What does it mean for the good to be elastic or inelastic
Problem: What does it mean for the good to be elastic, inelastic, or just unit elastic?
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The main difference between perfect competition and monopolistic competition is
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Suppose that, as the chair of the Fed, you decide to "put policy on automatic pilot" and require that monetary policy follow an established rule. When might each of the following two rules be appropriate? (a) Maintain a constant interest rate. (b)
a. Construct the strategic form payoff matrix assuming simultaneous move, non-repeated interaction. b. Show the predicted outcome or equilibrium for this game.
In the short run, change in the equilibrium price will A. always lead to inflation B. cause a shift in the demand curve C cause a shift in the supply curve D cause a change in the quantity demanded or supplied
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Illustrate and explain how this mechanism works to achieve market equilibrium between supply and demand forces. How does a change in supply/demand differ from a shift in the supply/demand curves?
Suppose BB and MT form a single (noncompetitive) firm, and that this does not affect costs. How many broomsticks are sold, and at what price ? In numbers, what is the size of the deadweight loss from the above action ?
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