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Why are market structures so important? What policies make sense to you with regard to the U.S. wheat or corn markets? What about the automobile or airplane markets? Why do you (we hope!) choose different policies for each? What about new inventions, such as computers, antibiotics, or toothpastes? Is some sort of regulation needed here too? If not, why not?
Economic surplus could be increased at a higher price because firms would generate more revenue.
Is conspicuous consumption for real or just a rational response to higher income? How does this effect the consumption curve and aggregate expenditures model? What is the relationship with GDP?
Explain what is Nurd's equilibrium level of income. Explain what is likely to happen in the coming months if the government takes no action.
Calculate Pete's marginal and average cost schedules. What are Pete's profit-maximizing output and price? What is Pete's economic profit? Explain your answer.
Suppose the quantity of good X demanded by individual 1 is given by X1 = 10 ?? 2PX + 0:01I1 + 0:4PY and the quantity of X demanded by individual 2 is X2 = 5 ?? PX + 0:02I2 + 0:2PY a) What is the market demand function for total X (= X1+X2) as a fun..
Suppose a firm pollutes a stream that has a recreational value only when pollution is below a certain level. If transaction costs are low.
Explain how does the deposit primarily change the T-account of the local bank. How does it change the money supply.
Explain a situation in which the outcomes of classroom experiments deviated from standard economics theory. What insights were learned from these outcomes and how are they incorporated into the standard theory they attempt to model?
Estimate the deadweight loss from monopoly. Assume, in addition to the costs above, the musician on the album has to be paid. The company is considering four options.
Hypothesize the basic short-run also long-run behaviors of the model in the industry you have chosen in a "marketplace economy."
Illustrate what is the point of view of free trade and protectionist on: infant industries; Job Protection; Standard of living; Specialization; and National security.
Compute the equilibrium price of guitars and the equilibrium quantity of guitars in State College.
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