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Question 1
Consider two farmers, A and B, produce farm products and sell in the same market. Assume that the supply of the two farmers' products are the same but the demand for Farmer B's product is relatively more inelastic compared to the demand for Farmer A's product. Initially the equilibrium price and quantity of both farmers' products are the same. There is an improvement in the farming technology which affects both farmers' products equally. Draw a suitable diagram to illustrate and explain the effect on the equilibrium price and quantity of both farmers' products. Who benefits more from this technological improvement? Justify your answers.
Question 2.
"To increase the welfare of producers, a subsidy is always better than a price floor". Explain the validity of the statement with a suitable diagram.
Question 3.
A monopolist encounters a linear demand curve should always produce at the point where the demand is unit elastic in order to maximise profit. Do you agree? Explain.
Suppose you are assigned the task of determining the route of a new highway through an older section of town. The highway will require that many older
How does monopoly arise? How does a natural monopoly differ from a legal monopoly? Distinguish between a price-discriminating monopoly and a single-price monopoly.
(i) What is the mean and standard deviation of the scores on the final examination for ECO 3150 students?
Find the equilibrium price and quantity with QD' =80-10P and QS=10P. Find the equilibrium price and quantity with QD=60-10P and QS'=20+10P
Imagine that an environmental regulation will increase the demand for particular good, increasing gains from trade in that market.
What is the capital recovery cost for a machine costing $420,000 with a life of 6 years and a salvage value of 20% of the initial cost? The rate used by the fir
What role does education play in inequality?
According (the semi-strong form of) the efficient market hypothesis, the price of an asset should reflect all publicly available information about the 'fundamental value' of that asset. What academic theories (i.e. published or in working papers) hav..
SE of the regression line is interpreted as how much variability in Y is explained by the predictors in the regression equation.
Assume a government is financing expenditure by printing money. The new money is worth at units of consumption good. What is the value of money creation?
What would happen to the demand curve if the major taxi companies lowered their prices? If you were asked to forecast future demand for this firm, how would you set up a forecasting model?
Currently, there is considerable debate about the environmental impacts of burning coal. The Environmental Protection Agency has established higher standards for clean burning fuel. In most of the Midwest, the majority of electricity is generated fro..
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