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Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000-200P where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. What is Alice's inverse residual demand function?
Show the effects of a price ceiling and a price floor on a market. As for what happens with valuing is different than equilibrium, a rate Floor is Minimum wage where wage rate is bigger than the rate at equilibrium.
A single monopolistic firm provides pick-up of recyclable goods (bottles, cans, paper, etc.) in the city
How many times would this fully insured person visit the physician?
How does industry-level price elasticity of demand shape the opportunities for making profit in an industry? How does the firm-level price elasticity of demand shape the opportunities for making profit in an industry?
Say whether the statement is true, false, or uncertain, and support your answer using concepts discussed in class (only the explanation will be graded and not the T/F choice). If needed, you may do some additional research on these topics.
Draw a graph similar to the one in part (a) to show the effect of the open-market operation on output and the price level. Explain in words why the policy has the effect that you have shown in the graph.
Among the problems that hinder growth in developing economies are poor infrastructure, lack of financial institutions and a sound money supply, a low saving rate, poor capital base, and lack of foreign exchange. Explain how these problems are inte..
Suppose the central bank conducts an unusually large open market purchase of bonds held by banks of $1,400B due to a sharp contraction in the economy. Assume the ratios you calculated in part (a) remain unchanged, what do you predict will be the e..
The demand for new motor homes in the US is highly cyclical and sensitive to diesel fuel values and interest rates. Given these characteristics, explain the effect of the following on quantity demanded
Py =4 and Uo is the maximal level utility when Px =5, Py =4 and I =100. find the the compensated demand curve (or of Hicks) and draw it on the same graph. for what value of Px the two curves will cut? what is the elasticity of compensated demand w..
Discuss the tradeoffs a policymaker faces in choosing between larger fines, longer prison sentences, and greater monitoring in deterring crime. Give at least two reasons discussed in class why deterring crime through longer prison sentences may no..
find the opportunity cost (in tanks foregone) of producing the first, second, third, fourth, and fifth bridges. the production possibilities of tanks and bridges for a society.
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