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Consider a Cournot oligopoly consisting of four identical firms producing good X. If the firms produce good X at a marginal cost of $7 per unit and the market elasticity of demand is -2, determine the profit-maximizing price.
Let’s say the current administration decides to make a college education more affordable, so they establish a price ceiling of $50 per credit hour for community colleges, $75 per credit hour for four year institutions, and $100 per credit hour for gr..
Economic Projections you have just been appointed the new Economic Advisor to the U.S. Government and have been asked to develop an economic series of projections for the U.S. domestic economy for the next year. Outline your new forecast based on cur..
There is difficulty in confronting trade-offs between environmental preservation and other economic and social activities. The longer we defer decisions, the more stark the trade-offs. Would these resources continue to exist if we continue our curren..
The typical way that authors get paid for writing a book is via a royalty arrangement. For every book sold, the author gets a certain percentage, something like 15% of the list price on hardcover sales and 10% for paperback. How does this payment sys..
Consider a free market with demand equal to Q = 60-4P and supply equal to Q=2P. What is the value of consumer surplus? What is the value of producer surplus?
In the 1997-99 period many self-proclaimed economists claimed that the Phillips Curve was finally dead. Apparently, the “old macro rules” didn't work anymore, possibly because the “new economy” had arrived. Think about the third equation in the model..
There are only two individuals that make up the market demand for this market. Person 1 is willing to pay a price P = 200 - 50 q1 for each quantity q1 that person 1 consumes. The willingness to pay for person 2 is P = 200 - 100 q2. what is the equil..
In 2011, selected automobiles had an average cost of $16,000. The average cost of those same automobiles is now 20,000. What was the rate increase for these autobiles between the two time period.
The Dodge City Bank is planning its loans for the next several years, and is using a model of loan demand developed from past experience. Fred Smith is responsible for developing the mortgage loan component of total loan demand.
Suppose you manage a local grocery store, and you learn that a very popular national grocery chain is about to open a store just a few miles away. Use the model of monopolistic competition to analyze the impact of this new store on the quantity of ou..
A large bakery buys flour in 25-pound bags. The bakery uses an average of 4,900 bags a year. Preparing an order and receiving a shipment of flour involves a cost of $10 per order. Annual carrying costs are $75 per bag. Compute the total cost of lordi..
Why does a union electrician earn less than a non-union electrician? Why does a white male earn more than a white female with the same level of education?
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