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Clarify the three different ways in which governments can control prices and output in natural monopolies.
If the product price is $105, at its optimal output will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
Discuss the impact of the minimum wage when there are two sectors in the economy, one is subjected to the minimum wage and the other is not.
Maintenance expenses for a bridge on the Ohio River are estimated to be $20,000 per year for the first 8 years, followed by two separate $100,000 expenditures in years 12 and 18. The expected life of the bridge is 30 years. If i = 6% per year, what i..
If the CPI was 110 last year and is 121 this year, what is this year’s rate of inflation? In contrast, suppose that the CPI was 110 last year and 108 this year. What is this year’s rate of inflation? What term do economics use to describe this second..
Which of the following likely occurs when households and firms become more pessimistic?
How does economic Darwinism explain management structure? Why do government bureaucracies not adopt more efficient methods of management structure? Describe 5 common problems that occur in bureaucracies.
Suppose that an economy has the Phillips curve. What is the natural rate of unemployment? Graph the short-run and long-run relationships between inflation and unemployment.
Suppose that the central bank in the UK (The Bank of England) decides to raise interest rates because it is worried about high inflation. As a result, interest rates in the UK become higher than interest rates in the REST OF EUROPE. please explain wh..
Suppose a firm sells a good in 2 markets, each market is characterized by their own respective demand curve. Calculate the profit maximizing outputs and prices in each market assuming the firm can price discriminate. Calculate the own price elasticit..
Europeans lead the world in terms of the quantity of genetically modified (GM) foods consumed. In Germany, labor-management relations tend to be even more antagonistic than in the US. In the struggle and lobbying for political influence, smaller grou..
Smoke detectors have been shown to effectively reduce the death rate due to fires. In order to ensure that as many individuals as possible install a smoke detector, the government recently decided to subsidize the production of smoke detectors. Which..
Suppose that two consumers care only about the goods that they own. (The goods are private for them.) Starting from a competitive equilibrium allocation, is it possible for both consumers to be made simultaneously better off by trading with each othe..
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