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Question: After considering the situation of market power for my software and how it changed after the introduction of competitors, consider situations of natural disasters and how governments respond to shortages resulting from them.
a. Comment on why anti-gouging laws can increase social welfare (i.e,. make society better off). Anti gouging laws make products more affordable by using regulation to adjust prices
b. In contrast, comment on why price gouging may increase social welfare. The higher price increases consumer surplus.
c. Which argument do you find more persuasive, and why? I.e., should governments continue to use anti-gouging laws to correct supposed market failures occurring after natural disasters?
Given these profits, Firm 2 want to match Firm 1's price, but Firm 1 does not want to match Firm 2's price. Does wither firm have a dominant strategy? Does this game have a unique, pure strategy Nash equilibrium? Identify all pure- and mixed-strategy..
Why does a government undertakes expansionary fiscal policy? What are the problems of undertaking expansionary fiscal policy?
suppose the quantity of good x demanded by individual 1 is given by x1 10 ?? 2px 001i1 04py and the quantity of x
To reduce the construction of big luxury apartments, the Chinese government requests that at least 70% of the new apartments must not exceed 90 square metres. Use a diagram to show and explain how this policy affects the equilibrium price and quantit..
In the aggregate expenditures model, if aggregate expenditures exceed real GDP, the economy will:
Suppose the own price elasticity of demand for good X is -4, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is 4. Determine how much the consumption of this good will change..
The prediction error is the difference between the actual decision value and the expected decision value.
You are a policy adviser responsible for air pollution in a region where there are only two chemical plants run by firm A and firm B. Firm A’s pollution abatement costs are 2x^3 , where x is a unit of pollution. Suppose your boss, an elected politici..
A large life insurance company has decided to switch from using a strong fear appeal to a humorous approach. What are the strengths and weaknesses of such a change in message strategy?
The company rents roller cutters and crimping machines for $16 per hour, and the marginal product of capital is 100 rollers per hour. Illustrate what do you think the previous manager should have done to keep his job.
Harrod-Domar model: is it an economic growth theory or economic development theory? Explain your answer clearly and precisely.
Between early 2008 and the beginning of 2009, a gradual stock-market downturn and plummeting home prices generated a substantial reduction in U.S. household wealth that induced most U.S. residents to reduce their planned real spending at any given pr..
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