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Suppose that two firms both have AVC = $50. Market demand is given by Q = 100 - P. Find the Bertrand Equilibrium. Would your answer be different if there were three firms?
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities.
Is market capitalism necessary for freedom? Explain why or why not. Are market economies necessarily “capitalist” and are command economies necessarily “socialist”? Why or why not? What causes macroeconomic instability of market capitalism? Explain.
If prices of x and y are doubled while the income remains the same, the budget constraint:
Participate in a discussion with your classmates regarding the expenditure multiplier effect within your local community, state, or region which magnifies or multiplies expenditures that increase the real GD. Discuss an event in your home city or sta..
Consider the Stimulus Package or the American Recovery and Re-investment Act (ARRA) of 2009. It increased government expenditures by roughly $750 billion. Why are we not seeing the increased GDP as yet?
a) A consumer has a utility function, donuts (A) and peaches (B) given by u(A,B) = square root AB. What is the maximum amount peaches she would be willing to give up for one additional unit of donuts, estimate the marginal rate of substitution of pea..
Illustrate what is expected value of sample information. Explain how much might physicians be willing to pay for a market study.
The impact of a budget deficit is: State and local governments issue ____ bonds that offer tax advantages, so they typically have _____ interest rates than bonds issued by the federal government and corporations.
You are the manager of Dunkin Donuts. Almost all of your donut sales are derived from the drive-through window. You know from experience that coffee is a complement for your donuts. The morning newspaper says that a major storm has just destroyed 50 ..
Suppose the equation for the demand curve for some product (X) is P = 8 - .6Q and the supply curve is P = 2 + .4Q. Graph the curves and label the area of the graph which represents the tax collection as TC and the area representing the deadweight los..
Using the concept of net present value also opportunity cost, explain when it is rational for an individual to pursue
the bureau of labor statistic and federal reserve bank in st. louis both have a lot of economic information. base on
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