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We have learnt that in a perfectly competitive market, all cost savings from a technological advance are passed along to consumers in the form of lower prices (Recall the genetically modified example in lecture notes "Profit Maximization and competitive Supply in the Long Run"). Is the same true monopoly? Let's see.
Now a more advanced technology is available and changes the total cost function of the monopolist to be: TC = 0.5Q2+10Q
Demand does not change.
Solve for the price and quantity that the monopolist would choose to maximize its profit under the more advanced technology. And also calculate the resulting profit.
This document shows evaluation of alternative approaches to analysing the effectiveness of public policy and Assess the impact of government policies on selected areas.
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Compute the path of the economy, that is , calculate real GDP, the price level, the inflation rate and real money stock for each year until GDP I swithin 1% of the potential. (limit calculated values to 10 decimals points)
Describe the law of diminishing returns. Then discuss why you agree or disagree with following statements.
What is the effect on investment? What is the multiplier effect?
Draw a correctly labeled loanable funds graph that shows what happens to real interest rates.
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
Describe (with appropriate figure) short run and the long run impact of immigration on native labour market when the immigrants and natives are complements.
Price comparison services on the Internet (as well as shopbots) are a popular way for retailers to advertise their products and a convenient way for consumers to simultaneously obtain price quotes from several firms selling an identical product.
Write down the effect on the real wage and hours worked in the short run.
Using the Lerner index, find the price elasticity of demand for Botox and interpret what this value means to total revenue if the price of Botox were increased one percentage point.
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