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Assume that a Pfizer has a linear demand curve for Lipitor, a constant marginal cost curve (i.e. the marginal cost is a constant), and is a monopolist in this market.
Graph this firm’s optimal output choice before and after per unit excise tax is placed on the output. Does the equilibrium price rise by as much as the tax?
q. in class we discussed the idea that small farmers are sometimes price takers i.e. the price of wheat are set in the
a smaller multiplier means that change in government purchases of goods and services, government transfers, or taxes necessary to close an inflationary or recessionary gap is larger. How can you explain this apparent inconsistency.
q.there are two identical firms in an industry. each firm uses a cournot strategy to maximize profits. if the best
Elucidate how the law of diminishing returns influences the shapes of the variable-cost and total-cost curves.
Justify your discussion and analysis by using appropriate examples and references." The additional information on Trade Data and Analysis was submited last night.
An individual, who has income I, cares only about two goods: X and Y. Their prices are Px and Py, respectively. The individual's utility function is U(X,Y)=aln(X)+(1-a)ln(Y).
Explain how do the life-cycle hypothesis also the permanent income hypothesis resolve the seemingly inconsistent pieces of evidence regarding consumption behaviour.
If we know that expansionary monetary policy cannot create real economic growth in the long-run, why would it ever be used in the short-run?
Consider the market for minivans is at equilibrium. Determine, using the supply and demand model, how the following events might affect the equilibrium price and quantity for minivans. Explain why fully. Consider each separately.
During the purchasing decision, evaluation stage, the consumer forms preferences among the brands in the choice set.
The Acme Paper Company lowers its price of envelopes (1,000 count) from $6 to $5.40. If its sales increase by 20 percent following the price decrease, what is the elasticity coefficient?
The New York City rent stabilization law of 1969 established maximum rental rates for apartments in New York City
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