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Recall law of diminishing marginal utility. What happens to Marginal Utility of bracelets and Marginal Utility of soda? What happens to Total Utility received?
Find the expansionary and contractionary fiscal policies? Find their policy instruments? How are they used to deal with inflationary gap and recessionary gap?
What price must he charge each group if he wishes to maximize revenue (profit). Find the total revenue collected in each market?
Find the price elasticity of demand for Chrysler Crossfire. Find cross-price elasticity of demand for Chrysler Crossfires.
How many people are in country's labor force? Find the labor force participation rate? Find the natural unemployment rate?
The corresponding total revenue function has form. At what combination of outputs will marginal revenues of all three products be simultaneously equal zero?
Deduce first-order condition for firms profit maximization. Find out profit maximizing level of Q. Verify that, at point of maximum profit that second-order sufficient condition holds.
Deduce the inverse demand curve for monopolist. Find out price charged by profit-maximizing monopolist and amount of profit earned.
Compute decrease in consumption due to lump sum tax, and use it to find consumption after tax (ca-fill in the column 7).
How does forecast for 2006 compare with historical performance of economy? The spreadsheet Bank of Green, found on course website, gives quarterly data for nominal and real GDP.
Your supervisor has asked you to calculate elasticities for each independent variable. Suppose following values for independent variables.
Using circular flow diagram, describe the way that family interacts in factor market and way that it interacts in products market.
Find the monopolist's price, quantity and profits? Compute the profit of original McDonald's. Compare Cournot profit to that in part a.
Explain the real-life situation to which normal distribution could be applied. Describe why. How does the normal distribution vary from one which is not?
Compute consumer surplus and rm prots at competitive output level. Compute deadweight loss due to monopoly.
In short run, when price of gasoline increases, what happens to income you have to spend on other goods?
George Foreman was the professional boxer who made comeback by endorsing grills. Explain How do people's budget, income, and substitution effects fit in?
Provide details of organization's problem, and if applicable, potential data sources which might be used to help determine the strategy.
Why is it greater challenge to describe economic motivations for latter as opposed to such behavior by households consumers?
Explain how polluter will respond and type of outcome that would result. Alternatively, if regulator proposes to give away free permits what would occur?
Explain how criterion for efficiency in dynamic context of stock pollution differs from criterion in static context in which there is no temporal aspect to damage from pollution.
Find required reserves of People's National Bank? Does bank have any excess reserves? Find maximum loan that the bank could extend?
Elliot Industries has rather unique product that sells for $25 per unit, and marginal cost is $11.25. Find out Lerner index for firm. Does this index indicate market power?
Use this information to get the estimate of own-price elasticity of demand for product produced by the firm.
Determine the Herfindahl-Hirschman index for widget industry? Do you think Justice Department would be likely to block merger between firms 5 and 6?