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All firms in a Cournot monopolistically competitive industry have the same cost function C(q) = 25 + 40q. Market demand is Q(p) = 140 − p. Calculate the equilibrium price, firm output, total output, and number of firms in the industry.
(Arbitrage) A supplier is selling hammers in two cities, Pleasantville and Happy Valley. It costs him $5.00 per hammer delivered in each city. Let p1 be the price of hammers in Pleasantville and p2 be the price of hammers in Happy Valley. Assuming th..
Wheelan (in Naked Economics) states that "the problem with Asian sweatshops is that there are not enough of them." How is Wheelan's statement illustrative of the concept that every market transaction makes all parties better off?
Net Worth on a bank's balance sheet is
In theory, “Giffen good” is a good for which the demand curve is upward-sloping, which violates the law of demand. Please provide at least one example as a Giffen good and explain briefly why the demand curve is upward-sloping.
Elucidate how much labor should the firm employ. What is the resulting output and profit.
Suppose there are two types of people who need health insurance; high-risk and low-risk consumers. High-risk consumers have a relatively high probability of needing expensive medical care and on average incur $2,000 of medical expenses per year.
A competitive firm’s production function is y = 6√ x1 + 8√ x2. The price of factor 1 is $1 and the price of factor 2 is $4. The price of output is $8. How much of each factor should the firm use to maximize its profit? How many units of output will t..
If the economy is currently producing 40 units of cotton and 6 units of wheat, then what is the approximate opportunity cost of producing 10 more units of cotton?
q. the federal reserve expands the money supply by 5a. use the theory of liquidity preference to illustrate the impact
The BRICS (Brazil, Russia, India, China, and South Africa) nations are increasingly important in international business. Provide a comprehensive description of the economy of each of these nations and identify reasons why the BRICS countries are grow..
In the long-run, if prices of all resources remain unchanged, when a firm doubles all resources the quantity of output more than doubles, the firm is experiences. The term fiscal policy refers to
Suppose that the labor market is competitive and there are a total of 1,000 black workers and 1,000 white workers (who each supply their labor in elastically). Both black and white workers are equally productive, having constant individual dollar pro..
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