The regulatory welfare state in pension markets: mitigating high

... regard to low-income savers, who can be expected to pay higher charges due to their weaker market power and lower financial literacy. This is a policy problem that regulators in many countries are increasingly struggling with (OECD, 2009: 144) In this article we ask, therefore, whether pension regul ...

... regard to low-income savers, who can be expected to pay higher charges due to their weaker market power and lower financial literacy. This is a policy problem that regulators in many countries are increasingly struggling with (OECD, 2009: 144) In this article we ask, therefore, whether pension regul ...

CAPITAL STOCKS, CAPITAL SERVICES AND

... This paper is concerned with the measurement of capital stocks, capital services and depreciation in economic accounts. The values of these stocks and flows are all interdependent and they must be measured consistently within a coherent economic theoretic framework. For purposes of this paper, the c ...

... This paper is concerned with the measurement of capital stocks, capital services and depreciation in economic accounts. The values of these stocks and flows are all interdependent and they must be measured consistently within a coherent economic theoretic framework. For purposes of this paper, the c ...

NONCOOPERATIVE OLIGOPOLY MODELS Definition 1 (Oligopoly

... At this quantity the market price will be p = 1 - .001(360) = .64 which is higher than the duopoly price of .52 and is higher than marginal cost of .28. Thus consumers are better off with the Cournot duopoly as compared to the cartel solution. The total profits in the cartel are given by π = .64(360 ...

... At this quantity the market price will be p = 1 - .001(360) = .64 which is higher than the duopoly price of .52 and is higher than marginal cost of .28. Thus consumers are better off with the Cournot duopoly as compared to the cartel solution. The total profits in the cartel are given by π = .64(360 ...

Eco 300 Intermediate Micro

... It is possible that after some point of output production, firm’s average cost of production begins to increase. This is because: 1. limited amount of factory/office space may constrain workers when there are too many of them. 2. More difficulties arise for the oversight of a very large firm. Manag ...

... It is possible that after some point of output production, firm’s average cost of production begins to increase. This is because: 1. limited amount of factory/office space may constrain workers when there are too many of them. 2. More difficulties arise for the oversight of a very large firm. Manag ...

Ch5.3 & 6Revenue and Perfect Competition

... • Now we have to examine what we get for an additional unit ...

... • Now we have to examine what we get for an additional unit ...

Interpreting economic data: estimating the elasticity of demand

... Let us first consider the estimates of the slopes of the expenditure functions given in the first column of Table 2. From the table we see that all but two of these slope estimates are positive. The two exceptions are the demand for Fuel and Power and the demand for Tobacco. If we again interpret th ...

... Let us first consider the estimates of the slopes of the expenditure functions given in the first column of Table 2. From the table we see that all but two of these slope estimates are positive. The two exceptions are the demand for Fuel and Power and the demand for Tobacco. If we again interpret th ...

Week 6 Chapter 5 & 6: Main lecture on Revenue and Production

... • Now we have to examine what we get for an additional unit ...

... • Now we have to examine what we get for an additional unit ...

Long-Run Production and Costs

... first know the price of labor (w) and capital (pK). Suppose that the firm is paying fifty dollars a day for each worker and twenty dollars for each shovel. Now calculate total costs for each of the three methods of producing 15 units of output. Method 1: Total Cost = w*L + pK*K = 50*5 + 20*5 = 250 + ...

... first know the price of labor (w) and capital (pK). Suppose that the firm is paying fifty dollars a day for each worker and twenty dollars for each shovel. Now calculate total costs for each of the three methods of producing 15 units of output. Method 1: Total Cost = w*L + pK*K = 50*5 + 20*5 = 250 + ...

Presentation 2

... • Winchester Business School findings on use of asset finance by FTSE companies • Case for change • Implications of IASB’s proposals • Is this the best solution? ...

... • Winchester Business School findings on use of asset finance by FTSE companies • Case for change • Implications of IASB’s proposals • Is this the best solution? ...

linear break-even analysis: when is it applicable to

... guidance about the circumstances in which they can apply the analysis and they do not point out situations where application of the analysis is definitely inappropriate. It is the purpose of this short paper to rectify this deficiency. As will be seen, delineating the applicability of linear break-e ...

... guidance about the circumstances in which they can apply the analysis and they do not point out situations where application of the analysis is definitely inappropriate. It is the purpose of this short paper to rectify this deficiency. As will be seen, delineating the applicability of linear break-e ...

Document

... Cournot equilibrium: a pair of output levels, one for each firm, which are such that after they are choose, neither firm has incentive to change its output level. (Cournot equilibrium is determined by the intersection of the reaction curves) ...

... Cournot equilibrium: a pair of output levels, one for each firm, which are such that after they are choose, neither firm has incentive to change its output level. (Cournot equilibrium is determined by the intersection of the reaction curves) ...

Version A - Midterm #2 - November 15, 2008

... Note: this exam consists of 9 pages, including this cover page. Make sure that all 9 pages are included in your exam, and notify an invigilator immediately if any are missing. ...

... Note: this exam consists of 9 pages, including this cover page. Make sure that all 9 pages are included in your exam, and notify an invigilator immediately if any are missing. ...

Practice Questions Week 6 Day 1

... store. Figure 7-1 shows the revenues and expenditures for his first year of operation. If Henry could have earned $3,000 in interest on the money used to open the store, his economic profit would have been a. -$13,000 b. -$3,000 c. $40,000 d. $120,000 e. $37,000 7. The return to owners for innovatio ...

... store. Figure 7-1 shows the revenues and expenditures for his first year of operation. If Henry could have earned $3,000 in interest on the money used to open the store, his economic profit would have been a. -$13,000 b. -$3,000 c. $40,000 d. $120,000 e. $37,000 7. The return to owners for innovatio ...

The Basics of Game Theory

... 2.2 Optimization in Cournot equilibrium 2.1 Definition The Cournot model is a one period game, in which two firms produce an undifferentiated product with a known demand curve. The two firms compete by choosing their respective level of output simultaneously. Each firm chooses Q assuming their oppon ...

... 2.2 Optimization in Cournot equilibrium 2.1 Definition The Cournot model is a one period game, in which two firms produce an undifferentiated product with a known demand curve. The two firms compete by choosing their respective level of output simultaneously. Each firm chooses Q assuming their oppon ...

Individual and collective services

... • Individual services are services that government provides to specific identifiable households. i.e. such as health and education which are consumed by individual households. • The distinction between individual and collective services is made on COFOG classification • All expenditure by NPISH is i ...

... • Individual services are services that government provides to specific identifiable households. i.e. such as health and education which are consumed by individual households. • The distinction between individual and collective services is made on COFOG classification • All expenditure by NPISH is i ...

c. should produce 500 units of output instead, to earn

... 11-19 A competitive firm will maximize profit by producing the level of output at which: a. the last unit of output produced adds the same amount to total revenue as to total cost. b. the additional revenue from the last unit of output produced exceeds the additional cost of the last unit by the lar ...

... 11-19 A competitive firm will maximize profit by producing the level of output at which: a. the last unit of output produced adds the same amount to total revenue as to total cost. b. the additional revenue from the last unit of output produced exceeds the additional cost of the last unit by the lar ...

Chapter 6 - How Firms Make Decisions: Profit Maximization

... Every firm struggles to reduce costs, but there is a limit to how low costs can go These limits impose a second constraint on the firm The firm uses its production function, and the prices it must pay for its inputs, to determine the least cost method of producing any given output level For any le ...

... Every firm struggles to reduce costs, but there is a limit to how low costs can go These limits impose a second constraint on the firm The firm uses its production function, and the prices it must pay for its inputs, to determine the least cost method of producing any given output level For any le ...

Econ_111-10-13

... their joint profits by reducing production below the competitive level. But, if a cartel is established it may be in the individual interests of each firm to cheat on the cartel agreement by producing more to increase its individual profit. Question: What might affect a firm’s temptation to cheat? ...

... their joint profits by reducing production below the competitive level. But, if a cartel is established it may be in the individual interests of each firm to cheat on the cartel agreement by producing more to increase its individual profit. Question: What might affect a firm’s temptation to cheat? ...

MC MR

... • The total inflow of receipts from selling a given amount of output • Each time the firm chooses a level of output, it also determines its total revenue – Why? • Because once we know the level of output, we also know the highest price the firm can charge ...

... • The total inflow of receipts from selling a given amount of output • Each time the firm chooses a level of output, it also determines its total revenue – Why? • Because once we know the level of output, we also know the highest price the firm can charge ...

Week 5 – Production Theory

... minimum efficient scale (i.e. the point where economies of scale have been fully exploited, as with 2000 pairs of shoes in the example above, which is the same as the point of minimum average cost, as we shall see later) then it should exhibit constant returns to scale from then on. However, if this ...

... minimum efficient scale (i.e. the point where economies of scale have been fully exploited, as with 2000 pairs of shoes in the example above, which is the same as the point of minimum average cost, as we shall see later) then it should exhibit constant returns to scale from then on. However, if this ...

Slide

... The Firm’s Constraints: The Demand Constraint • Demand curve facing firm is a profit constraint – Curve that indicates for different prices, quantity of output customers will purchase from a particular firm ...

... The Firm’s Constraints: The Demand Constraint • Demand curve facing firm is a profit constraint – Curve that indicates for different prices, quantity of output customers will purchase from a particular firm ...

q - MSUMainEcon160

... than its avoidable cost. This rule holds for all types of firms in both the short run and the long run. ...

... than its avoidable cost. This rule holds for all types of firms in both the short run and the long run. ...

Chapter 4

... Since K 9 , we get 18L 9 45 which implies that L = 36/18 = 2. Therefore the firm’s total cost with this input combination is 4(2) + 5(9) = $53. ...

... Since K 9 , we get 18L 9 45 which implies that L = 36/18 = 2. Therefore the firm’s total cost with this input combination is 4(2) + 5(9) = $53. ...