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Provide two examples of a monetary incentive and two examples of non-monetary incentive, a carrot and a stick of each, that government policies use to influence behavior. [Hint: you are welcome to choose any examples you like. If you prefer to limit your attention to few, consider risky/socially undesirable behaviors: smoking, gambling, etc.]
Is the student’s analysis correct? Illustrate your answer with a demand and supply graph. Based on Martin Peers, “Future Shock for Internet Ads?” Wall Street Journal, February 17, 2009.
A monopolist faces the demand curve Q = 60-P/2. The cost function is C=Q2. Find the output that maximises this monopolist’s profits. What are the prices at profits and that output? Find the elasticity of demand at the profit maximising output.
Given a downward sloping demand curve, an increase in price is shown graphically as:
Pear Inc. is a monopolist producing the iWatch, a wristwatch mobile communication device. The iWatch is a device that will last for exactly two periods, after everyone will switch to Boogle Glass, a eyeglass mobile communication device that is not ye..
Milo buys an all-terrain-vehicle (ATV) from No-Limit Toys, Inc., on credit but makes no payments on the account. Odell, the owner of No-Limit Toys, calls Milo at home on a Monday morning at three a.m. but that if he does not pay the full amount due w..
Two firms, 1 and 2, simultaneously pick prices, p1 and p2, respectively, where p1,p2 ≥0. Both firms have constant (and identical) marginal costs, denoted c>0. Demand is given by D(p), where p is the lowest price, p = min {p1,p2}, If the two firms cha..
Which of the following would not cause an increase in the supply of cotton?
Suppose in the Cournot model that the firms have different production costs. Let c1 and c2 be the costs of production per unit for firms 1 and 2 respectively, where both c1 and c2 are assumed less than 1/2. Find the Cournot equilibrium.
Jacob consumes 2 goods, coffee and cigarettes, 3 cigarettes can be traded for 1 cup of coffee in a free market, or 1 cup of coffee can be traded for 3 cigarettes, Jacob initially has 12 cigarettes and 5 cups of coffee. Find an equation that gives eve..
Please decide whether each of the follow scenarios related to the loanable funds market will result in a shift in supply or a shift in demand. China decides to reduce its capital investment in the United States as it expects low returns do to a weak ..
World population is doubling in about every 30 years. what is the annual % growth rate? What is the exponential growth factor? Assuming 2% of the world's coal reserves have been utilized, how many doubling periods will it take for a 40% depletion of ..
What is the primary reason that economists view monopolies as a problem? Is this different than you would have expected? What methods are available to mitigate the impact of monopolies? Does being a monopolist guarantee a profit for the firm? Can you..
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