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Hurricane Katrina was a natural disaster that would have had an impact in the US economy. What effect would Hurricane Katrina have on aggregate demand or aggregate supply, other things being constant? What would be the resulting effect on the equilibrium price level be?
Explain how relevant to the real world do you believe this result is in the "contestable markets" view of the competitive process.
Making dresses is a labour-intensive process. Indeed, the production function of a dress-making firm is well described by the equation Q = L - L 2 /800, where Q denotes the number of dresses per week and L is the number of labour-hours per week.
Explain all your answers below clearly, including brief definitions of each term.
A firm uses two inputs, unskilled labor (L) and capital (K) to produce its product. The wage rate for one unit of labor is $5, while units of capital cost $20.
Assume the airline industry consisted of only 2 firms: American and Texas Air Corp. Let the two firms have identical cost functions, C(q) = 40q. Suppose the demand curve for industry is given by P = 100 - Q and that each firm expects the other to ..
Illustrtae what is the final impact of expansionary fiscal policy on the price-level and real output.
ACME Corporation consists of 250 grocery stores throughout the Midwest. At the starting of 2008 its statement of net worth showed the following data,
As per increases in population and income growth that expanded demand for housing, the price of existing houses barely increased. Why. Illustrate answer with supply and demand curves.
Compute the price or output combination and the total economic profits which would result if competitors offer clones which make the QuickerBetter market competitive.
Illustrate average monthly rent for a three-bedroom apartment in Miami. Qd is measured in units of 1,000 square feet per month.
Why would the firm price it differently in different countries. Illustrate what do you think will happen to the price over time.
Describe the difference in executive decisions concerning pricing, product design, and advertising between a company that exists in a perfectly competitive market and a company that lives in a monopolistic competitive market.
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