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The inverse demand for a monopoly's product is P=92-5Q, where Q=Q1+Q2. The marginal cost of producing in the two plants is MC1=2Q1 and MC2=6Q2.
a) How much output should be produced in each plant?
b) What is the firm's profit maximizing price?
Representative consumers have the utility function U(C,Ls) = log(C) + log(1- Ls). Representative consumers have labor endowment of 1. So Ls must be less than 1. Write down the budget constraint of the representative consumer. Write down the maximizat..
President Bush commissioned a study whose objective was to determine what the maximum tax rate on individuals and corporations should be. To what branch of economics does this study correspond? What branch of economics is concerned with the rate of i..
The total market value of production in an economy must equal total: Participants in our economy include:
What is an efficient market? You may want to discuss insider trading cases. What does beta measure? How can you calculate beta?
A reduction in the price of a “normal good” will result in
In the country of Wiknam, the velocity of money is constant. Real GDP grows by 3% per year, the money stock grows by 8% per year, and the nominal interest rate is 9%. What is the growth rate of nominal GDP? the inflation rate? the real interest rate?
q. what is the value of a piece of land? consider the following scenarios.1 suppose that you own a farm run by tenants.
Suppose that two people, Mary and John each live alone in an isolated region. y each have same resources available and y grow corn and raise pigs. What is John' opportunity cost of producing corn.
Determine the application of behavioral economics in explaining individual choices and the effectiveness of public policy. In “Should Policies Nudge People to Make Certain Choices? After reading and evaluating both sides of the discussion, which side..
The government imposes an excise tax on the sale of all toothbrushes. Before the tax, 2 million toothbrushes were sold every year at a price of $1.50. After the tax is imposed, 2 million toothbrushes are sold every year; consumers pay $2 per toothbru..
Assume that SHELL, Corp. Coupon bond currently sells for $5,800. Bond has a 5 year maturity, an annual coupon payment of $261, and a future value of $5,800. What is the promised yield to maturity on SHELL bond? Calculate the promised YTM on the SHELL..
Amos McCoy is currently raising corn on his 100-acre farm and earning an accounting profit of $100 per acre. However, if he raised soybeans, he could earn $200 per acre. Is he currently earning an economic profit? Why or why not? Determine whether ea..
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