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Effect of a Patented New Techonology on Lorn-Run Equilibrium
Suppose the book-printing industry is competitive and begins in a long-run equilibrium.
a. Draw a diagram describing the typical firm in the industry.
b. Hi-Tech Printing Company invents a new process that sharply reduces the cost of printing books. What happens to Hi-Tech's profits and the price of books in the short run when Hi-Tech's patents prevents other firms from using the new technology?
c. What happens in the long run when the patent expires and other firms are free to use the technology?
Illustrate what special problems are faced by eastern european economies as they make the transition from central planning to competitive markets.
Calculate the equilibrium real wage rate and the equilibrium quantity of labor. Suppose that the nominal wage rate equals 60. In the short-run, aggregate demand and aggregate supply are equal at a price level of 1.0. Compute the real wage rate.
Barramundi Inc. stock is currently selling at $40 per share (its equilibrium price) provide that the risk free interest rate is 8% and the equilibrium risk premium on the market portfolio is 6%.
Illustrate what are the major performance goals that we set for the economy, and how do we measure the performance?
Illustrate what are the dominant industries and or corporations, and who controls them. What is the trade relationship between your country and the United States.
Using the tools of analysis developed in this course, demonstrate that removing the subsidy will make consumers worse off but will nevertheless improve society economic welfare.
Illustrate what the government should do about it, how would each economist explain unemployment and what policies would each advocate.
Describe the extent to that you believe these three measures are related.
Suppose the present market conditions of Microsoft Corporation.
Answer whether the following statements are true or false, explaining your answer in each case.
Find out the average total cost and average variable cost as a function of the level of output. Assuming the firm has the same cost curves in the long-run for q>0 and C (0) =0, how much will it produce in the long-run?
The demand for salt is relatively price inelastic where the demand for pretzels is relatively price elastic. How can you best explain why
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