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1. In the analysis of an exchange between two people, suppose both people have identical preferences. Will the contract curve be a straight line? Explain. Can you think of a counterexample?
2. Give an example of conditions when the production possibilities frontier might not be concave.
a. A monopsonist buys labor for less than the competi- tive wage. What type of inefficiency will this use of monopsony power cause? How would your answerWhich country has a comparative advantage in the production of each good? Explain.
b. Determine the production possibilities curve for each country, both graphically and algebraically. (Label the pretrade production point PT and the post-trade point P.)
c. Given that 36 pounds of cheese and 9 bottles of wine are traded, label the post-trade consumption point C.
d. Prove that both countries have gained from trade.
e. What is the slope of the price line at which trade occurs?
a small business which produces plastic vacuum-suction covers for round household dishes has a monopoly that is
Suppose a monopolist producing Q units of output faces the demand curve P =20 -Q. Its total cost when producing Q units of output is TC = F + Q2, where F is a fixed cost. The marginal cost is MC = 2Q. a) For what values of F can a profit-maximizing..
You buy a bond for $1118 that pays $20 interest every 6 months. It will reach maturity in 9 years at which time it will return its face value of $1000 plus the final $20 interest payment. What is the pre-tax annual rate of return on this bond? Estima..
Why does Professor Riemer believe the toughest Hurdle of his 12 Hurdles to clear is 11-Confronting Marginal Performers and Performances ? One short oaragraph.
Consider an economy well known to you and assess which factors of its TFP are relatively strong compared to other countries and which ones are relatively poor. What steps could be taken to improve TFP?
Indicate your understanding of the current state of the economy by reporting whether you believe we are in a recession, a trough, in a recovery, or at a peak of the business cycle given a comparison of current and historical levels of real GDP.
What is Zynga's profit-maximizing number of games to be published and what is the total amount of the externality at Zynga's profit-maximizing quantity?
The US treasury isn't the only issue of bonds. Corporations also issue bonds that have future payment structures like U.S. Treasuries. Of course, unlike the federal government, corporations can go bankrupt, leaving their bondholders unable to collect..
suppose there are 9 sellers and 9 buyers in a market each willing to buy or sell one unit of a good. their values are
Aggregate Demand and Supply Models located on the student website and select one option to complete the assignment.
when a company decides to change the price of a product it knows the demand for that product will change as a result.
Discuss how changing tax rates affect consumption spending and aggregate. Provide an example not in the textbook to illustrate your answer.
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