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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.
Suppose the daily demand function for pizza in Berkeley is Q = 1,525 – 5P. The variable cost of making Q pizzas per day is C(Q) = 3Q + 0.01Q2 , there is a $100 fixed cost (which is avoidable in the long run), and the marginal cost is MC = 3 + 0.02Q.
Suppose that between 2003 and 2007, one group of individuals (Group 1) received job training while another otherwise similar group (Group 2) did not. Suppose that the average earnings of the first group went from $40,000 per year to $55,000 per year,..
q1. due to the housing bubble many houses are now selling for much less than their selling price just two or three
You are being given data on supply also demand for the whole marketplace also are being asked illustrate what effect that has on you as a small part of that marketplace.
If I spent all my money ($450,000) on a new house I could buy a house with 4500 square feet. I settle for a 1500 square foot house. (Each square foot costs the same.) The day after I close the deal a nearby nuclear power plant is condemned and the va..
Explain General Medical makes disposable syringes for hospitals and doctor supply companies. The company uses cost plus pricing and currently charges 150% of average variable costs.
Some economists argue that only unanticipated increases in the money supply can affect real GDP.
The maintenance foreman of a plant in reviewing his records found that maintenance costs on a large press had increased with sales of a product that will decline in the future.
Social Security and Medicare are in financial trouble. The money will run out for the future generations if something is not done shortly. In detail, explain how you would save both systems for the future generation.
After school one day, the teacher discovers this student beating up another student and has to break up the fight. The teacher has turned to you as the vice principal in charge of discipline. Using the theories you have learned this week what do y..
According to the monetarist view,
What is the firm's profit-maximizing (or loss minimizing) output (Q) level? What is the amount of its economic profits (or losses) at this output level? What would be the firm's decision at this price/output level?
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