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Gus the cab driver rents a cab and pays for gas. In each of the following circumstances, describe the (A) short-run effects & (B) long-run effects on the price and quantity of rides Gus offers.
Illustrate the market for a good by drawing the industry's demand and supply curves. On the graph, identify the equilibrium price and the equilibrium quantity. Be sure to label all axes and curves.
Problem 1: What do economists mean by the term "imperfectly competitive markets"? Problem 2: ow do market prices differ between perfectly and imperfectly competitive markets?
Problem: Assume the commodity market and the money market for an economy are described by the following IS and LM curve.
What is comparative static analysis? Given equilibrium of price and quantity, explain the impact of simultaneous shifts in demand and supply.
How do you figure out the equilibrium price and demand. I cannot find a good explanation of the formula to use.
What are the equilibrium price, combined output, and profits with Bertrand competition?
Suppose that workers in the souvenir manufacturing industry unionize. This shifts the supply of labor in the souvenir manufacturing sector to the left and shifts the supply of labor in the hospitali
Q1. Draw the marginal revenue function for this firm. Q2. What is the profit maximizing price for this firm?
Use the demand function: P = 30 - 2Q And the marginal cost function: MC = 20 to determine P and Q for profit maximization. Then, suppose a government subsidy of $6 per unit is imposed.
The supply and demand curves for pears are: Where Qs is the quantity (tons) supplied, Qd is the quantity (tons) demanded, and P is the price per pear (in hundreds of dollars per ton).
(1) Determine the market supply curve. (2) Determine the short run equilibrium market price and output.
(1) Determine the average fixed, average variable, average total and marginal cost functions. (2) What is the short-run supply curve for each firm?
(1) What is the short run market supply curve? (2) What will be the equilibrium price and volume of bread sales in the market?
Quality can take two values, L and H, where H > L > 0, and is equally likely to take each value. Describe all separating and all pooling equilibria of this game.
What would happen if suppliers set the price of pizza at $15? Explain the market adjustment process.
Consider the demand and supply curves for several markets - the market for mineral resources, the market for wheat, the market for sugar, and the market for motor homes.
Given the following Demand and Cost functions for a monopolistically competitive firm:
(1) The overall market supply of nails will decrease by 2%, due to exit by foreign competitors (2) Due to a growing US economy, the overall market demand for nails will increase by 2%
The manager of a corporate division faces the possibility of an audit every year. She prefers to spend time preparing if she will be audited; otherwise, she would prefer to invest her time elsewhere
a. What output maximizes profit? b. What is the firm's economic profit at this output?
Problem: Assume that 2 companies (C and D) are duopolists that produce identical products. Demand for the products is given by the following linear demand function:
Problem: Draw graphs showing a perfectly competitive firm and industry in long-run equilibrium. 1) How do you know that the industry is in long-run equilibrium?
How will each of the following changes in demand and/or supply affect equilibrium price and equilibrium quantity in a competitive market; that is do price and quantity rise, fall, remain unchanged,
There are 3 major airports within South Florida. Given this is airport oligopoly structure. If 1 airports operating expenses are increased, thus resulting in costs being passed on to the consumer -