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Enrodes is a monopoly provider of residential electricity in a region of northern Michigan. Total demand by its 2 million households is Q4 = 1,000 P and Enrodes can produce electricity at a constant marginal cost of $2 per megawatt hour. Consumers in this region of Michigan have recently complained that Enrodes is charging too much for its services. In fact, a few consumers are so upset that they are trying to form a coalition to lobby the local government to regulate the price Enrodes charges. If all the consumers of this region joined the coalition against Enrodes, how much would each consumer be willing to spend to lobby the local government to regulate Enrodes price? Do you think the consumers will be successful in their efforts? Explain.
Suppose that yi receives $ 60 per day as interest on inheritance and her wage is $25 per hour, and she can work a maximum of 16 hours per day at her job. draw her daily budget constraint.
Joan is deciding where to spend her spring break. If she goes to Cancun, Mexico, the trip will give her 9,000 utils of satisfaction and will cost her $300. If, instead, she travels to Florida, the trip will give her 5,000 utils of pleasure and w..
Which country is capital abundant according to the Heckscher-Ohlin theorem? Given your answer to (a), draw the PPF for Canada. Also draw the indifference curve and the relative price line for the no-trade equilibrium.
Explain how a change in investment can have big impact on GDp causing nationwide slump. Recall that investment is "small' relative to the whole economy.
You are the manager of a firm that manufacturers front and rear windshields for the automobile industry. Due to economies of scale in the industry
How many "spells" of unemployment occur each year in this economy? What percentage of the "spells" are only one month long?
Explain the effects of these shocks on the price level, real GDP, and the nominal interest rate. Use an upward-sloping, short-run supply curve in your analysis.
Provide an update on the economy-where is unemployment, what is the outlook for the deficit, what are the overall predictions for 2010 - 2012?
Compute the equilibrium interest rate. Compute the amount of investment demand, private saving, and national saving at the equilibrium interest rate.
Consider the problem of the book assuming that the utility is Cobb-Douglas (U (C, l) = C α l β )
An increase in input prices for rice production; and an improvement in rice production technology. Use diagrams to analyze the effects of these changes on equilibrium price and quantity.
The manager of a national retailing outlet recently hired an economist to estimate the firm's production function. Based on the economist's report, the manager now knows that the firm's production function
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