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In class, we covered the concepts of producers' and consumers' surplus.
a. With respect to different government policies, explain how changes in producers' and consumers' surplus may be used to assess the aggregate welfare implications of such policies. You may use a specific policy for illustrative purposes. Please use a diagram in support of your answer.
b. With respect to part (a), explain what is meant by deadweight loss. What gives rise to deadweight loss?
c. With respect to (a), explain the importance of price elasticity of aggregate demand. That is, what are the different welfare implications with respect to consumer surplus when aggregate demand is elastic compared to when aggregate demand is inelastic?
For Profit Labs, Inc. (FPL) is a private laboratory that does only routine blood count. With total assets of $8 million last year, FPL took in $3 million in revenue and had expenses of $2 million. The average firms in other industries make a retur..
During the average month in 2010, Sarita received and watched 6 movies sent to her through the mail and she watched an additional 13 movies which were streamed to her computer.What is the average cost of a movie to Sarita? What is the marginal cos..
Find the amount of the transfer implied by consultant B and determine whether the consumer is better or worse off from Consultant C's suggestion than before the price increases.
Why do you think firm 1's marginal cost is lower than firm 2's marginal cost? Determine the current profits of the the two firms. What would happen to each firm's current profits if firm 1 reduced its price to $6 while firm continued to charge $8?
Clear Limited produces Plasma TV and distributes to retailers under her own house brand. Recent trend in market seems to favour adoption of TV using either LED technology.
Dsecribe a complete business cycle (trough, peak, expansion, recession), focusing on what happens to output, investment, employment in each phase.
What is the source of these profits? Upon patent expiration, numerous rival drug companies offer generic versions of the drug to consumers.
Give a definition of Pareto Optimal Allocation in this economy. Find out all Pareto optimal allocations and graph them in the Edge worth Box and also describe what is the theory of Second Best? Prove the theorem by using a diagram.
How do the concepts of accounting profit and economic profit differ? Why is economic profit smaller than accounting profit? What are the three basic sources of the economic profit? Classify each of following according to those sources:
What is gross domestic product (GDP) and what is the use of it and can a country achieve a 0% unemployment rate, explain
The production engineers at Impact Industries have derived the optimal combinations of labor and capital (the only two inputs used by Impact) for three levels of output: 120, 180, and 240 units of output:
Construct the Coutrnot profit function. Differentiate this function and solve for the reaction functions of firm one and firm two.
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