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Assume the price elasticity of demand for physicians' services is -0.2. If your marginal cost per visit is $20, what is your profit-maximizing price if you control 5% of the market? What is your profit-maximizing price if you control 15% of the market? What lessons do you draw from this information?
Define inflation, discuss its causes, distinguish between anticipated and unanticipated inflation, and discuss the harmful effects of both on economic activity.
Assume government imposed a minimum wage above what otherwise would be equilibrium wage rate for the segment of labor market.
1. Suppose that a local government decides to provide more funds to the local police department in order for the department to hire additional police officers. Is there an opportunity cost of this action? If so, how would you measure it?
when trying to assess differences in her customers claire - the owner of claires rose boutique - noticed a difference
Explain the effect these vending machines have on the speed of market adjustment. Have you ever wanted to buy a soft-drink on a very hot day, only to find that the vending machines are sold out. How would widespread use of such vending machines af..
social problem where free marketplace are not allowed to function and describe how free market features could be introduced to help alleviate the problem.
Using the simple Keynesian model to assess the implications for equilibrium GDP and the level of savings of an increase in the savings function. What eventually happens to the level of savings? What would happen to equilibrium income if there is a su..
Explain what happened to the equilibrium price level in Japan during the early 2000s. Flow did Japan's equilibrium price level adjust between the middle of 2008 and early 2010?
Much has been made of the fact that people don't consistently act with scientific rationality. What is meant by rationality? Consider the three "systematic mistakes" discussed in your text.
If you were offered an outrageous compensation package to join a company that is laying off employees, declaring bankruptcy, and/or performing poorly overall, would you accept the position?
Identify three methods for solving rational expectations models and using your chosen method, find the rational expectations solution for prices (p) and output (y).
Why is it the case that a firm’s total variable cost curve begins at the origin AND slopes upwards from left to right? Explain both scenarios. Be specific.
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