What is the value of b?
Suppose the government imposes a tax of $0.45 per unit on suppliers. What is
the new equilibrium price that consumers pay?
In the short run, K =1. Derive the short-run cost function.
Derive the long-run cost function.
Suppose the government wants to maximize its total revenue of the licenses,
nF , in the long-run equilibrium. How much should F be?
Suppose the government wants to give only one firm the license. The firm who
gets the license will be a monopoly, and can charge whatever price the firm
likes. What is the maximal F the government can charge?
Suppose there is an insurance company offering him a contract: The person
pays the insurance company $X first. If a car accident occurs, the person
receives $19 from the insurance company, but if there is no accident, the
insurance company does not pay anything to the person. What is the maximal
value of X that the person is willing to pay?
Suppose the insurance company changes the policy by adding a condition:
When there is an accident, the insurance company pays $19 to the person if the
accident is not due to the person’s fault. If it is the person’s fault, the insurance
company pays nothing. If there is no accident, the insurance company pays
nothing either. Suppose that given an accident occurs, the probability that it is
the person’s fault is 0.1. So the total probability that there is no accident is still
0.9. The total probability that there is an accident that is not caused by the
person is 0.1×0.9 , and the total probability that there is an accident that
caused by the person is 0.1×0.1. The insurance company charges the person
0.8X , where X is the solution in the last question. What is the expected utility
of the person if he buys the new policy?
Write c* as a function of A, n, s, and d.
How would c* change when foreigners increase their investment on the
country’s capital stock this year?
In the equilibrium, how many units of S-dollar is equal to 1 J-dollar?
Suppose the nominal exchange rate is fixed at the above level, and there is a
recession in J. If the central bank in J adopts an expansionary monetary policy
while keeping the nominal exchange rate fixed, how would the policy affects
the economy in J?
Suppose that national saving is $1456 billion, investment is $1945 billion, and
private saving is $1590 billion. How much is the current account balance?
Suppose that the government cuts this year’s tax by $100 per person, but does
not change the government expenditure. Under what condition will the national
saving be the same as before the tax cut?
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