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All firms in a Cournot monopolistically competitive industry have the same cost function C(q) = 25 +10q. Market demand is Q = 110 - p.
(i) Calculate the equilibrium price, firm output, total output and number of firms in the industry.
(ii) How would these values change if a franchise tax of $75 were imposed on each firm?
(iii) What if a technical innovation were to reduce unit production costs to $5?
Shelly's preferences for consumption and leisure can be expressed as. This utility function implies that shelly's marginal utility of leisure is C-200 and her marginal utility of consumption is L-80.
Explain how each of the following will affect the relative values of the dollar and the euro:
Illustrate the position of US economy over the next couple of years using aggregate demand and supply curves if these expectations are to be realized.
Suppose that in the market for comic book illustrators the substitution effect dominates the income effect While visiting Comic Con.
What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and P x = $5, P y = $10, X = 20, and M = 500?
Explain what would happen to the slope or position of the AD curve in the following circumstances.
Suppose that in response to learning that some sick individuals were denied health insurance, the government mandates that insurance companies must offer insurance to everyone at unregulated rates.
This problem uses Okun's law to study how the unemployment and inflation rates change when there are demand shocks. Assume that the relationship between the output ratio and the unemployment rate, U is given by the equation U = 6.0 - 0.5 (output ..
What is the difference between the real interest rate and the nominal interest rate? How would not knowing the difference effect perceptions of the economy and affect people's decisions?
Let the market demand for rye bread be given by Q = 500 + I - 250P rye + 400P wheat , where Q is monthly demand in number of loaves, I is average monthly income in dollars
Draw a graph of the UK labour market that shows the demand for labour, the supply of labour, and the real wage rate in 1973 and 2003. Draw a graph of the UK production function in 1973 and 2003. Make sure your graph shows potential GDP in both year..
You are the manager of 3D Designs-a large company that does graphics work for Disney and other companies. You and your only competitor are contemplating the purchase of a new 3-D imaging device.
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