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There are six potential consumers of computer games, each willing to buy only one game. Consumer I is willing to pay $40 for a computer game, consumer 2 is willing to pay $35, consumer 3 is willing to pay $30, consumer 4 is willing to pay $25, consumer 5 is willing to pay $20, and consumer 6 is willing to pay S15.
a. Suppose the market price is $29. What is the total consumer surplus?
b. The market price decreases to $19. What is the total consumer surplus now?
c. When the price fell from $29 to $19, how much did each consumer’s individual consumer surplus change? How does total consumer surplus change?
Suppose the economy is slumping into recession and needs a fiscal policy boost. Voters, however, are opposed to larger federal deficits. What would policy-makers do
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Why do you think firm 1's marginal cost is lower than firm 2's marginal cost? Determine the current profits of the the two firms. What would happen to each firm's current profits if firm 1 reduced its price to $6 while firm continued to charge $8?
A monopolist knows that in order to expand the quantity of output it produces from 8 to 9 units that it must lower the price of its output from $2 to $1. Calculate the quantity effect and the price effect
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An industry is composed of 20 firms, all with equal sales. The Herfendahl Index ratio in this industry is a. 1000 b. 500 c. 800 d. This cannot be determined from the information given.
An inflation shock is a disturbance to the usual behavior of inflation that shifts the IA line. A supply shock is a change in the natural rate of output. Graph the long and short run effects of a positive inflation shock and a negative supply shoc..
If Alisha Maintenance manufacturing then how would Alisha's management improve its cost function to better understand their past maintenance costs and predict future maintenance costs.
The existence of only three big U.S. auto manufacturers is evidence that the market structure is anti-competitive and that antitrust laws are being broken. Measure this assertion.
The statement best describes the economics of Caribbean South America the people of the region largely survive on subsistence farming while national industries focus on mining and oil drilling.
Write a grant proposal aimed at receiving funding for a programme that you expect to run in anarea (village) of a developing country of your choice.
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