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Suppose that there is only one firm which produces a certain good and that there are two different types of people A and B. People A and people B values that good differently. The demand of people A is P=60-Q. The demand of people B is P=40-Q. The firm can either charge the same price in both markets or set different prices in each. Which of the followings is correct?
a. The producer surplus is smaller under the single price setting.
b. The producer surplus is the same regardless of the price settings.
c. The producer surplus is larger under the single price setting.
d. The consumer surplus is the same regardless of the price settings.
What property does market equilibrium have for a perfectly competitive market with no externalities?
Does consumer surplus increase due to this price ceiling. Does social welfare increase as a result of the price ceiling.
Illustrate what are the firms ATC per unit at these three levels of production. If every firm in this industry has the similar cost structure, is the industry in long-run competitive equilibrium.
Answer the following questions, and explain what would happen to the aggregate demand-aggregate supply model when appropriate.
Classical economists held the view that: If a nation imports more than it exports, then its balance of trade is:
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where Y is national income, AE is desired aggregate expenditure, P is the price level, AS is the aggregate supply. National income is in billions of dollars.
In the classical model, a shift to the right of the aggregate demand would result in. If real Gross Domestic Product (GDP) is above its equilibrium level: When private expenditures decrease as a result of increased government spending, this is known ..
Cattletown steakhouse is a restaurant known for its steak meal and hamburger basket. Draw a graph showing a production possibility frontier exhibiting increasing opportunity costs.
Consider an economy composed of two people, Monday and Tuesday. There are two possible allocations, and neither Monday nor Tuesday likes these allocations equally well. (That is, each of them believes that one of the allocations is better than the ot..
Some finance experts advise consumers not to worry about rising gasoline prices, the cost of which can easily be covered by forgoing one takeout meal a month, but to worry about how high energy prices will affect the rest of the economy. For example,..
In the U.S., the command-and-control environmental laws of the early 1970s, together with the ensuing amendments and updates that have been made to them over time,
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