With regard to "Why do people save?", please explain based upon different theories. In
addition, why do Japanese households save so much? Why do U.S. households save so
little? How about households in Taiwan? Please explain. (25 分)
Taiwan is a small open economy. Based upon the important characteristics, please
explain, under both floating exchange rate and fixed exchange rate respectively, what
are the effects of the "changes in both fiscal policy and monetary policy" on "exchange
rate" and "income", and in addition on "interest rate" as well. (Hint: you can answer
them by graph or based upon appropriate theories) (25 分)
Consider a market with one large firm and many small firms. The supply curve of the
small firms taken together is: S(p) = 100 + P . The demand curve for the product
is: D(p) = 200 − p . the cost function for the one large firm is: c(y) = 25y .
(1) Supposed that the large firm is forced to operate at a zero level of output, what will
be the equilibrium quantity and price? (5 分)
(2) Suppose now that the large firm attempts to exploit its market power and set a
profit-maximizing price. In order to model this we assume that customers always go
first to the competitive firms and buy as much as there are able to and then go to the
monopolist. In this situation, what is the equilibrium price? And what are the
equilibrium quantity supplied by the monopolist and the competitive firms,
respectively? (10 分)
(3) Finally suppose that the large firm could force the competitive firms out of the
business and behave as a real monopolist. What will be the equilibrium price and
quantity. (5 分)
The production function for good y is y max{10X1 ,4X2} = where X1 and X2 are
the amounts of factors 1 and 2, find the cost function for good y. (5 分)
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