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If a market is perfectly competitive and is in long-run equilibrium, which of the following conditions does not hold?
Price is equal to the minimum long-run average cost of production.
Economic profit equals zero.
The value of the last unit of output produced is equal to the value of the resources used to produce it.
There is an incentive for additional firms to enter the market because existing firms are earning revenues in excess of the explicit costs of production.
Assume that trade opens between Argentina and New Zealand and that, with trade, a pound of mutton exchanges for a bushel of wheat. Before trade, Argentina produced at point A and New Zealand produced at point C. Argentina moves to point B, while New ..
Illustrate what are the indicators of underdevelopment in a world economy.
When a country, say Greece, adopted the Euro as its currency, what happened to the debt that was based on the Drachma? Was it converted into Euros?
Assume that the demand for product X is represented by the following equation: QDx = 400 – 5Px + 4Py -3Pz iii) Calculate the cross price elasticity of demand for Good Y and Good X if If you are told that Py = 25 and Pz = 50.
Suppose that there are 100 symmetric firms each with a constant marginal cost 3 and a fixed cost 4. They first decide (simultaneously) whether to enter or not enter a market. A firm that does not enter get payoff 0. Find two subgame perfect equilibri..
Economists often assume that insurers set premiums (nearly) equal to the AFP for that plan. Is that an accurate assumption? Is a higher “load” on insurance premiums necessarily a bad thing for consumers? When might a higher load be a sign of problems..
Research a company that has been in the news for a significant business decision within the last 18 months. Summarize the decision that was made, and state your opinion on whether it was a good or bad move for the company. Post a link to the article ..
Comedian Jay leno once took his show to michigan and gave away free tickest so that out-of-work individuals could attend. He later objected when he discovered that someone tried to sell his free ticket on eBay, and eBay subsequently banned the sale o..
Indentured servitude is no longer legal. An indenture was a contract binding a person to work for another for a given length of time (usually for many years), as an apprentice to a master or an immigrant to service in a colony. Such a relationship wa..
Given the market for corn in equilibrium, show the effect on price and quantity of the following simultaneous occurrences: Good weather results in a 10% increase in the harvest of corn. A medical report is published that concludes that consumption o..
What are the benefits and drawbacks of having a health program that varies by state versus having one that is uniform across the country? Do you find that the positives of state flexibility outweigh the negative or vice versa? Is it fair that similar..
The manufacturer's managers are convinced that they could make more sales if they could convince the retailers to carry a full line of products. How could the manufacturer induce its retailer to carry a fuller line of products
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