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In the early 1990's, a study found that moderate daily consumption of red wine reduced the incidence of heart disease in labratory rats. As a result of national press coverage of the report, the demand for red wine increased dramatically. Assume that the red wine market satisfies all of the attributes of perfect competition. Further assume tat red grapes are the most expensive input into the red wine production process.
Graph the inital reaction of individual incumbent firms to the increase in market demand. On your graph, identify the firm's revenue and cost structure, including the marginal cost and average total cost curves. Ensure that your graph shows the profit region. Will this result last?
Consider the market for electricity. Suppose demand (in megawatt hours) is given by Q=50-p and that the marginal private cost of generating electricity is $10 per megawatt hour (p is the same units). Suppose further that smoke is generated in the ..
Collect an article from an Australian newspaper that relates to the current Australian macro-economy or a macroeconomic issue or problem. In a paragraph indicate which section of the course it applies to, why you selected the article and provide a br..
Below are events that might affect supply of money, the demand for money, or the interest rate. Explain how each event may affect these three economic variables.
Determine the conditions of perfect competition. Name each and describe with an example how the real markets can violate one of more of these conditions.
Elucidate why increases in the price of a labor-intensive good lead to proportionally greater increases in the wage rate in a labor intensive country.
Determine which of the following statements regarding Gross Domestic Product is not true?
Suppose you are an advisor to President Obama. Illustrate what fiscal policies would you put in place.
Explain how one might interpret periods where these measures are significantly different from each other as periods during which supply shocks occurred.
What is the level of price, output, and amount of profit for an unregulated monopolist? Analyze the effect of regulation on the allocation of resources. Which situation is most efficient? Which situation is most likely to be chosen by government? ..
If the money supply increases, show the three different (simple, single variable) responses to the increase. b. What best describes the response to monetary policy in 2013? c. What best describes the response to monetary policy in 1973?
rise in government spending increase employment and aggregate output in the short-run. Show graphically and use the GDP equation to support your answer.
In the US the long-run inflation rate can be expressed simply as the growth rate.
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