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Assignment:
Consider two countries that are freely trading in differentiated products. Each producer in the industry is subject to increasing returns to scale, derived from fixed costs of production. In particular, the cost function of a firm in the industry is linear with respect to output, with fixed costs of 100 and variable costs of 20 per unit of output. The demand function for each differentiated product is equal to
Q= s[1/n - b(p-P)] note P is p bar where
b = 1.5
S is size of the market,
P is the price charged by the producer and (P bar) is the average price in the industry. There is free entry in the industry.
Assume that the size of the market is 2,000 in the Home country and 3,000 in the Foreign country. [HINT (in case you need it): If the demand function is: Q=A-BP , then MR=P-Q/B ]
Explain the differences between external costs, private costs, and social costs and how the presence of external costs leads to market failure.
Suppose the market demand for good x is given by the equation Qd= 1000-20P, and the market supply is given by the equation Qs= 500+30P, find the equilibrium price of good x.
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Desired consumption is Cd = 100 + 0.8Y - 500r - 0.5G, and desired investment is Id = 10 -500r. Real money demand is Md/P = Y - 2000i. Other variables are πe = 0.05, G = 200, = 1000, and M = 2100.
part-1a software company decided to build a larger factory at a cost of 50 million that would be operational for 5
With respect to producer prices, what signals do businesses receive from a more elastic demand, and what signals do they receive from a more inelastic demand.
Should the aircraft carrier be built?
Why might it be true that relative PPP holds better in the long run than the short run? (Think about how international trading ?rms might react to large and persistent cross- border differences in the prices of a tradable good.)
What is the Optimal Consumption Rule? Explain why this rule must be satisfied for utility to be maximized. Explain either the theory of Rational Ignorance or the Median Voter Theorem.
The table below gives an individuals MUx and MUy schedule. Suppose X and Y are the only two commodities available and Px =P2 while Py = P1.
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