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Q1. Imagine a simple economy with only two people, Leroy and Percy. If the social welfare function is W=UL + UP, and the utility possibilities frontier is UPF=UL+2UP, what will be the societal optimum?
Q2. Even if firms in a monopolistically competitive market collude successfully as well as fix cost, economic profit will still be competed away if there is unobstructed entry. Clarify. Will price be lower or higher as such an agreement in long-run equilibrium than would be the case if firms didn't collude? Explain.
Using the ITT Tech Virtual Library, research information on companies that have engaged in monopoly behavior, such as Microsoft, Google, or Wal-Mart, and explain how society has been affected by the monopoly behavior using that information.
Explain what do you think McDonald's new launch will have a sustainable impact on its bottom line.
Explain what would the cross-wage elasticity between teenagers and adults have a positive or negative sign.
It trades with a country that produces only cheese, and the currency of that country is crowns. The real exchange rate, e, equals 5 wedges of cheese per bottle of wine. The foreign price level is 20 crowns per wedge of cheese, and the domestic money ..
Refer to situation. An economist would predict that onc e price controls were abolished in the spring of 1974,A) The price of gasoline would decline sharply B) The surplus of gasoline would vanish
This would be ideal because he would have the same number of pretzels as he would soda leaving no money left to spend.
If the company expects to spend $50,000 in the first year of this improvement program, how much of a yearly increase in the cost of the program is the company expecting?
Firms can shift their marginal cost curves to the right, resulting in higher outputs at the same or lower maximum-profit prices. This can be done by
If hard freeze eliminates Brazil's premium coffee crop, illustrate what will happen to the price of premium coffee.
Calculate how large A would have to be so that in the new LRCE, the number of firms is twice what it was in the initial equilibrium.
Prices the selling monopoly charges for TV sets in periods 1 and 2.
Compute the changes in consumer surplus, producer surplus, government revenue and third party surplus. Also, show these changes on a graph.
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