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Describe, in details how a perfectly competitive industry determines the price and quantity. Also, explain the role of /te firm in this market regarding price and quantity determination. Show your answers utilizing a graph for the market as well as the firm.
For a linear (inverse) demand function, increases in output will cause total revenue to increase when marginal revenue is:
Assume that a hypothetical economy with an MPC of 0.75 is experiencing severe recession. By how much would government spending have to rise to shift the aggregate demand curve rightward by $30 billion? $ billion.
The change in equilibrium quantity will be:
After you have been in a job for a while, you should portray your switching costs as:
Select a company in your country of origin that is involved in importing and/or exporting, run a thorough research on the company’s business operation. Your goal is to understand how government involvement in international trade has helped or harmed ..
Maria decides to switch a major and is now a student in business. in period 2, she will have a BA in business and her income will be $88000. determine Maria's lifetime wealth. determine consumption and sacving of maria in period 1 and period 2.
Explain the differences between external costs, private costs, and social costs and how the presence of external costs leads to market failure.
A consumer splits their income equally between two goods. If the price of one good increases by 10% and their income increases by 5%, show that the consumer's optimal consumption bundle will change despite them being able to afford their original ..
For which of the following goods would a 10 percent price increase lead to the largest income effect for most consumers?
Describe the problem of “adverse selection” when health insurance is offered at a community rated premium? Define the term “community rated premium” as well. Is it possible to address the problem of adverse selection by increasing the premium level? ..
Compute the upper also lower limits within which marginal cost may vary without affecting the profit maximizing output or the price.
Consider an environment where an agent could be either employed E or unemployed U. Let’s normalize E + U = 1, so that E and U are interpreted as the fraction of people employed and unemployed at any given point in time, respectively. What is the prob..
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