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Suppose the market demand function (expressed in dollars) for a normal product is P = 480 – 4q and the marginal cost of producing it is MC = 2q, where P is the price of the product and q is the quantity demanded or supplied. Here are the specific questions: (show your work).
How much would be supplied by a competitive market?
What would be the magnitude of the net benefits (in dollars)? Draw your answer on a graph as well.
Suppose the government restricts output to q = 20. How much is net benefit reduced?
The influence of labour unions on wages has been hotly debated over the last decades. Textbook economics would suggest that the introduction of labour unions in wage negotiations would lead to upward wage pressure, reducing employment.
This project will replace some existing equipment which currently has a book value (BV) of $200k and an estimated market salvage value of $375k. The new project will require new equipment costing $2.0 M, which will be depreciated straight-line to ..
illustrate what is the income-expenditure multiplier in this economy. Using at least two different quality tools, analyze the data and present your conclusions.
q. in late 2001 and once again in the current economic situation economic policy was aimed at lowering short term
illustrate what way is Per Capita GDP a better measure of economic well being than GDP. How does this relate to economic problems in the undeveloped world.
If David and Ellen live in rent-controlled apartments, Illustrate what is the equilibrium cost for the non-rent-controlled apartments.
Suppose the UN has two pure strategies: It can either inspect facilities X and Y (both of which are geographically close to each other) or inspect facility Z. Find a Nash equilibrium in mixed strategies.
Illustrate what is meant by the term "natural monopoly" and what are the key characteristics.
Compute the output and price of wood working if it is produced under competitive condition without regulation. Determine the socially efficient price and output of woodworking.
Government spending in the USA is likely to ___________ over the next few decades as the population gets ___________ on average. As the economy recovers from a recession. The Lombard system is a method of doing
Write an equation for a typical production function also illustrate what every of the terms represents.
What would be the value of consumer surplus if the market were perfectly competitive? What is the value of the deadweight loss when the market is a monopoly?
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