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Some states are required to balance their budgets. Is this measure stabilizing or destabilizing? Suppose all states were committed to a balanced budget philosophy and the economy moved into a recession. What effects would this philosophy have on the size of the federal deficit?
How would your answers to part c above change, if you could still use a TPT strategy but you could not discriminate between the customers?
Perfect Competition is a model of which examples are few and far between. Yet economists love to discuss this model. Explain why.
What is average productivity? What is marginal productivity? Explain the relationship between average and marginal productivity. What would happen to average and marginal productivity if a technological innovation were introduced to the production..
A small town is served by many competing supermarkets, which have constant marginal cost. Using the diagram of market for groceries, show the consumer surplus, producer surplus, and total surplus.
In the chapter we mention how prices can vary in a tourist trap. Which market, St. Louis or Chicago, was more likely to behave like a tourist trap? Explain.
Write the expression for this firm's Total Revenue and write the expression for this firm's marginal revenue - what is the profit maximizing (or loss minimizing) level of output
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?
Determine which system, socialist or capitalist, feudalism or mercantilism, works better? Explain your reasoning? Also, which type of business gives the owner highest protection or the most incentive to succeed?
Confirm your quantity and price results algebraically and calculate the price elasticities of demand in each market and discuss these in relation to the prices to be charged in each market.
Explain why government regulation is needed, citing the major reasons for government involvement in a market economy and justify the rationale for the intervention of government in the market process in the U.S.
Night Timers Co. manufactures glow-in-the dark products in 10 ft. rolls. At present the company's maximum production capacity is 140,000 rolls per year. The cost is stated as: C= $50,000 + 0.25 Q.
Explain what short-run impact immigration is likely to have on natives' wages and employment when immigrants are a) substitutes to natives and b) complements to natives. Explain also the so-called immigration surplus for the short-run case.
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