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The city of Econville has three bookstores on the Main Circle that is 1 mile long. The bookstores have no costs. The distance between any two neighboring stores is the same and equal to 1/3 miles. There are 100 residents uniformly located along the Main Circle. Each resident rents one book per day provided that the price charged is no more than $5. If a consumer is located s miles from a store the transportation costs in getting a book from that store is $.50s. What price will the three stores set given they act as price competitors? What profits do they earn?
Competitive Market Surplus. Suppose demand and supply conditions in the competitive market for unskilled labor are as follows: P = $15 ? 0.3QD (Demand) P = $3 + $0.1QS (Supply) where Q is millions of hours of unskilled labor and P is the wage rate pe..
Using neo-classical model of labor-leisure choice to answer the following questions. How does an increase in wage rate change the optimal consumption-leisure combination chosen by the worker? State income effect and substitution effect.
As you are planning the annual audit of Norton Corporation, you note that the company has a number of user-operated computers in use in various locations. One of the machines has been installed in the stores department, which has the responsibility f..
Analyze a situation in which both parties entering into a contract could benefit, economically or otherwise, from slightly ambiguous language contained in the contract.
q.mccullough has a monopoly on rental dwellings in the local community. the demand for rental dwellings is p 1400 -
If you were macroeconomic policymaker, how do you balance the short-run trade off between inflation rate and unemployment rate? Explain. What is the historical relationship between rates of unemployment and inflation in the U.S. economy? What are the..
Bart is a new engineering graduate that decides to purchase a new automobile costing $25,000. He can only afford a down payment of $5,000 and must finance remaining $20.000. The dealership offers financing at 15% per year, compounded monthly over a 5..
Describe the long-term trends in inequality in the United States using the available measures. What are possible explanations for these long-term trends.
Consider the following system of simulataneous equation system in “supply and demand form”: y1 = γ1 + α2 y2 + β1z1 + u1 y2 = γ2 + α1 y1 + β2z2 + u2 (i) Is the above system identified? Show this using the order-condition for identification.
EXplain what is the short-run condition for the monopolist and what output changes would you recommend.
What are negative externalities? Is there any benefits to having negative externalities? What are the different viewpoints of negative externalities? What are some economic problems that can occur because of negative externalities?
Intel is a monopolist manufacturing computer chips with a competitive fringe of firms that act as price takers of the price Intel sets. The market willingness to pay for the P80 chip is given by p = 400 - Q, with p in dollars per chip and Q in thousa..
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