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Consider a subway company whose cost function is given by C(T) = 1000 +T. Due to the government regulation, this company must set the fare per passenger at the marginal cost (MC pricing). Is this pricing efficient? Would this company run the business under this regulation? Explain your answer and suggest a possible policy to solve the problem if applicable.
Bank A has an increase in deposits of $20 million dollars and all bank reserve requirements are 10%. Bank A loans out the full amount of the deposit increase that is allowed. This amount winds up deposited in Bank B. Bank B lends out the full amount ..
Suppose the own price elasticity of demand for good X is -3, its income elasticity is 1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Y is -4. Determine how much the consumption of this good will chang..
An engineer designs an improved light bulb. The previous design had an average lifetime of 1200 hours. The mean lifetime of a random sample of 2000 new bulbs is found to have a mean lifetime of 1201 hours.
Explain the design of a public policy that would subsidize the private performance of the R&D (to ensure that the research is done by the private sector) yet would minimize the public funds used.
What is the mechanism by which an increase in government spending or a tax cut stimulates the economy? Government borrowing can “crowd out” private investment by…
Government owns the means of production in a socialist economy while individuals own the means of production in a capitalist economy. The government allocates jobs in a socialist economy while individuals determine employment in a capitalist economy...
Suppose that Congress enacts a significant tax cut with the expectation that this action will stimulate aggregate demand and push up real GDP in the short eun. In fact, however, neither real GDP nor the price level changes significantly as a result o..
find a pop culture reference from tv movie music magazine... of an economic concept. the reference can be anything we
Why is it that firms can earn profits in the long run in monopoly and oligopoly but not in monopolistic competition and perfect competition? What can firms do in monopolistic competition or perfect competition to make the short run last as long as po..
Suppose that each worker in the Foreign country can produce two cars or three TVs. Assume that Foreign also has four workers. Graph the production possibilities frontier for the Foreign country. What is the no-trade relative price of cars in Foreign?
Fiscal policies is a tool used by government to stimulate the economy. This week we will consider monetary policies - these are policies implemented by Fed to support sustainable growth, support high employment and keep prices stable in the US econom..
When entry occurs in a monopolistically competitive industry,
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