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The following activties occour in 2018 for a small economy with two firms and households Miller pays its workers 5,000 to produce flour the flour is then sold to a baker firm and household the baker firm and household the baker firm pays its workers 8,500 to make bread using production approach final goods what is gdp in this economy what if using the production approach value added what if using the income approach
Problem 1: Property Rights and Bargaining Costs. Al owns a shoe factory with noisy machines which disturb his neighbor Bob.
Explain why airlines would be a good example of an oligopoly market? Analyze why airlines have to watch each other when they make pricing decisions?
Excess capacity is a problem in monopolistic competition because if there were fewer firms in the industry: Consider a two-firm oligopoly facing a market inverse demand curve of P = 100 – 2(q1 + q2), where q1 is the output of Firm 1 and q2is the outp..
Andy purchases only two goods, apples (q1) and kumquats (q2). He has an income of $40 and can buy apples at $2 per pound and kumquats at $4 per pound. His utility function is U(q1,q2)=3(q1)+ 5(q2). What is his marginal utility for apples and what is ..
A new industrial oven has just been installed. To test the temperatures of the oven, the inspector reads the temperature in the oven at four different places every half hour. Set up a mean chart. Mark the upper and lower control limits and the center..
Graph and explain: If you do not know how to use the computer to do this, do it by hand then scan it and send it by e-mail. You can use any software package you like. It is January 2015 and the gas price is dropping dramatically. I just saw is at Cos..
At the moment the market is completely ignoring things like record U.S. trade deficits and the widening curent account deficit. It is also largely ignoring the possibility of Federal Reserve rate cuts. In what way is fiscal easing in Japan relevant h..
You are purchasing a 6-year discount bond with a face value of 441. At the time of purchase it had an interest rate of 3%. Calculate the price of the bond that you are purchasing. Please express your answer in dollars to the penny.
Compare and differentiate the 4 basic characteristics of monopolistic competitive markets and oligopoly markets. (Refer to Table 9.1)
Two firms, A and B, have complete control of the supply of mineral water and both have zero costs. The market (inverse) demand function is given by: P = 200 – 10Q, where Q = qA (output of seller A) + qB (output of seller B). Their best reply function..
Suppose that a telecommunications company controls a large share of the national market. The government believes that the economies of scale in this industry are not significant, and therefore, multiple smaller firms would be able to provide lower pr..
Consider the individual described below. Which type of unemployment would you suggest that they most likely belong to? Explain.
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