What impacts do you believe COVID-19 will have on income inequality? Who will feel the most pressure? Is there something policymakers could do differently?

C(Q₁, Q₂) = 3,500 - 205Q₁Q₂ - (Q₁)² + (Q₂)²

A. What do you need to know from the equation above to see if there are Cost Complementarity? Are there Cost Complementarity?

B. What is MC₁(Q₁,Q₂) ?

C. What is MC₂(Q₁,Q₂) ?

D. Are there economies of scope? Explain.

E. What are the implications for a merger?

Briefly describe the four economic functions of property rights law

Briefly describe institutions that are used to enforce property rights globally

V. State whether you agree or disagree with the following statements and briefly explain why. Please draw graphs to explain your answer, where appropriate.

In some states, the state government owns and operates the liquor stores. The governor of one of these states made the following statement.

"An increase in the price we charge for liquor would fight the twin evils of alcoholism and the state budget deficit. Even a small price increase would greatly decrease the use of alcohol and would increase the revenue going to the state."  

1. Assume you are a professional economist and are asked to evaluate the $2.2 trillion economic stabilization package recently passed by Congress.

1. Outline the major features of the stabilization package.
2. Which features of the package make the most sense to you and you would support?
3. Which features of the package do not make sense to you and you think should be eliminated?
4. What additional features of economic stabilization would you propose that is missing from the stimulus package?

A monopolist faces a demand curve of Q = 164 – P, where P is price and Q is the output produced by the monopolist. What choice of output will maximize revenue?

Group of answer choices

70

74

82

86

if monopolist produces good X and faces a demand curve X = 112 - 2P, where P is price. What is the monopolist's marginal revenue as a function of good X?

Group of answer choices

44 - X

56 - 0.5X

56 - X

44 - 0.5X

1. Perfectly competitive market. An individual firm has the following cost function:

TC = 36 + 2q +q2.  

1. Find the firm’s supply curve.

2. If there are 100 identical firms in the market, what is the market supply curve?

3. In the long run, how many units would each firm produce? What is the price in the long run?

4. What is each firm’s profit? Show this.

5. If the market demand= Qd = 614 - p, how many firms would be in the market?

To what degree do you think that the U.S. economy “works" for the people of this nation? Provide specific facts from the chapter in support of your assessment.

Consider a monopolist with a total cost of TC=9+Q and marginal cost of $1 (MC=1). The monopolist faces a demand curve of P=11-Q.

1. Graph the monopolist

2. Find price and quantity that the monopolist charges.

3. Find the profit and consumer surplus.

4. Find the deadweight loss to welfare.

Please keep each answer to 400 words or fewer. Aim to be over 300 for each.

Footnote as necessary, I will grade primarily on relative mastery of the material and on critical thinking and analysis, but yes, quality of writing and grammar matter.

Make sure to think! The obvious is easy enough given that this is a take-home, so fire some brain neurons, please.

QUESTION:

What would MacKay or Keynes — pick only one, please — argue about the recent virus-induced shock to the economy? Ground your answers in the relevant excerpts by these authors?

Which concept would you use to explain why investment spending did not grow strongly between 2011 and 2014 although interest rates were very low? Think about what drives investment spending and use a certain principle we covered in the chapter titled [Income and Expenditure] ( Around150 words)