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In this question the goal is to compare a perfectly competitive industry to a monopoly. For the comparison we will assume that both the perfectly competitive industry and the monopoly have the same
Problem 1. For each of the parts of this question use the information provided to find the consumer’s budget line.
Suppose you live in Madison and want your nominal wage to be $80,000. What is the real value of this nominal wage?
Draw Joe’s production possibility frontier for gadgets and widgets on a graph where gadgets are measured on the y-axis and widgets are measured on the x-axis. Then write an equation for Joe&rs
a. What is the opportunity cost of producing 25 more bicycles if George is currently producing 50 bicycles? b. What is the opportunity cost of producing 50 more bicycles if George is currently produci
A firm has increased all inputs used in the production of its product by 50%. As a result, the firm’s output has doubled. From this information we can conclude that the firm’s producti
What is the equilibrium quantity supplied and net price received by producers after the government implements this excise tax on peanuts?
The diagram below shows the relationship between fertility rates and gross domestic product (GDP) per person in different countries. Is this cross-sectional or time-series data? What is the relation
Suppose that initially the above market is in equilibrium and the government decides to impose a minimum price of P = $30 (a price floor). The change in consumer surplus induced by this price floor
a) What is the equation for Exxon Mobile’s Marginal Revenue curve? b) Draw the Demand Curve, Marginal Revenue Curve, Average Cost Curve and Marginal Cost Curve for this monopolist in a graph.
What is the cross - price elasticity of demand for light bulbs (with respect to lamps)? What type of good are light bulbs?
Hipsteria is a town made up of only hi psters . The people of Hipsteria consume many vinyl records according to the demand curve : P = 1 9 0 – (1/ 4) Qd . Records are supplied by Hipster - Pho
Each of the following questions describes a change in one or more markets and asks how these changes affect other markets. Your response should include which curves (supply, demand, or both) shift ,
What is the equilibrium price of a ticket for this performance? Describe the short - run supply curve for tickets to this performance.
You know that there are two linear relationships that intersect one another. Find this solution (i.e., the point of intersection of the two lines) given the following information. The first line has
This set of questions compares a single price monopoly to a first degree price discriminating monopoly. Suppose that the market demand curve for this monopoly is given by the equation
Draw an indifference curve (IC1) on the graph such that bundle A represents the utility maximizing bundle for Libby.
a. Draw in a line representing the “Price Guarantee” and label this line accordingly. Also label P2 on your graph. b. Indicate on your graph the total quantity of the peanuts, Q2, the farm
Compare the opportunity cost of producing one dozen doughnuts for these two individuals. Who has the lower opportunity cost for producing one dozen doughnuts? (Provide numerical measures with approp
Write an equation in slope intercept form given the information below. Show your work for full credit.
a. What is the equilibrium price (P1) and quantity (Q1) in this market? b. When this market is in equilibrium, what is the total revenue (TR1) earned in this market?
Suppose Sam is currently producing at point B. What is Sam’s opportunity cost of producing two additional belts? Provide a number as well as the units of measurement in your answer.
Given the above information, what is this monopolist’s profit maximizing price and output if it charges a single price?
Write an equation for George’s budget line? (Keep your equation with improper fractions rather than converting the equation to decimals.)
a. What is the equilibrium price and quantity in this market? For your answers you may round to the nearest whole number. b. What is the value of total revenue for farmers in this market?