Compare the features of the classical economic model to the Keynesian economic model. How do these models influence the aggregate demand curve and the aggregate supply curve? Which model, in your opinion, benefits the economy in the long-run?

a) A duopolist faces a market demand curve given by
P = 56-2Q . Each firm can produce output at a constant MC
of $20 per unit. find the equilibrium quantity for the market.

b) A duopolist faces a market demand curve given by
P = 56-2Q . Each firm can produce output at a constant MC of $20 per unit. Firm one is the leading firm and makes the first decision. find the equilibrium quantity for the market.

Use supply and demand curves to assess the market for physicians. Suppose the number of medical school slots increase dramatically. How would this increase influence the number of physicians in a given market and the potential salaries earned by newly minted physicians? Use another graph to illustrate the impact on the number of physicians and the salaries they earn if a state expanded the number of people covered on Medicaid.

Assignment Put the right answer in the [brackets].

Business Law Assignment

Joseph Drew, doing business as Sports Fanatic, 842 Colorado Blvd., Pasadena, CA, entered into a contract to sell a football to Robert Mortimer (1287 S. Los Robles Ave., Pasadena, CA). The written contract was executed on October 5, 2019. Mortimer had done business with Drew in the past. The transactions had involved Mortimer informing Drew of items he was interested in and Drew acquiring them for resale to Mortimer. The price for the football was $4,400, payable within 30 days of delivery. Drew obtained the football in October 2019 and made the ball and supporting documentation available to Mortimer for inspection on November 2, 2019.

However, on November 22, 2019, Mortimer notified Drew that the football was not the original and refused to accept delivery or pay. Mortimer stated that Drew had not provided adequate proof of authenticity (provenance) for the football and, as a result, Mortimer could not determine that it was the original.  

The football that Mortimer wanted was from the 1989 Super Bowl.

Along with the football, Drew had presented affidavits from the 49ers stating that this was the actual game-winning ball.

Drew is willing to walk away from the deal as long as Mortimer reimburses his expenses of $567.

Draft a release and settlement agreement for Drew to present to Mortimer. Use and modify, as required, the following form agreement. The bold bracketed instructions show you what information is required. Replace the bracketed-bold instructions with the required factual information from the above-fact pattern.

Date the proposed agreement as January 6, 2020.

AGREEMENT FOR RELEASE OF CLAIMS AND RESCISSION OF CONTRACT

This Agreement for Mutual Release of Contractual Claims and Rescission of Contract is entered into on [date of release], at [name of city], [name of state], by and between [name of first party], of [address of first party], referred to in this Release as [“First Party”], and [name of second party], of [address of second party], referred to in this Release as [“Second Party”].

RECITALS

This Agreement is made and delivered with reference to the following facts:

A. On or about [date of contract], the parties entered into a [written/oral] contract pursuant to which [statement of material provisions of contract under which claims arose], referred to in this Release as “the Contract.”

B. After the parties entered into the Contract, [description of any pertinent acts or omissions occurring after parties entered into contract].

C. A dispute has arisen between the parties concerning their rights and obligations under the Contract. [First Party] contends that [statement of contentions of [first party] concerning rights and obligations under contract] and [Second Party] contends that [statement of contentions of defendant or second party].

D. The parties have reached a settlement and compromise of the dispute between them consisting of a mutual release of claims and rescission of the contract. This Agreement is given and accepted for the purposes of compromising disputed claims and avoiding the expense, inconvenience, and uncertainty of litigation. Nothing contained in this Agreement, nor any consideration given pursuant to it, shall constitute or be deemed an admission of any act, omission, liability, or damages of any party.

E. As part of the consideration for this Agreement Release, [name of party paying consideration] has paid [name of party receiving consideration] the sum of [text dollar amount of payment] dollars, the receipt of which is acknowledged.

RELEASE OF CONTRACTUAL CLAIMS AND RESCISSION OF CONTRACT

1. The parties mutually agree that the above-mentioned contract entered into between the parties on [date of contract], shall be and is rescinded, terminated and cancelled as of [date of release].

2. Each party to this Agreement, now and forever releases and discharges the other party from any and all claims, demands, losses, expenses, damages, liabilities, actions, and causes of action of any nature that in any manner arise from or relate to the formation, existence, performance, or breach of the Contract identified above.

3. Each party represents and warrants that he or she has considered the possibility that claims, liabilities, injuries, damages, and causes of action that he or she does not presently know or suspect to exist in his or her favor may develop, accrue, or be discovered in the future, and that he or she voluntarily assumes that risk as part of the consideration for this Agreement.

4. Each party represents and warrants that he has [consulted with and relied upon legal counsel of his own choosing OR had the opportunity to consult legal counsel of his own choosing but has voluntarily elected not to seek legal advice MAKE SURE TO PICK ONE OF THESE OPTIONS] concerning the parties' settlement and the execution of this Agreement. Each party further represents and warrants that he is relying solely upon his own investigation, knowledge, information, belief, and judgment, or the advice of his own attorney, and not upon any statements, opinions, or representations of any other party or his attorneys, employees, or agents, in settling his claims and executing this Agreement.

The undersigned each affirm that they have read this agreement to release contractual claims and rescind the above-identified contract, understand all of its terms, and execute it voluntarily and with full knowledge of its significance.

[[[DATES OF AND SIGNATURES]]

Explain why, to reduce its current-account deficit, the US must either save more or invest less in its economy.

You currently live in Waukesha earning $50,000 (salary and benefits), but would like to live in Door County. Your friend knows this and, therefore, provides an amazing opportunity for you. He has a bed and breakfast in Door County that he is willing to lease to you for $45,000/year. Expected revenue is $200,000/year. Expenses (upkeep, breakfast costs, electricity, etc.) would be $100,000 year. You would need to quit your existing Waukesha job to move to Door County to run this bed & breakfast full-time.

In what situations should you accept your friend's offer and in what situations should you decline this amazing opportunity?

You majored in Chemistry in college. If you move to Door County you would not be using your degree any longer. You are indifferent if you use your Chemistry degree or not. However, your tuition to attain that degree was $115,000 over four years. Should this impact your decision to accept your friend's offer? If so, why? If not, why not?

What is the “union advantage”? What are its major benefits?

21. (This question refers to the MRU video 'Entry, Exit, and Supply Curves: Increasing Costs'.) Why wasn't the industry supply curve that Professor Tabarrok created in the video smooth like most of the ones we normally draw?

a. Because different firms entered the industry at different prices

b. Because different firms faced different demand curves

c. Because different firms had different marginal cost curves

d. Because the units of production were not divisible

22. (This question refers to the MRU video 'Entry, Exit, and Supply Curves: Constant Costs'.) When graphing an entire market alongside a representative firm, what feature is common to both?

a. The quantity produced

b. The marginal cost curve

c. The market price

d. The demand curve

23. (This question refers to the MRU video 'Introduction to the Competitive Firm'.) How is the price that a competitive firm faces determined?

a. By the market

b. By the firm's competitors

c. By the firm

d. By the buyers

24. (This question refers to the MRU video 'Introduction to the Competitive Firm'.) At the market price, a particular perfectly competitive firm can sell _______; at any price higher than the market price, a particular perfectly competitive firm can sell _______.

a. as much as it wants to; nothing

b. the market quantity; as much as it wants to

c. the market quantity; nothing

d. as much as it wants to; the market quantity

25. (This question refers to the MRU video 'Entry, Exit, and Supply Curves: Constant Costs'.) The _______ supply curve for goods in a constant-cost industry is going to be _______.

a. long-run; upward-sloping

b. long-run; flat

c. short-run; flat

d. short-run; downward-sloping

Prepare solutions for the different hypothetical market structure scenarios in Table 2 using the information below.

Demand: p=550-50YT, YT=y1+y2
Firm 1 Cost Function: C1=50y1
Firm 2 Cost Function: C2=50y2

Q) The missing value in cell (v_f) of Table 2 is:

Q) The missing value in cell (v_j) of Table 2 is:

Q) In table 2 the sum of Consumers' Surplus, Producers' Surplus and Deadweight Loss should be:

a)Always equal to 2,500.

b)Equal to 2,500 under Bertrand's price competition, and higher than 2,500 in other cases.

c)Equal to 2,500 under Bertrand's price competition, and lower than 2,500 in other cases.

d)Always equal to 5,000

e)Equal to 5,000 under Bertrand's price competition, and higher than 5,000 in other cases.

f)Equal to 5,000 under Bertrand's price competition, and lower than 5,000 in other cases.

A- Using the appropriate graph and explanation, discuss what is meant by the Liquidity Trap.

B- What is the relationship of the Liquidity Trap to the degree of effectiveness of the various economic policies?

describe china's political economy, and its evolution over time.

describe russia's politcal party system, and its development over time.

Would you rather purchase a used car that costs $1050 up-front and will cost $300/year to run or a used car that costs $1300 up-front and will cost $250/year to run? Assume that you will own the car for 5 years and your discount rate is 5%

In the competitive market for sunglasses, the inverse demand is p= 35- (q/2) and the consumer surplus in equilibrium is 344. What must be the price? (Round off answers to 2 decimal places). (I set the elasticity = -1 and got a price of 17.5 as the equilibrium price, but that is the wrong answer).

Explain in words why it makes sense to “discount” future benefits relative to benefits today.