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Do you favor a laissez-faire approach or government intervention and regulation with respect to monopoly? What are the benefits of your favored approach, in terms of economic efficiency? Is one approach always preferable, or should each monopoly market be evaluated separately?
Does a minimum wage above equilibrium cause unemployment in certain jobs or does a minimum wage narrow the range of wages available in the market by pushing up the equilibrium wage? Explain your view.
EconS 323 Problem Set 7'4, Questions on Hedonic Wage Theory and Employee Benefits, Risk and earnings, Teacher Quality and Compensating Wage Differentials
The details about three identical firms operating in Cournot competition are given. The demand curve with marginal revenue, profit maximization, optimum quantity, total demand and market price related questions are answered.
When thinking about the theory of the firm, shirking, and principle-agent problems, we can find analogous situations in our personal lives. Make a Power Point presentation (for sharing with the class) two personal situations to illuminate this con..
Consider a Bertrand model in which the above firms choose prices to post P_A and P_B simultaneously. Since the goods are identical, consumers will go to the firm with the cheaper price.
1. Suppose the government imposes a tariff on all imports. Use the DD-AA model to an- alyze the effects this measure would have on the economy. Analyze both temporary and permanent tariffs. 2-Suppose there is a permanent fall in private aggregate ..
Which of following industries would you classify as an oligopoly? Which would you classify as monopolistically competitive? Explain your answer.
the concept of Social Security as originally envisioned by President Roosevelt; the viability of Social Security within the next 20-30 years; and 2-3 recommendations that would improve the viability of Social Security for the next generation.
Suppose the price of c increases to 2, while income remains constant and what happens to the consumption of c and h? Are c and h substitute goods, complementary goods, or neither?
In an effort to stop the migration of many of the automobile manufacturing facilities from the Detroit area, Detroit's city council is considering passing a statute that would give investment tax credits to auto manufacturers. Effecively, this wou..
If the merged firm were able to exploit economies of scale it would affect costs, may be even marginal costs. Assume the marginal cost of the merged firm was not 40, but 30. Is the merger profitable in this case?
Dsecribe a complete business cycle (trough, peak, expansion, recession), focusing on what happens to output, investment, employment in each phase.
Draw the total market demand curve. Label the axes and intercepts. Discuss how the price elasticity of demand changes along the demand curve.
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