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Describe the difference between the "income effect" of a price increase on quantity demanded and the "substitution effect" of a price increase on quantity demanded. Which effect will depend on whether the good is "normal"? Explain.
Now assume that there're five firms in the industry, and that they collude to set the price. What price will they set? What will be the output of each firm? What will be the profit of each firm?
determine optimal consumer buying decisions in the context of utility theory. compare and contrast optimal pricising and output decisions in various market structures. apply supply and demand theory to both prodcut and factor markets.
Craft Unions Both industrial and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.
the buyer values and seller costs for another experiment in which students are buying and selling used textbooks. In this experiment, the seller pays the tax. Suppose that traders who are indifferent between trading and not trading go ahead and trade..
At what sales/output level will marginal costs (MC) reach a minimum and estimate the value of TVC for sales/output level 250,000 units, and calculate the 95% confidence interval for your estimate.
Determine the defender's lowest EUAC what is the challenger's economic life? When, if at all, should we replace the defender with thechallenger?
Given this is a monopoly with an expiring patent in 30 days, what price and quantity will result once the competition emerges in this market.
What are the marginal costs and benefits of pursuing additional education and inherent risks associated with this decision?
The second firm finds that although demand is not perfectly elastic, it is now relatively more elastic. what will happen to the second firms marginal revenue curve and to its profit-maximizing price. competes with a second firm which had been a mon..
Small firms can discover the abilities of their workers more quickly than large ones because they can observe the workers more closely at a variety of tasks. Does it then make sense for people with high abilities to go to small firms
Suppose the two countries are not trading and that both desire to have equal numbers of feet of timber and baskets of fruit. How would they allocate workers to the two sectors?
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?
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