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A unit circle representing the dimension of ”mouth feel” in breakfast cereals has 200 con- sumers spread uniformly along it. All consumers buy either one package of cereal a week or none at all (in which case they eat bread) and incur disutility c = 200 from each unit distance by which a brand deviates from their favorite mouth feel. The reservation price is: v = 20.
a) What is the equation for the demand curve facing cereal makers? (Distinguish the monopolistic and competitive segments)
b) What is the symmetric equilibrium under free entry if the cereal makers’ costs are C(q) = 128 + 4q?
c) What if fixed costs fall to 100?
If inflation turns out to be 1% over the life of the loan, what is the real interest rate? Who gains from unexpectedly low inflation, Loretta or Ted?
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In a particular economy the real money demand function is, M^d/P = 3000 + .1Y - 10,000i. What is the real interest rate,r, that clears the asset market when Y =8000? when Y = 9000? Graph the LM Curve. Repeat part a for M = 6600. How does the LM curve..
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A monopoly has the market demand Q = 1000-1000P, with a marginal cost, MC = 0.28. What is the optimal price and quantity for perfect competition? What is the optimal price and quantity for monopoly?
Which of the following is generally part of a formal report?
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Let’s say the current administration decides to make a college education more affordable, so they establish a price ceiling of $50 per credit hour for community colleges, $75 per credit hour for four year institutions, and $100 per credit hour for gr..
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