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Suppose an industry experiences decreasing average costs of production over the relevant range of market demand. Discuss the merits of a regulation requiring the natural monopolist to set a price where demand equals marginal cost and to service all willing customers. What about where demand equals average cost? Are any practical difficulties likely to be encountered with either regulatory program?
Mary plans the entire week's meals for her family, while Fred shops each day. Which is likely to produce more varied meals? What is this effect called?
Use supply and demand curves to show the impact of these events on the domestic Australian beef market.
If the demand equation is linear, find the demand function and the price function. Express x in millions of bushels.
(Bank Deregulation) Some economists argue that deregulated deposit rates combined with deposit insurance led to the insolvency of many depository institutions. On what basis do they make such an argument?
Specify the possible Nash equilibria. Is there a pure-strategy Nash equilibrium? Is there a mixed-strategy Nash equilibrium?
If the interest rate, expressed as a fraction, is 0.05 per time period, what is the present value of his lifetime income? Draw his intertemporal budget constraint. On the same axes, draw Smith's intertemporal budget constraint when r = 0.20.
Calculate the shop's accounting profit and its economic profit. Would the owners be better off operating the shop or shutting it down? Explain.
Ajax, Inc. is a monopolist. The estimated demand function for its product is Qd = 120 - 0.8P + 12Y + 4A Where Qd denotes quantity demanded, P denotes price, Y denotes personal income (in thousands of dollars), and A denotes advertising expenditures
Suppose that the price of salt rises from 15 cents to 17 cents a kilogram. The quantity demanded decreases from 525 kilograms to 475 kilograms per month, and the quantity supplied increases from 525 kilograms to 600 kilograms per month.
jeff has 4 hours that he can choose to spend either studying for a test or playing a new video game. If he spends all of time studying, he can score a 92 on the test. If he plays for 1 hour, his test score falls 5 points.
Compute the additional amount of profit made by the domestic producer as a result of the tariff.
Identify on your diagram the set of all Pareto efficient allocations. (c) Suppose each good has a market price of 1. Illustrate on yourdiagram the bundles demanded by each consumer. Is this a competitive equilibrium
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