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What would happen if a law passed dictating that kindergarten teachers could make no less than $100,000 per year?
Rather than an ad valorem tax, what is the government's revenue from a specific tax of t imposed on the monopolist? Your answer should be in terms of ‘t'.
If the government imposes a binding price ceiling for coal at a price that is 20 percent below the market equilibrium price, what is the impact of this policy on the market quantity?
If all other car dealers sell either the same number of vehicles or fewer, what is the largest value that the Herfindahl index could possibly take for car dealers in your area?
"Trade restrictions will stop foreign imports, which will increase American employment and protect American jobs." Most economists realize this argument is wrong. Can you explain why?
The selling price at each stage in the production of a 5-pound bag of flour sold by your local grocer. Calculate the final market value of the flour.
Given the flowing annual information about a hypothetical country, answer question a through d. What is the value of net domestic product?
Determine whether each of the following would be considered frictional, structural, seasonal, or cyclical unemployment:
Determine whether each of the following increase, decreases, or remains unchanged in the short run: the market interest rate, the quantity of money demanded, investment spending.
Why does the United States have an absolute advantage in both goods? Which country enjoys a comparative advantage in Food? Why?
Using a conventional supply- demand diagram, illustrate the following gains and losses from such a price support: Are the total cost and benefits of the support program widespread concentrates?
Calculate the Herfindahl-Hirschman Index (HHI) for each of the following industries. Which industry is the most concentrated?
Identify the type of anticompetitive behavior illustrated by each of the follow: Dairies that bid on contracts to supply milk to school districts collude to increases what they change.
Which individual, if any, have backward-bending supply curve in the wage range shown? Does the market supply curve bend backward in the wage range shown in the table?
Calculate the marginal revenue product for each additional unit of labor if output sells for $3 per unit. Draw the demand curve for labor based on the above data and the $3-per-unit product price.
What prices will Chevrolet charge once Ford has set is price? Given your answer to part (d), how could undetected cheating on price cause the cheating firm's profit to rise?
A monopolistically competitive firm faces the following demand and cost structure in the short run: What is the relationship between marginal revenue and marginal cost as the firm increases output?
A producer of carbonated soft drinks sells to a retailer only if the retailer agrees not to buy from the producer's major competitor. What is the firm's economic profit or less in equilibrium?
Then the customer paid the balance on October 22, 2012. Credit terms offered to the customer were 2/15, net 60. calculate gross profit for October 2012.
Explain the difference between the Stackelburg and the Cournot duopoly models. Outline the process by which a Stackelburg equilibrium is reached.
The average wholesale (invoice) cost for the Redberry IV cellular phone is $280 and the marginal selling cost per unit is $150. What would be the profit maximizing price for the manufacturer of this
Be sure to indicate why each factor you mention is important if a nation is going to attain a high level of economic progress.