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Suppose that there are only two firms (Firm A and Firm B) in the market for decorative lampshades. Letthe inverse demand function and the total cost function be given by P = 50 –Q and TC = 2Q.
The firms compete with each other by choosing the quantity of lampshades the wish to produce. In thisscenario Firm A is able to choose its production level first
(a) How many lampshades will Firm A choose to produce?
(b) How many lampshades will Firm B choose to produce?
(c) Solve for the market price for the lampshades.
(d) Solve for the profit earned by each firm. What’s the industry profit?
Draw the Lorenz curves for the rural and urban populations for 1998 and 2010. Be sure to carefully label your axes. What do they tell you about changes in inequality over time in Mexico?
List and describe the four types of unemployment. Using the expenditure approach, give an equation for GDP. Now explain it. If the CPI for 2006 was 170 and the CPI for 2007 is 204, what is the current inflation rate?
What could be done to motivate people to spend more so as to increase aggregate demand and invariably, create employment possibilities.
In order to financially stimulate the nation, the Federal government injected $900 billion dollars into the economy. However, the results were less than spectacular. What was the implied change in income as a result of the stimulus package?
According to the Green Party of Canada: “Eliminating poverty will pay for itself in reduced crime rates. Failure to eliminate poverty will cost our society far more than an effective program to make poverty history in Canada.”
Suppose there are two types of Scottish beer, Skullsplitter and Dragonhead Scout. Draw indifference curve for the following consumer (put Skullsplitter on the x-axis and Dragonhead Stout on the y-axis. Angus likes variety and prefers to drink Skullsp..
Suppose the market for a certain dosage of generic blood thinners has a supply described by P=1.88+2.62Q and a demand described by P=4.74-1.39Q. Calculate the equilibrium quantity?
Tyrion, who likes beer and wine, lives in Westeros, where people buy things with Silver Stags (SS). The price of wine is 5SS per flagon and the price of beer is 2.5SS per jug. Tyrion’s daily income is 50SS.
Our recent recession seems to demonstrate again that expenditures and incomes depend on each other. If markets do not self-adjust, how can a decline in spending lead to a negative process that ruins an economy?
The firm’s production function is Y = min {A/4; 2B} + 5C. Suppose that the price per unit of input A is 2 euros, the price per unit of input B is 6 euros, the price per unit of input C is 30 euros. What is this firm’s minimum cost of producing 40 uni..
Explain the difference between a person's nominal income and their real income. Why is real income more important to that person.
Suppose that GDP is $49,081, taxes are $7,478, consumption is $13,848, transfers are $5,073, and government spending is $10,880. What are national savings?
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