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Suppose that fixed costs for a firm in the automobile industry (start-up costs of factories, capitalequipment, and so on) are $5 billion and that variable costs are equal to $15,000 per finishedautomobile.Because more firms increase competition in the market, the market price falls asmore firms enter an automobile market, or specificallyP = 15,000 + 5000/n, wherenrepresentsthe number of firms in a market. Assume that the initial size of the U.S and the Europeanautomobile markets are 300 million and 533 million people, respectively.a. Calculate the equilibrium number of firms in the U.S. and European automobile markets without trade.
Suppose that people expect inflation to equal 3 percent, but in fact, prices rise by 5 percent. Describe how this unexpectedly high inflation rate would help or hurt the following:
In 2009 output for the country of OZ was 14,300 tons of potatoes and the total labor force 1,150 workers. the growth rate of average labor productivity between 2008 and 2009.
Provide an economic explanation of what you have shown in your diagram above. Discuss what happens to (1) economic output-per-worker and Discuss the adjustment process that occurs during the transition period from the economy's post-disease situati..
What is the maximum amount the money supply can increase, assuming this bank is the only bank in the system that has excess reserves and
If the severity of business cycles were reduced, what would be the effect on each of the four types of unemployment and on theunemployment rate as a whole? The four types of unemployment are frictional,structural, cyclical, and full unemployment.
was the challenge that a retired professor of economis was known to have used in his upper division american economic historic course to ascertain what his students remembered fron introductory macroeconomics about the creation of money.
Small firms can discover the abilities of their workers more quickly than large ones because they can observe the workers more closely at a variety of tasks. Does it then make sense for people with high abilities to go to small firms
Expalin why is private property, and the protection of property rights, so critical to the sucess of the market system.
Suppose that the airplane can be purchased from an outside supplier. What is the relevant unit cost for this make-or-buy decision.
Suppose that a fall in consumer spending causes a recession. a. Illustrate the changes in the economy using both an aggregate-supply/aggregate-demand diagram and a Phillips-curve diagram
with a u.s. marginal propensity to consume assumed at 12 what will happen to the following with the neoclassical model
Answer whether the following statements are true or false, explaining your answer in each case.
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