the present economic environment
Assume that Florida migrant workers are effectively unionized. What will be the impact of unionization on?
Do the estimated coefficients have the required signs to yield a-shaped AVC curve? Discuss the significance using the p-values.
What is the profit-maximizing price-output combination and what are the levels of the profits and consumer surplus at that point? What is Dead-weight-loss?
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