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OJ Simpson used to be a much more popular actor than he is today. We would expect in the market for OJ Simpson autographs (today)...
1. equilibrium price to go up and equilibrium quanity to go down?
2. equilibrium price to go down and equilibrium quantity to go up?
3. equilibrium price to go up and equilibrium quantity to go up?
4. equilibrium price to go down and equilibrium quantity to go down?
5. A movement to the right along the supply curve
In a pure monopoly, the monopolistic firm is the only one selling the product, therefore there are no constraints on what the firm can charge or on the profit it can make. Do you agree? Why? Discuss various barriers to entry into an industry, explain..
Consider the case of a corn producer. This producer is a monopolist in the corn market. Since corn production uses significant amounts of fertilizers, it negatively affects the environment. Recall that, when a firm is a monopolist, it reduces its pro..
You buy a new pair of shoes on sale. The printed receipt states very clearly that the shoes are not returnable. After you get them home, you wear the shoes around the house for a day and decide that they just don’t fit you correctly.
According to the alternative approach (heterodox) towards economic production the only real scarce factor is time. Money, being a credit/debit relationship, cannot, by definition, be scarce. Nor are capital or resources scarce but reproducible.1 This..
q1. y fk l a k0.4l1.0a calculate the marginal product of labor mplb does this production function exhibit diminishing
Assume that for the last worker hired MPL=4, MR=2, and W=4, and if one more worker is hired MPL=3, MR=2, and W=4. Given this information, the firm- should leave employment unchanged, should increase employment.
Consider Romer’s growth model of Chapter 6 and let ¯ A 0 = 100, ¯ l = 0 : 06, ¯ z = 1 = 3000, and ¯ L = 1000. What is the growth rate of output per person in this economy? What is the initial level of output per person? What is the output per person ..
How events would leave the equilibrium price of textbooks at the same level observed before the supply shift.
Observational equivalence. (Sargent, 1976.) Suppose that the money supply is determined by mt =c′zt−1 +et,where c and z are vectors and et is an i.i.d. disturbance uncorrelated with zt−1. et is unpredictable and unobservable.
Why can it be suggested that the fact that the ratio of skilled labor/unskilled labor has risen in almost all U.S. industries in recent years (and not just in traded goods industries) lends support to the view that increased inequality in the United ..
What type of market structure was the product or service in when the differentiation occurred? What is the differentiation? Describe specifically what the differentiation was and tell us what that means for rational business price and production deci..
Analyze the current health care delivery structure in your state (Tennessee). Compare and contrast the major determinants of healthcare market power. Analyze the main competitive forces in the your healthcare delivery system in your state.
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