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Draw an aggregate production function with typical shape and label it "F". Make sure to label the axis of the graph. Now, add two more production functions based on the following scenarios.
a. Efficient institutions are adopted in a country. Label this production function F2.
b. A new technology is adopted allowing greater productivity. Label this production function F3.
How are these two changes different?
Briefly explain how this will affect money supply over time and how, even without any intervention on the part of the government or the central bank, the economy would self adjust over the following few years.
The perfectly competitive company takes the equilibrium value set through the market and maximizes profit through manufacturing where price, which also equals marginal revenue, is equal to marginal cost.
Assume that both the equilibrium price and quantity of golf clubs rise. Which of the following explanations would best explain this outcome?
Assume that the market demand for broccoli is given through Q=1000-5P and the market supply of broccoli is given through Q=4P-80 where Q is quantity per year measured in hundreds of bushels
A lawyer who drives a beat-up car and wears frumpy dresses may have a hard time getting customers. Potential clients may conclude from his appearance that he is poor, and if he is poor, he probably is not very good.
In order to bring about a socially desirable quantity of landscaping service, what should the government do? Explain in words and show the effect of the government action in a graph.
If the two are generally not competing on price, are there any forms of non-price competition that might emerge? If so, describe them. Or would such other forms of competition also exhibit "kinked type behavior"?
Find all Nash equilibria in pure strategies and what is the Pareto Optimal outcome under collusion? Show that this outcome is not sustainable.
The long-run aggregate supply curve is vertical at economy's potential output level. Why is the long-run aggregate supply curve situated at his level of output rather than below or above the potential output level?
Compute the profit maximizing output produced by each firm. Compute the profits earned by each firm and the cartel.
Graph the long run equilibrium for perfect competition. Using a similar average cost curve, graph the long run equilibrium for monopolistic competition.
Governments have sometimes not remembered about elasticity when they formulate tax rule. A few years before the city fathers in Washington DC wanted to raise revenues so they raised gas tax by ten cents a gallon.
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