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1. This discussion will require some thought. Reread the section on Nash Equilibrium. In all of the market structures except oligopoly, firms identified the level of output at which MR = MC, produced that level of output, and charged a price dictated by demand. In Nash Equilibrium, MR and MC are not mentioned. What condition required the change in methodology? Is the firm still maximizing profit? Is the condition for an optimum allocation of resources being met?
2. Explain why you believe that pharmaceutical companies are a better fit for a monopolistic model or a competitive model.
Illustrate what is the natural rate of unemployment for this economy. Assume the economy has been in equilibrium for a while also the inflation rate is 15%.
Illustrate how many would you expect to be sold under each pair of price and income demand elasticity estimates.
Suppose the demand curve for a monopolist is q=500-p, and the marginal revenue function is mr=500-2q. The monopolist has a constant marginal and average total cost of $50 per unit. Elucidate what is the lerner index for this industry.
Grandpa would like to deposit some money now for his grandson to have available to beginning withdrawing $25,000 per year for four years, starting 5 year from now. If the money earns 6% interest per year, the amount that Grandpa must deposit is close..
Imagine you are a manager of a chemical company. An accident has occurred in which chemicals leaked into the ground water nearby, the community is unaware. Assess the costs involved in cleaning up the water immediately (confessing) versus hiding the ..
According to studies undertaken by the Department of Agriculture, the price elasticity of demand for cigarettes is approximately -0.3 and the income elasticity is approximately 0.5. What effect would a 10% increase in the price of cigarettes due to i..
What is the probability that a sample of 100 units contains a. Five or more defective units? b. Ten or fewer defective units? c. Eleven or less defective units?
Critically analyze the pros and cons of putting a price ceiling on prescription medicine. Make sure to use concepts from both chapters seen this unit such as government intervention, inefficiencies, price elasticity, etc. in your answer.
Elucidate what could be done to encourage people to spend more so as to increase aggregate demand and invariably, create employment possibilities.
Show (with a graph) and explain the strike and resulting negotiations for an inclusive labor union in a monopsony situation. Also, show (with a graph) and explain how an exclusive union increases wages
What does Autor mean by "polarization of job opportunities?" Illustrate what is the primary cause of this polarization.
In late 2006 and early 2007, orange crops in Florida were smaller than expected, and the crop in California was put in a deep freeze by an Arctic cold front.
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