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Perfect competition and equilibrium.
Put the demand and supply curves together (at the original productivity and wages). Taylor assumes that she is in a perfectly competitive market. How many slices will she sell? At what price?
Draw the graph again and shade in the entire area of consumer surplus. Shade in the entire area of producer surplus.
Calculate consumer surplus as the sum of the difference between the marginal utility and the price for each slice up to the last slice sold. Calculate producer surplus as the sum of the difference between price and marginal cost for each slice.
Use your own life experience to explain the difference between the marginal and the average propensity to consume. In what circumstances could more saving be bad for the economy as a whole (search the Internet for the “paradox of thrift”)?
Howard Bowen is a large-scale cotton grower. The land as well as machinery he owns has a current market value of $4 million.
Appalachian Coal Mining believes that it can increase labor productivity and, there-fore, net revenue by reducing air pollution in its mines. It estimates that the marginal cost function for reducing pollution by installing additional capital equipme..
A lone shepherd can graze 10 sheep per year in a meadow. Each additional shepherd who uses the meadow reduces the number of sheep that can be maintained by one per shepherd. What are the net benefits to society of this outcome? What is the efficient ..
q.the head of the central bank of a small african nation is trying to determine whether the m1 or m2 money multiplier
Banks today have more than $2 trillion in excess reserves, i.e., reserves beyond what they are required to keep. (Required reserves are less than $0.2 trillion, by the way.) Before 2008, banks kept almost no excess reserves. Why, according to some pe..
Explain what determines the level of income, employment, output and prices in our economy. Do you think current monetary and fiscal policy is working to help the U.S. economy achieve the three economic goals of full employment, economic growth, and s..
Convert the production function into its normal form. Illustrate what is the MRTS, if price of labour is $120 and the price of capital is $200?
The government often intervenes when private markets fail to provide an optimal level of certain goods and services. For example, the government imposes an excise tax on gasoline to account for the negative externality that drivers impose on one anot..
The Encomienda system was?
Suppose an olligopoly consists of two firms Firm A lowers price and Firm B responds by lowering its price by the same amount. If averages costs and industry output remain the same, which of the following what will occur
A growing economy means that the economy is producing more also more stuff, either since it has more resources.
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