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1. Compare the size of the welfare (deadweight) loss under monopoly in the case of perfect price discrimination and under the standard case of simple monopoly. Explain.
2. Use the accompanying diagram to answer a–c.
a. Indicate the efficient result on the graph.
b. Illustrate the profits or losses from the efficient result in a.
c. Show the average cost-pricing solution. What profits are earned with that approach?
Two firms dominate the market for surgical sutures and compete aggressively with respect to research and development. The following payoff table depicts the profit implications of their different R&D Strategies.
Describe how this change affects output both immediately and over time. Is the steady state effect on output larger or smaller than the immediate effect?
What are its limitations as an economic measurement? How is the Human Development Index (HDI) a better barometer of economic well-being? What are its advantages and disadvantages?
The mysterious character of the commodity-form consists therefore simply in the fact that the commodity reflects the social characteristics of men's own labor as objective characteristics of the products of labor themselves, as the socio-natural p..
Suppose that the government chooses conscription. That is, the government forces the representative consumer to supply a units of time to the government as military service C with a lump-sum tax. Use a diagram to show the effects of conscription o..
The table lists the maximum feasible hourly rates of the production of pastries if no sandwiches are produced and the maximum feasible hourly rates of the production of sandwiches if no pastries are produced.
To take advantage of high prices for snow shovels during a very snowy winter, Alexander Shovels, Inc., decides to increase output and the success of Red Bull leads more firms to begin producing energy drinks.
Suppose you are the CEO of ClipIt, a paper clip producer. Your firm enjoys a patented technology that allows it to make paper clips faster and at a lower cost than your only rival, FastenIt.
The demand for money to cover unexpected expenditures and to meet emergencies is known as
Should price stability be the goal of monetary policy Explain your responses. Compare and contrast the impact of an unexpected shift to a more expansionary monetary policy under rational and adaptive expectations. Are the implications of the two t..
Suppose the firms compete by simultaneously choosing price and fine the best response function of each firm as a function of the other firm's price. Compute the equilibrium price and quantity for each firm.
How many strategy profiles are there in this game?
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