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Answer each of the questions below in short-answer format. Write your responses in complete sentences. Your answers to each question should include 2-3 paragraph
1. What is a price taker? Discuss the assumptions that are made in order to obtain the perfectly competitive model.
2. Define the short-run break-even price. What are economic profits at this price? Why would a firm be willing to operate permanently at this price?
3. An upscale bistro in a small town charges higher prices for the same menu items at dinner time than at lunch time. Does the bistro necessarily practice price discrimination? Explain your answer.
4. What is the social cost of a monopoly? Explain.
5. Explain why the amount that firms spend on advertising depends upon the characteristics of their products.
For the practice of price discrimination to be successful, the monopoly must, If a monopoly is maximizing profits
B involves the polluters in each region independently negotiating pollution deductions, assuming the other region is not undertaking pollution reduction.
What a man needs to help provide a college education for his young daughter. He can afford to invest $800/yr for the next four years, beginning on the girl's fourth birthday.
A decrease in the investment rate: Suppose a country enacts a tax policy that discourages investment, and the policy reduces the investment rate immediately and permanently from ¯ s to ¯ s0. Assuming the economy starts in its initial steady state, u..
Assume that the payoff to a goblin is if he is made into a house elf and that it equals the number of galleons if he is not. Using the solution concept of subgame perfect Nash equilibrium, what happens?
A linear demand curve:
Say whether each of the following situations involves screening or signalling.
If Caroline's boss is interested in a graphical presentation of the relationship between the price and quantity of televisions supplied, you would advise your coworker to construct (supply schedule, law of supply, or supply curve) using the data pro..
Income per person exceeds $25,000 in many countries, but it is below $1,000 per person in many other countries. Based on the Solow growth model, suggest at least four possible explanations for this gap in living standards.
Why do the United States and many other countries have antitrust laws on the books? What's so harmful about oligopoly that warrants an entire body of law?
The Regulatory Origins of the Flash Crash. On May 6, 2010, the stock market suddenly swung a thousand points. Nobody really knows why. But Dennis Berman, in the Wall Street Journal, has a clue: Maybe the regulators did it. He notes that it results fr..
With respect to factors of production, which of the following statements is not true?
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