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Tots-R-Us operates the only day-care center in an exclusive neighborhood just outside of Washington, D.C. Tots-R-Us is making substantial economic profit, but the owners know that new day-care centers will soon learn of this highly profitable market and attempt to enter the market. The owners decide to begin spending immediately a rather large sum on advertising designed to decrease elasticity. Should they wait until new firms actually enter? Explain how advertising can be employed to allow Tots-R-Us to keep price above average cost without encouraging entry.
You are the manager of a monopolistically competitive firm. The present inverse demand curve you face is P = 100 – 4Q (MR = 100 – 8R). Your cost function is C(Q) = 50 + 8.5Q2 and MC(Q) = 17Q. What level of output should you choose to maximize profits..
Your cousin Jeremy has asked you to bankroll his proposed business painting houses in the summer. He plans to operate the business for 5 years to pay his way through college. He needs $5000 to purchase an old pickup, some ladders, a paint sprayer, an..
Do these countries experience diminishing returns to physical capital per workee. And technology are held fixed in each country, can you recommend a policy to generate a doubling of real GDP per capita in Albernia. Amount of human capital per work..
Suppose that currency in circulation is $600 billion, the amount of checkable deposits is $900 billion, traveler’s checks are $0, excess reserves are $15 billion, and the required reserve ratio is .15. a. Calculate the M1 money supply, the currency-d..
An experienced salesman offers his service (help you perfectly price discriminate) for $800. Based on c) and d), do you accept the salesmans offer? Show work, and explain briefly.
Illustrate how the economy entered the Great Recession starting 2007/2008 using a classical Aggregate Supply/Aggregate Demand model. You need to present a formal model, explaining AD, short-run AS and long-run AS in some details (explain what they ar..
According to Keynes, why might deflation create problems for an economy?
Suppose that you test the Linder hypothesis by comparing Germany’s absolute difference in per capita income from each of its trading partners with the size of Germany’s total trade with each respective partner. You find a strongly negative correlatio..
Consider Cournot’s game in the case of an arbitrary number n of firms; retain the assumptions that the inverse demand function takes the form (56.2) and the cost function of each firm i is c(q) = (c/2) *q^2, with c
Is it true that in a short-run production process, the marginal cost curve eventually slopes upward because firms have to pay workers a higher wage rate as they produce more output?
Compare the magnitude of the percentage in the rental on capital with percentage change in wage in part 1. Use notation format.
Ben Bernanke, the ex-chairman of the Fed, dubbed the few years preceding the financial crisis of 2007-08 a period of:
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