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Buying a hip replacement surgery is different from the assumptions of a purchase in the perfectly competitive market because A.the seller has an ethical duty to care for you. B. all buyers are price makers C.product characteristics do not vary significantly across providers. D. information is freely available about surgeons specializing in hip replacements.
Maria consumes two goods, strawberries and other goods. Because of her exquisite taste, she buys her strawberries from a particular vendor. Her preferences over other goods y and strawberries x is characterized by a utility function U(x, y) = x + y, ..
Suppose that there is no fixed production input (i.e. long run.) With the production function above, the slope of the isoquant is given by MRTS = -(K/2L). Assume the firm chooses to hold costs C at $50.
Why is the unrestricted entry of new firms to all markets necessary to assure the efficient allocation of resources in the long run?
A machine makes drill bits. When the machine is operating correctly, the variance of the diameter of drill bits is no more than .04 inches. In a random sample of 81 drill bits, the sample variance was .07. Test the hypothesis at the 1% level that the..
This week, we are going to talk about bubbles, specifically, are we in one now? This in't really about growth - its more about the business cycle, but I found it particularly interesting. While much of the podcast focuses on San Francisco, there are ..
Apex Manufacturing charges Zenith Manufacturing with predatory pricing (that is, selling below cost) What do you think anti-trust authorities will want to consider before they determine whether prosecute Zenith for unfair practices in restraint of tr..
Given the short-run (SR) cost curve in the chart above for a firm in a perfectly competitive market, find the firm’s best output level and total profits when the market price is: a) $18, b) $13 c) $5 d) $3.
Give an example of consistent Fiscal Policy and Monetary Policy that you would choose to correct unemployment gap (Recession) that you suspect in the economy?
Consider a homogeneous good market with the following market demand curve: Q = 8 − p, 0 ≤ p ≤ 8 = 0, p > 8. Two firms produce output at constant marginal cost which may be different. Derive the Nash equilibrium outcome and the profits of the two firm..
Moli Labs Inc. is developing medical research on a certain anti-laziness pill. It is estimated that the lifetime value of the patent on this pill would be V = $1024 (in millions). The company can invest in many separate identical labs. Each lab costs..
What role does elasticity have on decisions made in the market? How does the availability of substitutes affect the price elasticity of demand? Explain using examples from your experiences.
In the aftermath of the 2008 Financial Crisis, the Basel 3 Accord sought to reduce systemic risk. What are the most serious problems with Basel 2? What are the most significant regulatory improvements of Basel 3? Which provisions do you believe are m..
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