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A monopoly with a constant marginal cost m has a profit maximizing price of p1. It faces a constant elasticity demand curve with elasticity e. After the government applies a specific tax of $1, its price is p2. What is the price change p2-p1 in terms of e? How much does the price rise if the demand elasticity is -2?
What is the difference between short and long run in terms of the quantity of inputs used in production of goods and services? Are supply and demand generally more elastic in the long run? Provide an example.
Suppose the market for fish (a normal good) in the U.S. is in equilibrium. Then suppose that the workers in the fishing industry successfully negotiate for a higher wage, while at the same time average household incomes in the U.S. increase dramatic..
q1. the supply side economics of the regan administration 1981-1988 presumed that income tax cuts would stimulate
Calculate the output level and price that maximizes total revenue.
Using the loanable funds theory, show in a graph how the following events will affect the supply and demand for loans and the equilibrium nominal interest rate: Recent signs of economic growth cause an increase in the public's expectations of future ..
Suppose a monopolist is producing a level of output such that MR > MC. Which of the following best describes what will happen as the firm moves to its profit-maximizing equilibrium? Select one: a. Marginal revenue will rise and marginal cost will fal..
emphasize why the need for instrumental variables arises and how authors have approached the problem. make sure to
(a) Will a monopolist's total revenue be larger with second-degree price discrimination when the batches on which it charges a uniform price are larger or smaller? Why? (b) How does a two-part tariff differ from bundling?
In a two firm market, let the total cost of producing a product be 2Qi, the inverse market demand be given by the function P = 20 - Q and the market quantity be equal to Q = Q1+Q2. Assume firms compete in quantities, what is the quantity for firm 1 t..
Final Finishing is considering three mutually exclusive alternatives for a new polisher. Each alternative has an expected life of 10 years and no salvage value. Polisher 1 requires an initial investment of $20,000 and provides annual benefits of $4,4..
Choco Goodness is a firm that produces chocolate candy bars. Which is NOT a short run variable input for this firm? A) Sugar B) Assembly line workers C) The big chocolate-stirring machines D) Packaging materials
Suppose a computer virus disables the nation’s automatic teller machines, making withdrawals from bank accounts less convenient. As a result, people want to keep more cash on hand, increasing the demand for money. Assume the Fed does not change the m..
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