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Suppose a monopolist has be following total cost function: C = 10,000 + 2q, where MC = 2. The firm faces the following market demand curve: P = 10,002 - 4q.
a) What price will the monopolist charge and how much output will he produce? Sketch a diagram of this market and show the equilibrium price and quantity. In addition, calculate the firm's profits. (Show your work)
b) If the monopolist was regulated and required to charge the socially optimal price, what price would it charge and how much output would it produce? Would the firm be able to continue production at this price and quantity (analyze in terms of the shutdown condition)?
If the US population is growing at .88% per year, while GDP is growing at 2.5% per year, and if these growth rates remain constant for the next five years, what will be the population and GDP levels in five years? Please show your work.
Account for the effect of the two proposed fiscal policy actions in the short run and long run. This includes a description of the consequences of relevant macroeconomic variables.
Explain why both marginal and average costs are believed to eventually increase in the short run.
What are the advantages of Fed increasing interest rates if the GDP gap is positive?
Answer the following questions as these general questions pertain to the specific issue selected.The questions that you will cover with respect to your choice of broad social issue in the paper are given.
Suppose that in response to learning that some sick individuals were denied health insurance, the government mandates that insurance companies must offer insurance to everyone at unregulated rates.
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
Suppose that natural real GDP is constant. For every 1 percent increase in the rate of inflation above its expected level, firms are willing to increase real GDP by 2 percent. Draw the new short-run Phillips Curve.
D&Z Dry Foods Distributions specializes in the whole distribution of dry goods, such as rice and dry beans. The firm's manager is concerned about an article he read in the morning's Wall Street Journal
Suppose two identical firms produce widgets and they are the only firms in the market. Find the Cournot-Nash equilibrium.
Which of the following is the best example of a monopolistic competitor? Firms in a monopolistically competitive industry produce:
The FCC has hired you as a consultant to design an auction to sell wireless spectrum rights. The FCC indicates that its goal of using auctions to sell these spectrum rights is to generate revenue.
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