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Joe has a demand curve for medical care given by m=100-0.5pm.
a) Draw this demand curve, labeling the values of the y- and x-intercepts.
b) Show how his demand curve and values of the y- and x-intercepts change if he obtains health insurance with no deductible and a 20% coinsurance rate.
c) Suppose the market price of medical care is pm=$50. What is Joe's quantity demanded without insurance? What about with insurance?
d) Why might this increase in quantity demanded as a result of obtaining insurance actually decrease social welfare?
Best Buy and Circuit City are competitors in the customer electronics market. Both have relatively large margins on plasma TV's. Essentially,
Give an example of a positive externality and of a negative externality. How does an externality affect the market outcome.
Elucidate why the Fed must normally add reserves to the banking system via open market operations on most days in order to maintain its interest rate target in the Fed Funds market.
A profit-maximizing company operating in a perfectly competitive market can sell products for $100 a unit. The company has a cost function represented by:
Explain how much more money has the Fed printed and where is it now. What affect will an increased M1 money supply have in the long-run.
If consumer incomes rise to $30,000, illustrate what will be the new equilibrium price and the new equilibrium quantity.
Illustrate what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources.
The demand curve faced by a industry in a monopolistically competitive industry which is more elastic than the perfectly competitive firm's demand curve.
What will be the price of this bond? Suppose the market rate of interest rose to 12%; what would happen to the price of the bond?
Engineers for the Off Road Skateboard Company have determined that a 10% increase in all inputs will cause output to increase by 5%.
Elucidate the elasticity of demand given the price and income combination.
"Most of the firms spend considerable amounts of money on advertisement". Explain advertising elasticity of demand and its practical applications in this context.
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