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Trisha has a monopoly on formal gowns in the local market. She is currently charging $250 per gown and sells 20 in a month. The elasticity of demand is -1.5 at this price and output level. What must be Trisha's marginal cost of the last gown produced if she is maximizing profits?
Explain why a monopolist's marginal revenue curve lies bellow the demand curve. Explain why this leads the monopolist to produce an inefficient quantity.
Suppose market demand and supply are given by Qd=100-2P and Qs=5+3p. If a price floor of $30 is set, what will be size of the resulting surplus?
Define the concept of a production possibilities frontier. Explain what crucial assumption of the Ricardian model results in the PPF being linear.
Are international trade flows successfully explained by the Hecksher-Ohlin model? (b) What is the strategic trade argument for protection? Is it valid?
The total cost of the current training is $80,000 per year. If new would reduce cost to $60,000, what is the maximum cost to initiate the program
The notion of sustainability is not the same in the natural sciences as in economics. In the natural sciences, sustainability frequently means maintaining a constant physical flow of each and every resource (e.g., fish from the sea or wood from the f..
How would you describe your personal brand? How do personal strengths help you project your personal brand?
Choose two fiscal policies that a government could use to create more social security/welfare; discuss and compare any negative consequences
Consider a firm with two agents – 1 and 2. Both agents have to choose between two options: Client Focus or Cost Focus. If both choose Client the payoffs to 1 are 20 and 10 to agent 2. Assume that the agent choose their actions simultaneously. Draw th..
Write down the outcome space, i.e., the space of all possible valid outcomes in this lottery.
What is the amount of excess reserves in this commercial banking system? What is the maximum amount the banking system might lend?
Suppose a government has no debt and a balanced budget. Suddenly it decides to spend $10 billion while raising only $8 billion worth of taxes. What will be the government's deficit? If the government finances the deficit by issuing bonds, what amount..
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