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Normal and inferior goods are differently impacted by recessions. Examples include new cars versus fast food. The textbook examples include jewelry, gourmet pet food, dollar general stores.
For this assignment, research four other examples of inferior goods. In addition, discuss how revenues of inferior goods producers are expected to be affected by economic recessions and expansions.
Mathematical Monopoly Problem. Suppose a monopoly firm is operating using the following information. Calculate this firm’s profit-maximizing price, quantity, and profit.
If you were managing a monopoly, and small entrant tried to enter your market, explain why it might make sense to cut prices so low that you would suffer losses for a time. Imagine that you are managing a small firm and thinking about entering the ma..
If the equilibrium real fed funds rate and the inflation target are 2%, actual inflation is 3%, and the output gap is –1%, find the real federal funds rate recommended by the Taylor Rule.
Why do points on a utility possibility curve represent efficient allocations of resources? Why must the utility possibility curve be downward sloping.
Solve for the new equilibrium quantity (Q**), the sellers price (Ps), and the consumer’s price (P**). Solve for consumer surplus, producer surplus, government revenue and total surplus with the tax.
Suppose the government imposed a price ceiling on a monopolist. Let denote the price ceiling, and suppose the monopolist incurs no costs in producing output. True or false: If the demand curve faced by the monopolist is elastic at the price, then the..
Suppose that the nominal interest rate on three-month Treasury bills is 8 percent in the U.S. and 6 percent in the U.K., and the rate of inflation is 10 percent in the U.S. and 4 percent in the U.K. a. What is the real interest rate in each nation? b..
Considering each of the factors that impacted women at this time, was this a beneficial period for women's rights? Your answer should include some reference to reform, the Market Revolution (industrial technologies), and expansion.
Explain why a weaker dollar could involve the UK balance of trade deficit.
What is the difference between an induced expenditure and an autonomous expenditure in the Aggregate Expenditure model? Include a drawing a "typical" aggregate expenditure function. Label each axis. What does the intercept represent? What does the sl..
Suppose that each unit of product A requires 4 workers and 1 unit of capital to produce, whereas each unit of product B requires 5 units of capital and 2 workers and that it is the case irrespective of prices. What does this indicated about the relat..
The classical economists believed that our economy was always at full employment or tending toward full employment. If our economy were operating below full employment, what would happen, according to the classical, to move the economy back toward fu..
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