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A unit circle representing the dimension of ”mouth feel” in breakfast cereals has 200 con- sumers spread uniformly along it. All consumers buy either one package of cereal a week or none at all (in which case they eat bread) and incur disutility c = 200 from each unit distance by which a brand deviates from their favorite mouth feel. The reservation price is: v = 20.
a) What is the equation for the demand curve facing cereal makers? (Distinguish the monopolistic and competitive segments)
b) What is the symmetric equilibrium under free entry if the cereal makers’ costs are C(q) = 128 + 4q?
c) What if fixed costs fall to 100?
If an individual’s labor supply curves slopes forward at low wages and bends backward at high wages, is leisure a Giffen good? If so, is leisure a Giffen good at high or low wage rates?
Disability payments replace a higher fraction of the wages of low-wage workers than of high-wage workers.
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Which of the following is not a source of cost advantage for a monopoly?
Keeping your money in a bank seems like a good idea. However, from time to time, depositors lose confidence in banks. we learned that when many people lose confidence in a bank at the same time it is called a “bank run”, and when this happens to many..
Explain by how much will aggregate demand at current prices shift initially (before multiplier effects) with a$70 billion increase in government purchases.
q1. suppose that businesses buy a total of 100 billion of the four resources labor land capital and entrepreneurial
Suppose the economy slips into a recession and the Fed takes action to stimulate the economy. What would specifically would the Fed normally do if they took an active approach to monetary policy (don’t base your answer on the most recent recession wh..
over the subsequent months, they changed their minds and discontinued the experiment. How did the timing affect their conclusion about the profitability of increasing prices?
Describe metrics that you would use to assess the success of any logistics plan involving you as a manufacturer and an internationally based mass merchandiser. Provide support for your selections.
Some city governments require that all city employees live within the city limits. What impact does this have on labor supply and the elasticity of demand for employees of a city with such a requirement?
State the essential difference between the classical and Keynesian schools of thought. If you were a public policymaker and received conflicting advice from a classical and a Keynesian economist, how would you choose? Explain.
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