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Suppose the book-printing industry is competitive and begins in a long-run equilibrium.
a) Draw a diagram describing the typical firm in the industry.
b) Hi-Tech Printing Company invents a new process that sharply reduces the cost of printing books. What happens to Hi-Tech's profits and the price of books in the short run when Hi-Tech's patent prevents other firms from using the new technology?
c) What happens in the long run when the patent expires and other firms are free to use the technology?
What is the difference between general and specific knowledge? How can specific knowledge motivate the use of decentralized decision making?
Elizabeth's opportunity cost of selling a widget is $18, while Jess values it at $27. Identify the correct statement from the following.
Given the Keynesian explanation for the persistence of high levels of unemployment after the recessions of the early 1980s and early 1990s, what policies would you advocate to reduce unemployment in the years following a recession?
1.How would you go about deciding whether person A or person B gets more personal benefit from each of the following?
Why does exchange rate overshooting occur? What determines its magnitude?
1. What enables banks safely to engage in both maturity transformation and risk transformation?
Trace through the effects of this on the market for oil and the market for other fuels.
A monopolist's marginal revenue curve crosses its marginal cost curve a twenty per unit & one million units. the price that consumers are wants to pay is thirty per uint.
Find the equilibrium price and quantity if income increases to 150. Show the change in equilibrium using a standard supply and demand graph.
1.A firm under monopoly or oligopoly that aims to maximize sales revenue will tend to produce more than a firm that aims to maximize profits.
Describe the three aspects of organizational architecture. What is a major difference between the architectures of markets and firms?
1.Consider the advantages and disadvantages of extending property rights so that everyone would have the right to prevent people imposing any costs on them whatsoever (or charging them to do so).
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