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1. What type of compensation policy would you expect to observe in an industry with rapidly changing technology? Explain.
2. Suppose you are the owner-operator of a gas station in a small town. Over the past 20 years, you and your rival successfully kept prices at a very high level. You recently learned that your rival retiring and closing his station in two weeks. What should you do today?
3. What is a market failure? Explain how externalities, public goods and asymmetric information are all problems with private property rights.
4. "The government should not be sole provider of a good or service unless there is a compelling reason." What compelling reason? Would you agree that issuing drivers licenses must be left to the government?
5. What does it mean to say "Profit opportunities attarct firms like sharks to blood?
6. Suppose a firm is selling a product for less than a foreign country does in the home country and an antidumping suit forces an end to the practice. Is it possible that the result is a loss in efficiency? Explain.
7. Explain why rent-seeking competition tends to dissipate rents-to drive them down so that there are no abnormal rents.
Explain how you think these trends have affected our overall economic well-being (think unemployment, wage rates, etc.) in recent years.
Explain and illustrate how each of these events would affect aggregate demand, aggregate supply, and prices, then explain how you would respond with economic policies.
q1. in 2003 a seat on the chicago board of trade cbot sold for only 338000 compared to 2.0 million for on the new york
q1. p320-.04q with quantity q measured in thousands of barrels per day and price p measured in dollars per barrel. the
Do you agree with this statement? Could you make an argument that these markets are not competitive?
Solve for steady-state level of captial and output. What savings rate would be necessary to achieve a steady-state output of 150.
How does this policy affect the total quantity of investment? The quantity of business investment? The quantity of residential investment?
If it is easy for a firm to get into or exit from a market, then a firm in that market will be able to earn positive economic profits. When economic profit is positive,
You shared good information about the definition of the labor force. However, per our discussion question, can you tell me is the student who graduated, but is looking for work a part of the labor force? Can you explain why or why not?
Describe atleast 4 ways in which a firm can limit a worker's shirking. Ground your answer in an explicit theoretical framework(that you clearly state) that explains worker shirking behaviour.
For the following questions, identify whether it is a change in supply or a change in quantity supplied. Indicate the direction of the change (increase or decrease).
What amount of profit is the firm earning? Is this firm in a short-run or long-run equilibrium? Why?
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