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1. Define the price elasticity of demand.
2. What are the four determinants of the price elasticity of demand?
3. Give an example of a good that has elastic demand. Also give an example of a good that has inelastic demand.
What are natural resources-based livelihoods, and how are they threatened? What are common property resources; what economic incentive problems do they face; and how have some communities successfully overcome these problems?
In a long-run perfectly competitive equilibrium, which industry will have more firms?What is economic rent? How does it differ from economic profit?
An industry consists of two firms, each of which have variable costs of $10 per unit but no fixed costs. The industry demand curve is P = 70 - Q. Solve for the Cournot equilibrium. In doing so, derive the reaction function of each firm (call Q1 an..
Natural resources and international trade? What is the status of the H-O theory today?
Specify the dynamic programming problem for labor adjustment using a piecewise linear adjustment cost structure. What determines the region of inaction? Study this model numerically by solving the dynamic programming problem and obtaining policy f..
Does either player have a dominant strategy
consider a monopolist facing the market demand p=100-2q. Marginal cost equals to 10; How many unit will t produce At what price Compute and identify in a graph: monoplist profit, consumer surplus and deadweith loss.
Show that they behave as they would in a perfect-foresight model when anticipated and as they would in the standard AS-AD model when unanticipated.
These parameters are the same for all participants. It is found that the amount of income not declared is, on average, different among the countries. Discuss possible explanations for this finding.
Suppose Al has a checking account in Bank A, and Bob has a checking account in Bank B. Banks A and B each have $100,000 in deposit liabilities and $30,000 in reserves, and the required reserve ratio is 20%.
What kind of fiscal policy would you recommend? Illustrate the impact of your recommendation in a fully labeled aggregate demand-aggregate supply graph. What does your plan suggest will happen to output, employment, and inflation?
Solve these equations for the maximum profit that the amusement park will attain when it charges different prices in the two markets and when it charges a single price for the combined market.
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