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You are the manager of a monopolistically competitive firm. The inverse demand curve you face is P = 50 – 4Q. Your cost function is C(Q) = 10 + 2Q.
1. What level of output should you produce to maximize profits?
2. What is your profit and what will happen in your market in the long run? Please Explain.
Assessing the development of the discipline from today's perspective, how would Keynes's impact compare with that of your candidate.
Give an example based on your experience of a situation in which using a multiple regression model or nonlinear regression model may have helped you make a better decision
What effect will each of the following proposed changes have on wage inequality?
The government introduces a law which imposes a cost of $5 on landlords (shifting the supply curve up by $5) and a benefit of $10 to the consumers (shifting the demand curve up by $10). How is the rent going to change? Are the parties going to be bet..
On Jan. 1, 1965, you purchased a small house in Alameda, California for $20,000. On Jan. 1, 2015, you sold the house for $900,000. What is the effective annual rate of return (compounded annually) on this investment?
Suppose that the production of $1 million worth of steel in Mexico requires $100,000 worth of taconite. Mexico's nominal tariff rates for importing these goods are 20 percent for steel and 10 percent for taconite. Given this information, calculate th..
Suppose that, for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Now consider one such ditch-digging firm that has five backhoes but employs..
Explain why a stable 5% inflation rate can be preferable to one that averages 4% but varies between 1–7% regularly. Explain the difference between active and passive monetary policy. Suppose the economy is in long-run equilibrium, with real GDP at $1..
Super freakonomic chapter 5 Explain the concept of an externality. Distinguish between a positive externality and a negative externality and give example of each. Finally, explain how the market equilibrium when the externality is not accounted for c..
Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always willing to exchange three black shirts for one red shirt. What type of preferences is mike exhibiting? Draw several indifference curves to illustrate ..
A union is trying to form in a company that you are working at. When the union representatives come to you to pitch the union, they extol the uniqueness of their system, where you receive the benefits of collective bargaining, but if there comes a ti..
In an economy, the labour supply curve is S = 5Wa, where wa is the after-tax wage rate. Assume that the before-tax wage rate is fixed at 10. Derive an expression for tax revenues as a function of the tax rate. What is the elasticity of labour supply ..
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