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You are a member of the City Council of Mid ville , California, a town of 10,000 residents, comprised primarily of 'middle-class' blue-collar laborers. Recently, one of the town's largest employers shut down a factory, resulting in an unemployment rate of 10.2%, well above the national and state averages. Due to relatively attractive property values, Wal-Mart has proposed building a mega-store in your town. Midville's independent shopkeepers, who strongly supported your last campaign, argue WalMart will drive them out of business. They have approached you to sponsor an ordinance to prohibit Walmart's store in Midville. Walmart has told the council they may approach Smailville, 15 miles down the road, if they can't build in Midville. Assume there are five members of the council, and the other four are split on the issue. What do you do, and who is damaged or helped by your action?
Give the before-tax charcoal price and quantity exchanged. Give the after-tax charcoal price to buyers, the quantity exchanged, and total tax revenues.
Suppose two identical firms produce widgets and they are the only firms in the market. Find out the Stackleberg Equilibrium.
A monopolist faces demand curve p = 11-Q , where Q is measured in thousands of units. Compute the firm's degree of monopoly power using the Lerner index?
Evaluate the following: The laws of supply and demand cannot apply to the labor market because labor is not a commodity to be bought and sold like machines.
Suppose the demand curve for a product is given by Q = 300-2P+4I where 'I' is average income measured in thousands of dollars. The supply curve is Q = 3P - 50.
A Monopolist is deciding how to allocate output between two markets. The two markets are separated geographically. Demand and marginal revenue for the two markets are given by:
The demand function for VCRs has been estimated to be Qv = 123 - 1.7Pt + 46 Pm - 2.1Pv -5M, where Qv is the quantity of VCRs,Pt is the price of a videocassette, pmis the price of a movie, Pv is the price of a VCR, and M is income.
The rising stock market implies an increase in wealth, at least as measured on paper. If we assume that some of this increased wealth gets consumed, then the rising stock market fuels an increase in aggregate demand, and may contribute to an inflatio..
The public tends to view trade deficits with alarm while macoreconomics claims that trade deficits can actually be usefull for the economy. Discuss the macroeconomists position on trade defilicts
What is autarky price and quantity equilibrium for both home and foreign? What is the open trade price and volume under free trade.
What money supply must the Bank of Canada set next year if it wants to keep the price level stable? What money supply must the Bank of Canada set next year if it wants inflation of the ten percent?
Discuss the reason why governments might want to intervene and how they might do- with respect to the following "problem" in the functioning of an otherwise perfectly-competitive ("pareto-efficient") economy:
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