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An industry has two firms, each of which produces output at a constant unit cost of $10 per unit. The demand function for the industry is q(p) = 1,000,000/p. Give the best-response function for each firm. What is the Cournot equilibrium price for this industry?
Using the midpoint method, calculate and interpret the price elasticity of demand for the following situation: When the price of oranges increases from $1.00 per pound to $1.50 per pound, quantity demanded falls from 500 pounds to 400 pounds. Calcula..
A firm produces handbags using three workers. On Tuesday, Jane completed 60 bags in 6 hours, Ron completed 50 bags in 7 hours, and Mary completed 80 bags in 5 hours. What was overall productivity of firm.
Assume an economy with an aggregate production function of the form Y = 1.5K. If the nation’s population grows at 5%, the rate of depreciation is 3%, and the savings rate is 8%, what is the steady-state output per capita level?
Which of the following would tend to increase AD?
Suppose the government were to provide a $2 per hour subsidy for families who purchases child care, regardless of work or wage status. This will.. Increase female labor force participation as take home pay for women will increase.
Paper currency is the most easily recognized form of money. How well does paper currency serve the functions of money if we have an inflation rate of 50-percent per year?
Discuss what interests you the most about econometrics and state why.
Think of a business firm you recently visited (such as Walmart, Home Depot, Red Lobster, Barnes & Noble, McDonalds, etc.). What motivated the producers of all the individual products in the store to make them and offer them for sale? How did the prod..
Banks in New Transylvania have a desired reserve ratio of 10 percent of deposits and no excess reserves. Households want to keep 25% of their money as currency. Now suppose that the Central Bank increases the monetary base by $1,000 billion. How much..
Evaluate the following statements using graphical analysis. Provide a brief narrative explanation of your graph to support your evaluation. Make sure the axes and curves in your graphs are properly labeled. “When demand for home heating oil increases..
A construction firm needs a new small loader. It can be leased from the dealer for 3 years for $5500 per year including all maintenance, OR it can be purchased for $20,000. The firm expects the loader to have a salvage value of $7,000 after 7 years. ..
If the company will sell the number of units obtained in part d, and wants to maintain the same level of profit as last year, what will its new price have to be?
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