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Daycare for children is in competitive industry with long run equilibrium price at $60/day. The government intervenes and limits what providers can charge and imposes a price ceiling of $45/day. As a result:
A. Demand for daycare increases and many new daycare centers are established
B. Supply of daycare services fall and causes prices to fall below $45/day
C. Parents have a more difficult time finding daycare providers for kids
D. Demand for daycare increases and causes price to rise above $60/day
By raising and lowering short-term interest rates to keep inflation moving at a steady pace, many central bankers and academics thought they had finally found a monetary policy solution to conquer booms and busts of the business cycle. When would int..
Cash versus Stock Payment [LO3] Penn Corp. is analyzing the possible acquisition of Teller Company. Both firms have no debt. Penn believes the acquisition will increase its total aftertax annual cash flows by $2 million indefinitely. What is the cost..
The demand for labor by a monopsonist is given by W^d=17-L. The inverse supply curve of labor is given by W^s=2+2L. 1. Find the corresponding total cost and marginal cost functions of this monopsonist. Assume that labor is the only input.
You have a choice of starting a business in either the US or a foreign country(Fredonia). In Fredonia, income tax is a flat 25%. Depreciation in Fredonia is straight line annually. (There is no “offset” of 6 months in the first or last year). The inv..
Present a one-factor Ricardian model of two countries, A and B, trading two goods, X and Y, and discuss the gains of trade generated in this model.
To whatever extent you find the paternalistic and externality arguments convincing, what types of responses might they justify? Consider, for example, educational TV.
Spending by the consumer sector is the driving force in the US economic system. Although the business and government sectors make a considerable contribution to the success of the economy, it is the spending by the consumer or household sector of the..
What is this firms total cost function, average cost function, average variable cost function and marginal cost function.
Two monopolies in different markets have identical, constant marginal cost functions. (a) Suppose each faces a linear demand and the two demands are parallel. Which monopolist will have a higher Lerner index: the one whose demand is closer to the ori..
The sales manager for ABC Electronics wants to maximize his profit on the sale of two portable media player models, JVD-2000 and MDP-72. The wholesale costs of these models are $310 and $100 per unit respectively. Find the optimal number of the two d..
Classical economists of the 1930's did not believe that: Suppose the economy is initially in a recessionary gap and consumer and business expectations become less optimistic due to the War on Terrorism. In the long run, assuming that there is no poli..
after the fourth you wince, "No more, the after-taste is getting to me. I need water." What economic principle does this scenario illustrate? Define the principle.
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