Assume an oligopolistic market with one large dominant firm. The dominant firm's marginal cost is given by the following equation:

MC = 0.46 Q

The market demand is the following: QD = - 13 P + 261

The supply of the smaller firms combines is given by the following equation:

QS = 24 P + 168

What would be the combined production of the small firms?

What economic forces and political events coalesced to shape California into the demographically diverse and “opportunity-focused” place it became (and remains)?

Explain 8 or more sentences.

Assuming an increase in demand for export goods, explain the change in demand curve and labor supply, if any.

What the issues faced by government policymakers in their attempts to maintain full employment. Please explain in more detail.

Please explain the travel distribution model and what are its 3 basic categories?

Which features distinguishes new growth theory compared to Solow's growth theory? Define those features in terms of the AK & Lucas model.

Explain two different institutions and/or policies that can affect the growth of real wages and the unemployment rate (ie. institutions and policies for increasing output and decreasing unemployment rate)

A country’s GDP is being measured by expenditure. Various categories of expenditure are recorded as follows: Households’ spending on consumption = $100bn, Firms’ spending on capital goods = $15bn, Firms’ addition to inventories = $1bn, Government spending on services = $10bn, Government spending on capital goods = $2bn, Government transfers (social security etc) = $10bn, Exports = $12bn, Imports = $10bn. What is the correct estimate of GDP?

What is the increase in unemployment above equilibrium unemployment caused by a fall in aggregate demand associated with the business cycle?

Explain the pros and cons of regional integration and defend your position regarding regional integration.

sources: introduction to global business ch.3

Does the assumption of stuck prices hold true when the economy moves close to its potential output? Explain.

The period from 1930 to 1933 were years of the Great Depression bank panics. During this time the money supply (M1) fell by 25%. Yet the monetary base increased by 20 percent. a. How does the Fed affect the monetary base? b. Why did the U.S. money supply fall in the face of a rising money base during the Great Depression bank panics?