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Answer each of the questions below in short-answer format. Write your responses in complete sentences. Your answers to each question should include 2-3 paragraphs. (125-250)
1. What is a price taker? Discuss the assumptions that are made in order to obtain the perfectly competitive model.
2. Define the short-run break-even price. What are economic profits at this price? Why would a firm be willing to operate permanently at this price?
3. An upscale bistro in a small town charges higher prices for the same menu items at dinner time than at lunch time. Does the bistro necessarily practice price discrimination? Explain your answer.
4. What is the social cost of a monopoly? Explain.
5. Explain why the amount that firms spend on advertising depends upon the characteristics of their products.
The demand for coffee is assumed to be P = 15 - Q (units don't matter here.) The domestic supply of coffee is P = 2 * Q. The world market price of coffee is 5. Using graphs, show who gains and who loses and by how much (both for losers and winners..
Suppose we have a competitive market for a good with domestic demand and supply given by:
Why is a depreciation of a country currency not necessarily a bad thing? Why is a country's appreciation of its currency not necessarily a good thing?
Suppose the domestic appliances industry faces severe foreign competition, and asks you to prepare a position paper its lobbyist.
Calculate the multifactor productivity figures for labor and capital together. Elucidate why these figures might be greater in the subsidiary.
A cartel is often an unstable relationship as individual members both seek and seize the opportunity to cheat on the agreement and improve their own position at the expense of others.
An ______ uniquely identifies processes and is used to provide address space protection for that process.
1 the basic keynesian model of income determination - so called circular flow - posits current income as the sole
Explain what happens in each graph (A, B, and C) when an economy is moving from a recession (point a) back to full employment.
Keyenes consumption function appears to explain consumption over the short run but not consumption over the long run - why?
Discuss the impact of financial innovations and financial regulation/deregulation in terms of affecting the workings of the macroeconomy, with special respect to risk taking. In order to make the analysis manageable, I suggest you focus on one par..
(a) Assume a competitive labor market. Draw the demand of labor curve for an individual firm. Assume that the firm faces a labor supply curve that is neither perfectly inelastic nor perfectly elastic. If the firm has the ability to command more ef..
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