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Answer each of the questions below. Provide a brief explanation to support your answer.
a. Which type of firm faces the most elastic demand curve?
b. In which of market structures are firms able to earn both accounting and economic profits in the long run?
c. Why are firms in (perfectly) competitive markets assumed to be more efficient than firms in other market structures?
d. In what market structure is the firm's demand curve the same as the industry demand curve?
e. Why do monopolistically competitive firms end up with zero economic profit in the long run even if price is above marginal cost?
What do you regard as the main weaknesses of the Ricardian or Classical model as an explanation of the trade patterns? Why do you regard them as weaknesses?
Let's say you live in Montana and you like to ride mechanical bulls in bars on Friday nights. You estimate that over the next year there's a 4% probability you will incur medical bills of $20,000
Why might it be difficult for the Fed to formally adopt inflation targeting? Would inflation targeting be a good policy for the Fed in the present economic environment
Answer the next three questions on the basis of the following production possibilies data for Francia and Galacia. All data are in tons.
Use both an individual's indifference curve and budget line, and the aggregate labor supply curve to explain and illustrate your answer.
Which of the following items are included in the calculation of GNP in the UK, and which are excluded?
Assume that the economy starts in steady state. According to the Solow growth model, how would each of the following affect consumption per worker in the long run, Explain?
If velocity is unchanged and the money supply grows by 13% and the real GDP grows by 4%, what is the rate of inflation?
Taxi fares in New York recently were increased by nearly 50%. Predict the effect on the price of taxicab medallions, the earnings of taxicab drivers and congestion in New York streets.
What is real mortgage interest rate in 2001, 2002, 2003 and 2004? What are the values in 2000 dollars of the Nancy's monthly mortgage payments in the year of 2001, 2002, 2003, and 2004?
Provide a graph of the Solow model, indicating the position of the golden rule level of saving (SR), and explain why it is preferred.
Discuss the reason why governments might want to intervene and how they might do- with respect to the following "problem" in the functioning of an otherwise perfectly-competitive ("pareto-efficient") economy:
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