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In Gelate, Pennsylvania, the market for compact discs has evolved as follows. There are two firms that each use a marquee to post the price they charge for compact discs. Each firm buys CDs from the same supplier at a cost of $5.00 per disc. The inverse market demand in their area is given by, where Q is the total output produced by the two firms.
a. Solve for the Bertrand equilibrium price and market output.
b. Would your answer differ if the products were not perfect substitutes? Explain.
The Canadian economy is in long-run equilibrium. Assume the following events occur one at a time. Show the effect of each event on Aggregate Demand and Short-run Aggregate Supply in Canada by shifting only one curve.
Short term Treasury bills [3 and 6 month] have current annual rates of interest around 0.5%. Use that info plus your best forecast of inflation to calculate the real rate of interest on those bills.
The firm is considering a movement of the plant to Shenzen, China where labour is cheaper. The same mathematical relationship between inputs and outputs will hold.
The supply curve for labor is S L = 100W, where W is the market wage. The marginal revenue product curve for the firm is D L = -50W + 450.
Each of the following headlines describes an event that will have an effect on desired aggregate expenditure
Explain why you would be more or less willing to buy a share of Apple Computers stock in the following situations:
As an employee of World Bank you've been asked to research the needs of a country with a particular economic concern.
Draw a graph of the Batman family's supply of loanable funds curve fro 1999. Show the influence of this change on the Batman's supply of loanable funds curve.
Explain the effects of these shocks on the price level, real GDP, and the nominal interest rate. Use an upward-sloping, short-run supply curve in your analysis.
Let the market demand for rye bread be given by Q = 500 + I - 250P rye + 400P wheat , where Q is monthly demand in number of loaves, I is average monthly income in dollars
Draw a graph showing hte above situation. Include in that graph, the monopolist's cost curves, demand and marginal revenue curves and the price and quantities that are indicated by the situation described above.
With the help of an AD-AS diagram, explain the effect on the price level and real GDP. Use an upward sloping AS curve and be clear about the interconnections among markets.
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