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Dominant Firm with a Competitive Fringe Suppose that the market demand for oranges is Q = 1000 − 2P , where Q = n ∗ Qf + Qd and Q is the total quantity, Qf is the quantity supplied by a single competitive fringe ?rm and Qd is the quantity supply by the dominant ?rms. The dominant ?rm’s marginal cost is given by mcd = 100, QD and the competitive fringe’s supply curve is given by Qf = −120 + P . There are three competitive fringe ?rms in the market.
A monopolist can sell 10,000 units at a price of $5 per unit. Lowering price by $1 raises the quantity demanded by 2,000 units. What is the change in total revenue resulting from this price change?
Suppose that the equilibrium real federal funds rate is at 4% and the target rate of inflation is 1 percent. Use the following information and the Taylor rule to calculate the federal funds rate target:
what happened to real output? by how much would the price index have had to rise for real income to remain constant?
What is the impact of a tax cut in an economy operating under a flexible exchange rate regime on household spending, interest rates.
Suppose that doctors' visits cost $20, and the typical consumer has an income of $100. Consumers spend all of their incomes on doctors' visits and a "composite good" that costs $1 per unit. Draw the new budget constraint the consumer faces under plan..
What is an example of an ethical perspective that is considered very American? What is an example of an ethical perspective from another culture that deals with a similar subject? Identify the culture and the ethical perspective. Why are the persp..
A case study in the chapter describes a phone conversation between the presidents of American Airlines and Braniff Airways. Let’s analyze the game between the two companies. Suppose that each company can charge either a high price for tickets or a lo..
Using the calculations from part a, and the methods described in class, calculate a 99% confidence interval for the population mean forecast, where the population 3 would consist of all economists.
For a firm to be economically efficient from society's point of view, it should produce at the point at which:
Describe the externality that arises from plastic bags. Draw a graph to illustrate how plastic bags create deadweight loss. With 70 percent of all plastic bags coming from grocery, drug and convenience stores, inJuly 2008, Seattle imposed a tax of 2..
Competitors are firms competing in the same market, offering products that are similar, while targeting specific customers in order to gain a competitive advantage. What is market commonality? What is resource similarity? What does it mean to say tha..
The market demand for glue is Q = 240 û 6P, and the government intends to place a $4 per unit tax on producers. Calculate the deadweight loss of this tax when:
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