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What is the condition for optimal choice? When will it not hold? Is it a sufficient condition?
What is the "current macroeconomic situation" (e.g. worrying about inflation and/or recession) in the U.S.? [2] What should the U.S. Congress and the Federal Reserve do about it?
Determine (solve for) the equilibrium level of income or GDP (Y). Determine the impact on income of a 50 increase in government spending from 250 to 300. Using the original data, compute the impact of
Proponents of free market systems argue that free enterprise leads to more efficient production and better response to changing consumer preferences. Others point to the fact that markets are not pe
What is the key assumption of the basic Keynsian model? Explain why this assumption is needed if one is to accept the view that aggregate spending is a driving force behind short-term economic fluct
Define the Law of Diminishing Marginal Returns and apply the marginal/average relationship to describe the behaviour of production in the short run. Be sure to include an analysis of the stages of
Oligopoly behaviour is extremely strategic. Consider the models of oligopoly we have studied. What type of games are each of the models of oligopoly? Compare the solutions of the models. Can we say wh
If the average level of consumer surplus for each hotel guest equals $24, what is the total consumer surplus per night?
Draw an Edgeworth box with apples on the horizontal axis. Label the initial endowment point W. Sketch two representative indifference curves for each person. Show where on your diagram the Pareto opti
What is the market price that would prevail at equilibrium in a Cournot oligopoly. What is the the quantity that Big Mac would supply at equilibrium in a Cournot oligopoly What is the the quantity tha
If agricultural price subsidies have the effect of lowering resource costs for farmers, use a supply and demand graph to show the effects on the market for food. What are the implications for Americ
What are Whipple's and Go-Along's realized and recognized gains or losses? What are their deferred gains or losses? What are their bases in the acquired properties? What alternative transaction would
Aztec Enterprises depends heavily upon advertising to sell its products. Management and Aztec is allowed to spend $2 million monthly or advertising, but no more than this amount. Each month, aztec
Compute the coefficient of price elasticity (midpoints approach) for Goldsboro's supply. Is its supply elastic, or is it inelastic?
Determine the effects of decrease in the population growth rate on the golden rule quantity of capital per worker and on the golden rule savings rate. Explain your results.
Explain the theory of contestable markets. How is this theory related to deregulation?
Assume that banks become more conservative in their lending policies, and start holding some excess reserves. Compare this to a situation in which banks are not holding excess reserves. In the new
Which of the following is included in the study of macroeconomics?
He has a constant marginal cost of production, c = 3, and no fixed costs. He can charge different prices in the two markets. What is the profit-maximizing combination of quantities for Mahe?
Which of the following provides the best explanation for diseconomies of scale?
Explain what is meant by the term principal-agent problem. Give an example of a setting where this problem has arisen. Do you think that increased monitoring would have eliminated the problem? Why d
Calculates the output and price of wood working if it is produced under competitive condition without regulation. Determine the socially efficient price and output of woodworking.
What is the quantity at which the average total cost is at its minimum point? Show proper working. Determine the shape of the average total cost function and also label the minimum point on the curve
Calculate the substitution effect of the price change. Calculate the income effect of the price change. What is the overall effect on Ella's demand for milk?