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1. Consider a price ceiling imposed on a monopoly that is set below the competitive price. Design a diagram showing the monopoly equilibrium in this case. Use your diagram to show that a price ceiling set this low will create a shortage.
2. What conditions must hold for a firm to be able to practice price discrimination? How are consumers affected by price discrimination? Elaborate about how consumers are affected.
Decreases aggregate quanity demanded among a stationary aggreate curve. E rases the equilbrium level of output and employment.
Calculate the price elasticity of demand for the product below using average values for the prices and quantities in your formula.
Illustrate what happens to the supply of new homes. What happens to the demand for new homes.
Illustrate what is the correlation between all of these, and the level of unemployment and spending therefore GDP.
What types of inefficiencies and/or externalities arise in each renewable resource case that interferes with sustainable and efficient management results?
Why is it not surprising to find that in an oligopoly which sells a basically undifferentiated product like chicken growth hormone all the firms change prices simultaneously, even if there is no explicit price fixing?
What do you think that they would be able to effectively reflect the true marketplace benefit and price.
Provide two terms which you have heard in the mass media, political arena, or in any other venue.
The following is a list of figures for a given year in billions of dollars. Calculate the GDP and NI.
In the short-run, machinery is fixed also labor is variable for a business that uses only these two inputs. If, at the current level of output, marginal product of labor is declining
Explain why might the unemployment rate tend to actually underestimate the unemployment problem, especially during a recession.
What is the profit-maximizing price and output? What is the total profit? What is the price elasticity of demand at the profit maximizing output?
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