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6. Consider once again the microchip market. Demand for microprocessors is given by P 35 5Q, where Q is the quantity of microchips ( in millions). The typical firm's total cost of producing a chip is Ci 5qi, where qi is the output of firm i. a. Suppose that one company acquires all the suppliers in the industry and thereby creates a monopoly. Illustrate what are the monopolist's profit-maximizing price and total output?
Suppose that, over the short run ( say, the next five years), demand for OPEC oil is given by Q 57.5 .5P or, equivalently, P 115 2Q. ( Here Q is measured in millions of barrels per day.) OPEC's marginal cost per barrel is $ 15. a. What is OPEC's optimal level of production? What is the prevailing price of oil at this level?
Explain how is it possible which output rises while at the similar time employment is falling.
They found that getting larger was painful it involved a lot of new administrative infrastructure to get everything organized
Jimmy has a room which overlooks, from some distance, a major league baseball stadium.
Describe why this does not represent a violation of the law of demand. Which of the subsequent best explains illustrate what a forward contract.
When the Federal Reserve utilizes open-marketplace operations to raise the Federal funds rate several times over a yr.
What kinds of people are most likely to have their utility reduced by such a law. Why do you think that the government requires such insurance.
Determine the impact on the economy if the central bank in U.S. used inflation targeting.
With fewer also fewer barriers to trade, countries are able to focus on producing those goods also services which they are best.
Assume to you live in a simple economy in that only three goods are produced also traded: fish, fruit also meat. Illustrate what additional information might you require constructing your measure?
Now Assume that the interest rate falls to 50 percent, and the household decides not to borrow or lend at all. Is the household better off or worse off with the higher interest rate.
Consider the subsequent cost relationships for a single-product Is there a minimum efficient scale of plant implied by these cost relationships
Assuming other countries do not change their own trade policies, what would be the impact on the value of the dollar relative to other currencies? What would be the effect on the jobs in U.S. industries?
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