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Property rights are protected in the current laws of states usually found in the form of a constitution or a bill of rights. The United States Constitution provides explicitly for the protection of pr
Suppose we have a simultaneous moves entry game where the incumbent and the entry have to both decide on the strategies at the same time
Suppose that federal law requires that the price be the same in both locations. What price will Kayla charge now? How many gallons will be purchased? And what happens to her profit?
A gasoline station very near a professional football stadium parks cars on its lot to make money on game days. Last year it charged $4.00 per car and parked 1,000 cars. This year it raised the parking
What is the price elasticity of supply of land in Manhattan? What is the price elasticity of supply for land dedicated to a specific use, such as apartment buildings or office buildings? How do your a
What are the types of circumstances under which price discrimination violates antitrust? Use the handout to illustrate your answer (examples included in Section 15.5 – Antitrust: Price Discrimin
Computing an allocation for a planned socialist economy is prone to great computational difficulties.
The presumption of efficiency for capitalism is based on the model of perfect competition. Explain the assumptions underlying the model of perfect competition. Provide an example showing how the US ec
Suppose that output increases to 209. Redo the calculations in (a) and (b). Explain (in terms of savings and investment) the reason for the interest rate change.
In the national income accounting identity showing the equality between national saving and investment, what is the representation of private saving and what is the representation of public saving?&nb
Stabilization policy holds that during periods of poor economic performance government should engage in expansionary policies but during periods of poor economic performance government should engage i
It can produce 100 cars with 200 workers and 50 machines, or it can produce 166 cars with 300 workers and 75 machines. Would you describe the manufacturer production function as exhibiting decreasing,
A crucial assumption in this example is that the incumbent must charge the same price to all consumers and the entrant can target a subset of the customers. Is this example useful for thinking about m
Suppose that Sven has a V W Cabrio that he would like to sell. Unfortunately, the speedometer on the car is broken and in need of repair. Sven is accustomed to driving the car in this condition and it
An (honest) stamp collector is considering selling one of her prize stamps. Based on some very insightful market research she knows that there are two bidders and each bidder just wants to add the sta
Explain what effect an expansionary fiscal policy would have on the price level and real GDP starting from full employment equilibrium.
Comprehensively distinguish between expansionary and restrictive fiscal policy. Is the current fiscal policy stance in SA expansionary or restrictive? Motivate your answer comprehensively. (half a pag
Based on your answer, identify who benefits and who is hurt because of the tariffs and also identify at least one industry that is likely to strongly lobby in favor of quotas and one that is likely to
Discuss factors that affect the equalization of wages across countries. To what extent to you expect to see wage differentials between the United States and other countries decline over time? Would yo
Suppose you know that Canada's GDP in 1999 was $900 billion, and Canada's GDP in 1933 was $9 billion. What judgment about the change in the economic well-being of average Canadians could you make? Exp
Explain why inequality is considered to be a social “bad” by many people. In what way could inequality be a social “good”?
Given the products below and the events that affect them, indicate what happens to demand or supply, and the equilibrium price and quantity in a competitive market. Identify the determinant of demand
Assume that your company is one of the leading importers of FMCG in the Maldives. Because of dollar shortage in the country, you are required to buy $ at higher rate than the official rate determined
With an aid of diagram (consist of both demand & supply curves) show & explain what happens to the equilibrium price & quantity when:1. the preference for pepsi suddenly increases 2. the p
Discuss the cyclical behaviour of the budget deficit in South Africa and provide an explanation for this behaviour. (half a page with references)