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The real GDP of Singapore showed a constant increase from 2001 to 2007. After 2008, there is a great depression in the economy and the real GDP showed a great decrease from 2007 to 2008.
(1) Given an example of values for X, Y and Z so that there is a dominant strategy equilibrium. (2) If X = 8, Y = 4 and Z = 0, how many Nash equilibrium does the game have?
Balanced government budget. Evaluate both the advocates' position and the critics' position. Determine which position you support and defend your position.
Internalizing an externality refers to making a. buyers and sellers take into account the external effects of their actions. b. certain that all market transaction benefits go to only buyers and selle
According to Currie and Ferrie, which of the following legal environments will reduce strike costs? Explain each case in a sentence or two. (Unions legal; intimidation or boycotts illegal; injunctio
Identify the three key facts about short-run economic fluctuations and how the economy in the short run differs from the economy in the long run. Explain economic fluctuations and how shifts in eith
Using the Lerner index, find the price elasticity of demand for Botox and interpret what this value means to total revenue if the price of Botox were increased one percentage point.
(1) Derive the marginal revenue equation (2) Find the quantity at which profits are maximal. given that quantity, find the price charged and the monopolist's profits. (solve for answers using the e
Task: Several of you have mentioned that monoplies arise from economies of scale: a particularly interesting issue is the concept of Minimum Efficiency Scale (MES).
Assume Boeing Inc. (of the United States) and Airbus Industrie (of Europe) rival for monopoly profits in the Canadian aircraft market. Suppose the two firms face identical cost and demand conditions
Describe and explain performance trends of the economy. Research and explain government's measures adopted to achieve the production output performance.
When a cherry orchard in Oregon adds an additional worker, the total cost of production increases by $24,000. Adding the worker increases total cherry output by 600 pounds. Therefore, the marginal c
Suppose the economy was at equilibrium before the start of the recession. Show this using the IS-LM, Keynesian cross, AD-SRAS-LRAS and money market spaces. How could monetary policy have ensured a f
Describe each market structures (perfect competition, monopolistic competition, oligopoly, monopoly), provide a real-life example of each market. Describe which market structure you would prefer for
What is the difference between a public good and a private good? What are the principal characteristics of each? What are the two characteristics of public goods? Why is there a free rider problem whe
Freedonia has an economy similar to the USA. Much smaller of course. It has a central bank called the Federal Reserve which controls the money supply and monetary policy.
You will explore the equilibrium of a market in which we know the cost function of the firms, as well as the demand function of consumers. You will first analyze the short-run equilibrium, and then
Explain the difference between a monopoly and an oligopoly, the welfare effects of monopoly, cost advantages that create monopolies, government actions that create monopolies, and government actions
The figure above illustrates the market for antifreeze. Suppose the government decides to implement an $8 sales tax on every gallon of antifreeze sold. A. In the figure, how would I illustrate
Calculate the Herfindahl-Hirschman Index before and after the merger of Firm 2 and Firm 3. (Assume that the combined market share after the merger is 20 percent) Would you view a merger of Firm 2 an
The local widget monopolist is retiring. He owns the only machine that produces widgets. He offers to sell the widget machine to you for $52,500. After you purchase the machine you can produce as ma
The manager of American Box Company conducts a study and notes his 10 workers produce approximately 2,000 boxes per week. He assumes that if he can employ 20 workers, the number of boxes will increa
Problem: When will a monopolistic competitor go out of business? Also, how can monopolistic competitors maintain high prices?
When a signal seller is confronted in a market by many small buyers, monopsony power enables the buyers to obtain lower prices than those that would prevail in a competitive markets.
What are some similarities and differences between monopolies and oligopolies? How would you classify Microsoft? How would you classify the power industry in your area? Explain your reasoning.