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Critically evaluate and explain: (a) In monopolistically competitive industries, economic profits are competed away in the long run; hence, there is no valid reason to criticize the performance and efficiency of such industries. (b) In the long run, monopolistic competition leads to a monopolistic price but not to monopolistic profits.
Draw the function Y = F(K, L¯) in terms of Y and K, for some fixed L. On the same graph, plot the cost function for renting a certain amount of capital at a rental price of R, i.e. RK. For a profit maximizing firm, illustrate graphically how much cap..
Assume that government purchases decrease by $10 billion, with other factors held constant, including the price level. Calculate the change in the level of real GDP demand or each the following values of the MPC. Then calculate the change if the gove..
Observational equivalence. (Sargent, 1976.) Suppose that the money supply is determined by mt =c′zt−1 +et,where c and z are vectors and et is an i.i.d. disturbance uncorrelated with zt−1. et is unpredictable and unobservable.
Two amusement parks that are located on either side of a highway are considering promotional advertising campaigns to stimulate demand. If both parks advertise, then both will experience a $20 thousand increase in profits. If Park A advertises and Pa..
The president of the US announces in a press conference that he will fight the higher inflation rate with a new anti-inflation program. Predict what will happen to interest rates if the public believes him. If the public believes the president's prog..
An office wants you to read ten court opinions for the case of a current client. The choices are (1) traveling to a large law office in the city that has all of the bound volumes, (2) using case databases on Westlaw or NexisLexis or (3) using the cas..
The government sets a price floor of $5 in the above market. Is this price control binding? If so, is there a shortage or a surplus and what is its magnitude.
Snow peak Ski Resort offers a price for a lift ticket that is barely over its marginal cost, but the high equipment rental fee keeps generating big profits. Which pricing strategy is the management using?
Suppose you have just bought a new house and are considering the installation of 10 compact fluorescent bulb (CFB) fixtures instead of 10 conventional incandescent lighting fixtures (Which cost a total of $500) typically installed by the builder.
compare and contrast the different ways in which China and Japan responded to the sudden encroachment of the Western powers in the late 19th and early 20th centuries. What was the result for each country of their encounters with the Great Powers of W..
Suppose the average household in a state consumes 800 gallons of gasoline per year. A .20 tax is introduced coupled with a $160 annual tax rebate per household. Will the household be better or worse off?
1. How might a family's socioeconomic status contribute to teenagers becoming parents? 2. What influence might previous child sexual abuse and/or placement in foster care have on teenagers who become parents?
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