Share
Explore BrainMass

Supply and Demand

Simple Economic Questions

Provide enough help to create at least a 250 word document to define Oligopoly & Monopolistic Competition. Please respond with a doc attachment- See attached.

Macroeconomics

PROBLEM I ABC Corp is a small Canadian firm that sells staples in Canada, which is a very competitive market. The staples can be classified as a standard commodity, with stores viewing the staples as identical to those supplied by other firms. Recent news has indicated that 1) due to the growing Canadian economy, the over

Demand and supply: decriminalizing illegal drugs

The consequences of decriminalizing illegal drugs have long been debated. Some claim that legalization will lower the price of these drugs and reduce related crime. Others claim that more people will use these drugs. Suppose that some of these drugs are legalized so that anyone may sell and use them. Now consider the two cla

Price Increases During Economic Crisis

Should price increases for products in demand be allowed during extreme times of demand (e.g., bags of ice, water or hotel rooms during a hurricane crisis)? Defend your position using economic principles.

Thinking like a Macro-Economist

Thinking like a Macro-Economist: John Maynard Keynes and Milton Friedman Macro-economics is perhaps the most divisive area of economics. Macro-economists divide themselves into different schools of thought. Two of the biggest camps are the Keynesians and the Monetarists. Keynesians and post-Keynesians follow the theories o

Cost functions of a perfectly competitve firm

Consider the following cost functions of a perfectly competitive firm? Marginal Cost= MC = 6q + 20 Average Total coat = ATC = 20 +3q + 10/q Suppose the price is P=$28 A) What is the profit maximizing output for Q B) Calculate the firms profit or loss, should firm shut down if loss? C) Calc producer surplus, ho

Monopoly theory

- Since a monopoly is the only source of supply, consumers are entirely at its mercy. There is no limit to the price the monopoly can charge?. Evaluate this statement. - A monopoly´s profits are not necessarily bad, but its reduction in output is. Evaluate this statement.

Supply and Demand for Labor

1. Many factors determine the supply and demand for labor. Identify and explain two factors that would increase or decrease the demand for labor. Identify and explain two factors that would increase or decrease the supply of labor. Use the readings and/or the internet for examples. 2. Immigration is a major topic of concern

Externalties

1. Externalities are third party consequence of some other action. They can be positive or negative externalities and they impose a benefit or cost to a third party. Identify a positive and a negative externality. Discuss the benefits and costs associated with each type of externality. What happens to the Supply and/or Demand cu

Long-run equilibrium

If a representative firm with long-run total cost given by TC = 50 + 2q + 2q2 operates in a competitive industry where the market demand is given by QD = 1,500 - 40P, in the long-run equilibrium there will how many firms?

Profit and supply

Question 1 If the long run market supply is perfectly elastic a fall in demand would cause the final equilibrium to be at: a) The same price but at lower output b) A lower price and a lower output c) A lower price but at the same output d) The same price and the same output Question 2 True or False A perfectly co

Perfectly Competitive Markets for Noodles

The excel is attached, please advise how to go about solving Market demand schedule for noodles Price Q Demanded 5.4 50200 6.4 45200 7.4 40000 8.4 35000 9.4 30000 10.4 24800 11.4 19800 12.4 14800 THe market isperfectly cmpetitive wih constant input prices and each firm has the same cost str

Aggregate Supply and Demand

Consider the following simplified AE function: AE = 350+0.8Y+0.1(M/P) where AE is desired aggregate expenditure, Y is real GDP, M is private sector's nominal wealth, and P is the price level. Suppose that M is constant and equal to 6000. a) Explain why the expression for AE above makes sense. Why do M and P enter the

Aggregate Demand and Supply

This is a challenging question and involves algebraically solving the system of two equations given by AD abd AS curves. The equations for the curves are given by the following: AD: YAD = 710-30P + 5G AS: YAS = 10+5P-2Poil where Y is real GDP, P is the price level, G is the level of government purchases and Poil is the

Economics

The U.S. cigarette industry has negotiated with Congress and government agencies to settle liability claims against it. Under the proposed settlement, cigarette companies will make fixed annual payments to the government based on their historic market shares. Suppose a manufacturer estimates its marginal cost at $1.00 per pack,

Stabilizing financial systems

Details: You have been tasked to brief the firm's finance team on an aspect of international finance and then to lead a discussion with the team. This briefing is particularly important because of the global financial crisis that began in 2007. The briefing is needed to provide more foundation for the finance team because

Overview of conditions for a monopolistic market

A) What are the conditions for a perfectly competitive market? b) What are the conditions for a monopolistic market? c) What are the conditions for a monopolistic competitive market? d) What are the conditions for an oligopolistic market? e) How would you explain the differences among these market structures?

Micoreconomics

The president of your company, Mr. daily, has asked you to prepare a report explaining the various forms of market structure. He explains to you that the report will be handed out to the staff prior to the staff meeting next week and that it should outline the various forms of market structure. At the same time, the report shoul

Supply and Demand

There is a shortage of college basketball and football tickets for some games, and a surplus occurs for other games. Why do shortages and surpluses exist for different games?

Micoreconomics

To continue with your evaluation for the new vice president position, the president of your company, Mr. Riley, has asked you to prepare a report for him determining the economic impact of a coffee push cart that will provide hot coffee and cappuccinos to the public. He explains to you that the cart will operate on sidewalks nea

Supply and demand, price ceiling, economic/non-pecuniary price

Suppose the market for natural gas can be described by: Demand: Q(D)= 80 - 5P Supply: Q(S)= 20 - 15P Where P is the price ($) of natural gas per million BTU, Q(D) is the quantity demanded and Q(S) is the quantity supplied of million BTUs of natural gas per day. a) what are the equilibrium price P* and equilibrium Q*?

Supply and Demand

Need help with this Exercise 4. Suppose the government imposed a minimum price of $7 in the schedule of exercise 3. What would occur? Illustrate. 5. In exercise 3, indicate what the price would have to be to represent an effective price ceiling. Point out the surplus or shortage that results. Illustrate a price floor

Monopolistically competitive firm

Attached are problems 1, 2, & 3 which I am in need of help understanding and working. Also, I have attached additional information which may be needed. I would greatly appreciate whatever assistance you can supply.

Four factors that influence the price elasticity of demand

There are 4 factors that influence the price elasticity of demand: - The availability of substitutes - The specific nature of the good - The part of income spent on the good - The time consumers have to buy the good Choose a product you have purchased in the past month from a clothing or shoe store. Describe how each of

Discussion Questions on Supply and Demand

1) Government intervenes in the free market by many different ways. For example, regulators may use price controls, impose taxes on consumers as well as on producers and give subsidies to producers. What would be the intended outcome in the market by each of the above government actions? Give a real-world example of how govern

Volcanic eruptions and real GDP

Suppose the recent volcanic events in Iceland, which disrupted European air travel significantly, represented just the beginning. In other words, suppose that experts predict a world-wide series of huge eruptions from active volcanoes. The Yellowstone caldera is anticipated to be the largest--the caldera is roughly 30 miles by

Important Questions about Marginal Revenue

See the attached file. Consider the following demand schedule (attached). Does it apply to a perfectly competitive firm? Compute marginal and average revenue. a. suppose the marginal cost of producing the good in the above question is constant $10 per unit of output. What quantity of output will the firm produce?