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Discuss the impact on wages, employment in the industry, and the economic welfare of the following input market structures. In which case will the deadweight loss be the smallest?
a. A labour union that controls the supply of workers to an industry consisting of many small firms
b. An output market monopolist who is the only employer of a particular type of labour
c. An output market monopolist who is the only employer of a particular type of labour supplied by a union that controls the entire supply of workers to the industry
Suppose the CFO of a German corporation with surplus cash flow has 1 million Euros to invest. Suppose that interest rates on 1-year CD deposits in U.S. banks
Explain why you would be more or less willing to buy a share of Apple Computers stock in the following situations:
What is opportunity cost of producing a car in Canada? What is the opportunity cost of producing the tonne of wheat in Canada? Describe the relationship between the opportunity costs of two goods.
Production Possibilities Tables for Germany and Canada (note that we are assuming that opportunity costs remain constant along the production possibilities frontier), and that each country produces only these two products).
Fill in the missing data for price (P), total revenue(TR), marginal revenue (MR), total cost (TC), marginal cost (MC), profit (π), and marginal profit (Mπ) in the following table:
Compute the coefficient of price elasticity for the price ranges given in the schedule and complete the first column of the table. What do you notice about the algebraic sign of the values you have just computed? Why is this so?
The law of comparative advantage recommends that countries specialize in those products in which they have a comparative advantage, not an absolute advantage.
Which country is capital abundant according to the Heckscher-Ohlin theorem? Given your answer to (a), draw the PPF for Canada. Also draw the indifference curve and the relative price line for the no-trade equilibrium.
Draw a diagram showing the current situation of the firm. In addition to the above information, suppose the price of the output is $13/unit, if the firm wants to maximize its profit, what should it do? Explain in detail with the aid of a diagram.
Using a supply and demand graph, make one shift of wither the supply or demand curve to illustrate the likely result of this action.
Explain how an individual's Demand curve for medical care will change (i.e., shift) if the following things happen (consider each change individually, holding all other possible influences constant.
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:
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