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The inverse market demand for fiberglass insulation is given by P = 800 - 2Q. This is a homogeneous product and there are only two firms who produce fiberglass insulation: American Fiberglass Co. and Benchmark Fiberglass Co., so Q = qA + qB. American has a (constant) marginal cost of production of 100 while Benchmark has a marginal cost of 120. Suppose competition can be reasonably modeled by assuming that firms strategically set quantities, and they make their quantity choices simultaneously. Show how to derive the Cournot equilibrium in this market, and report the resulting levels of production for each firm and market price.
You are a member of the Metropolitan Taxi Commission, which sets taxi fares for your city. You have been told that long lines of taxis form at the airport during off peak hours. At peak hours, on the other hand, few taxis are available and long li..
If every $1,000 increase in the real price of homes adds 5 cents to annual consumer spending (the “wealth effect”), by how much did consumption decline when home prices fell by $2 trillion in 2006–8?
For a given open market purchase, the higher the reserve requirement the lower will be the increase in deposits - the velocity of the money supply
Elucidate what factors move the marketplace away from equilibrium.
Interestingly, there is almost unanimity across the American political spectrum about the need for tax cuts. Americans seem to talk of tax cuts so frequently it is surprising they still have any taxes left to cut.
A country has the per-worker production function, y=5k1/2, where y is the output per worker and k is the capital- labor ratio. The depreciation rate is 0.15 and the population growth rate is 0.05. The saving function s=0.2Y where s is total nation..
Whether the government cuts taxes by $200 billion or increases transfer payments by $200 billion, the initial effect on disposable income is the same. By how much does disposable income initially change? If the government cuts taxes, by how much wi..
Elucidate what would social security payments have been in 2001 if the actual rate of inflation had been used.
Explain the significance of pork, public sector, private sector, transfer payment, grant-in-aid, subsidy, and distribution of income.
Identify at least four key points of a relevant economic article from either the Strayer Library or a newspaper. Explain how the concept that you identified in Question 2 could affect the U.S. economy.
Assume that a competitive cell phone market has a demand curve described by the equation. P = 45 - (2)Q and a supply curve described by P = 5 + (2)Q. (a). What are the consumer and producer surpluses in this market?
Many companies are using computer mediated communication for training and updating their employees. They must choose the most effective and efficient manner of communication. Effective and efficient may be defined as achieving the communication go..
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