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Suppose a monopolist faces a market demand curve P = 100 - 2Q and has the short-run total cost function C = 640 + 20Q. How would this affect total welfare if the government imposed a maximum price o
Determine how many ads will the clubs want to purchase as a group if each of 50 golf clubs in the Niagara Region has a demand for generic advertising of Q = 200 - P. Ads cost $3000 each.
Assume that educe and price are exogenous. If β1, β2, γ1, γ2 and γ3 are all different from zero, which equation is identified? Where price is a local price index for alco
What would the slopes have to look like for a consumer to pay the whole amount of an excise tax equal to exactly the cost of the tax instead of splitting it with a producer on a supply and
Illustrate the demand curve for x with Px on the vertical axis and x on the horizontal axis. Determine the income and substitution effects (with respect to x) when the price of x decreases from 0.5 to
Discuss what actions, if any, could the government take to increase competition in the pharmaceutical industry? Explain, would government intervention improve market outcomes?
Suppose that the U.S. population has been growing at 3% per year, but at the beginning of 2015, the growth rate falls to 1.5% per year and remains there until 2022. Explain what will the population
Suppose you will write a 2-3-page paper (double-spaced, 1-inch margins) providing at least 1 example of how the government has overstepped biblical principles in some form of economic policy.
In the Pacific Northwest, Shrimp Galore, a shrimp harvesting business, has a 30-year loan on its shrimp harvesting boat. The annual loan payment is $25,000 and the boat has a market value that excee
Summarize the recent policy of the Federal Reserve concerning the level of interest rates and the reasons for this policy. Explain do you agree with this policy? Why or why not?
King Henry the 8th reduced the silver content of the British pound to one-sixth its initial value, over a nine year period in the 16th century. Why do you think he would do so?
Bumper crop of oranges in Florida last year drove down orange prices. That was enough to tempt some value-oriented customers: unit volume of frozen juices actually rose about 6% during the quarter."
Explain the current rate of unemployment and how rapidly has GDP grown during the past three quarters? Is the economic growth high enough to validate the Keynesian view? Explain in detail.
To maximize profit, a perfectly competitive firm will produce where MR = MC, but a monopoly and a monopolistically competitive firm will produce where price = ATC.
Suppose that a mysterious increase in bovine infertility decreases both the population of dairy cows and the population of beef cattle by 50 percent. Milk has an inelastic demand and beef h
Assume that my tastes for roses (x) and other goods (y) can be represented by the utility function u(x, y) = βxα + y , where the MUy = 1 and MUx = αβxα-1.
The ECON6351 Company was considering a price increase and wished to calculate the price elasticity of demand. A market researcher and an economist were hired to study demand.
What is likely to happen to interest rates, assuming the Federal government and firms compete for the same savers' dollars in the loan able funds market.
Assume a UAW labor contract with General Dynamics is being renegotiated. If you are an executive in charge of human resource issues at General Dynamics, would you be better off, some of the many iss
Monopoly is preferred to perfect competition due to its efficiency characteristics.Perfectly competitive producers do not need to consider how their output levels affect price.
Policymakers can respond to the inefficiency of monopoly behavior in four distinction ways, they can use antitrust laws to try to make the industry more competitive according to our text.
Suppose you have cable TV and using the electricity, have running water in your home or purchase a prescription drug that is not a generic.
Calculate this ratio and consider it the real world if a real word comparative advantage for Italy over Greece in olives is determined by a ratio of Italian exports of olives to Greek exports that
Calculate the comparative advantage according to the classical model. Discuss, Is the classical model's prediction of comparative advantage consistent with the comparative advantage in the real worl