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Regarding the Sherman Act: A. Section 1 makes collusion illegal. Is this socially desirable? Are there any conditions under which collusion can be socially desirable? Explain. B. Section 2 makes it illegal for a firm to attempt to monopolize a market. Is this socially desirable? Are there any conditions where such an attempt is socially desirable? Explain.
Explain the viewpoints of classical and Keynesian economists. How did the economy that existed at the time of these theories influence them? Which theory is more appropriate for the economy today? Why?
Which one of the following is true? Nike has a less elastic demand curve than shoes. Cigarettes have a more elastic demand than televisions. Salt has a less elastic demand than ice cream. The demand curve for gas is more elastic in the short-run than..
Christine’s utility is determined by her wealth such that U=logW, where W is her wealth in dollars. If she has a current wealth of $1,000,000, what is the most she would willingly pay to insure against a 10% chance of losing half of her wealth?
Sharp rises in the cost of milk, grain, and fresh fruits and vegetables are hitting cafeterias across the country, forcing cash-strapped schools to raise prices or serve more economical dishes. How many servings of grapes can the school afford each d..
Game Theory Suppose there are only two car companies, Ford & Chevrolet. Ford believes that Chevrolet will match any price it sets, but Chevrolet too is interested in maximizing profit. Use the following price and profit data to answer the followin..
The short run price elasticity of demand for tires is 0.9. If an increase in the price of petroleum used in producing tires causes the marketplace.
Discuss Malthus' reaction to capitalism. How might we understand this reaction? Does his population thesis retain any validity for today's world? Outline Marx's attack on capitalism. How has capitalism changed in ways unanticipated by Marx?
Fill in the blanks below. In an unconstrained maximization problem: The optimal level of activity occurs at the activity level for which______equals. At the optimal level of activity,______is maximized, and the slope of______ equals the slope of_____..
We grow wheat that sells for $40,000. The wheat is milled into flour that sells for $55,000. The flour is used to bake bread that sells to consumers for $90,000. If nGDP is $9000 billion while rGDP is $12,000 then the GDP deflator is...
Discuss the various ways federal, state, and local governments attempt to promote education as equality of opportunity. What are the some positives and negatives you see in the involvement of government in the education system?
You are given an offer to split a $20 bill. The other player offers you $1. If you accept the offer, you keep the $1 and the other player keeps $19. If you reject the offer, neither of you will get anything. Do you take the offer? How could you take ..
Set all variables to their baseline values. Elucidate how much money do consumers want to spend on spaghetti when the price.
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