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1. Explain why relatively flat as opposite relatively steep labor demand curves are more consistent with the empirical observation that there are relatively minor changes in the real wage rate over the course of the business cycle.
2. Is sustainable long-run equilibrium always reached when the AD and SAS curves intersect? Why or why not?
3. If the equilibrium real wage remains constant, what happens to the nominal wage when the actual inflation rate exceeds the expected inflation rate?
4. "In the steady state, the government benefits from inflation." Explain.
5. How are presidential election outcomes related to the performance of the economy?
What impact would you expect each of the following events to have on business cycles? Label each as a demand-side or supply-side shock. What economic policy changes might you expect in response to each of these events?
Suppose the market discount rate is 20% instead of 5%. Should he now charge the limit price to deter entry or accept the entry? Assume his goal is maximize the PV of long-run profits.
The federal government cuts spending on the purchase of new goods and services by $35 billion at a time when households are not spending 40% of additional income they receive.
Analyze how production and cost functions in the short run and long run affect the strategy of individual firms and use technology and information resources to research issues in managerial economics and globalization.
Assume that you became president of small theater company. Your playhouse has the 120 seats and small stage. The actors have national reputations, and demand for tickets is enormous relative to number of seats available
A monopolist sells in two geographically divided markets, the East and West. Marginal cost is constant at $50 in both markets. Demand and marginal revenue in each and every market are as follows:
The companies in the detergent market closely fit the mold of the monopolistic competitive firm. Research the company in this market and describe how it fits some of the characteristics of the monopolistic competitive firm.
Draw the diagram showing the cost structure of price taker and a market price well above minimum average cost. Given that any firm is price taker, how can a firm capture any economic rent (profits in excess of opportunity cost of capital)?
From what you know about these firms' cost structures, what is the highest possible price per unit that could exist as the market price in long-run equilibrium?
Using a prisoner's dilemma game such as the "wedding game." explain how a positional arms race can occur. In your answer be sure to explain positional arms races, the nature of the wedding game, etc.
The difference between the average earnings of eye surgeons and those of janitors is an example of
Add an indifference curve to your graph and label the point of consumer equilibrium. Indicate Chris's consumption level of A and B. Explain why this is a consumer equilibrium. What can you say about Chris's total utility at this equilibrium?
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