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Professional sports leagues often have salary caps that limit the amount individual teams can pay players. Using the prisoner's dilemma game, explain why such a restriction might make the team owners better off.
A firm has two plants that it may use to produce its output. The first plant has cost function C1 (Q1) = Q1^2 and the second plant has a cost function C2 (Q2) = Q2 + 0.5Q2^2. a. If total output to be produced, Q1 + Q2, must be Q>0.
If the CPI was 120 last year and is 144 this year, what is this year's rate of inflation In contrast, suppose that the CPI was 120 last year and is 114 this year. What is this year's rate of inflation What term do economists use to describe this seco..
Suppose that average earnings by age group for bachelor's and Master's degree holders were as follows: Age group bachelor's Master's 23-24 $35,000 -- 25-29 40,000 $48,000 30-34 44,000 56,000 Suppose further that tuition and fees for the Master's p..
Analyze the arguments for government intervention as opposed to arguments for market-based solutions.
Antonio buys five new college textbook during his first year at school at a cost of $80 each used books cost only $50 each. When the bookstore announces that there wukk be a 10 % increase in the price of new books.
Draw the demand curve and the supply curve for Maine lobsters. What are the equilibrium price and quantity of lobsters?
Dertermine the profit maximizing level of output to be produced and sold in each submarket. What price should the firm charge in each submarket. Evaluate the price elasticity of deman in each submarket.
What are some mechanisms for protecting the environment?
A profit-maximizing firm is producing where MR=MC and has an average total cost of $4, but it gets a price of $3 for each good it sells. b) What would you advise the firm to do if you knew the average variable costs where $3.50
suppose that the cost of raw material used in the production of this good increases (assume nothing else has changed). Draw a diagram comparing the effect of the increase in the cost of materials in this market with the equilibrium
Set M/P equal to its initial value of 1,600. Now suppose that government spending increases to G = 400. Summarize the effects of an expansionary fiscal policy on Y, i, and C.
Assume that Mamma's produces frozen pizzas in a competitive market and it knows how to maximize profit. It's marginal and average total costs are shown in the curve to the right. a) Suppose that other pizza producers are selling their product at $5..
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