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UNIVERSITY OF MICHIGAN-FLINT SCHOOL OF MANAGEMENT Department of Accounting, Finance and International Business FIN 551. Business Economics (3 er.) HOMEWORK 1 - 6 1. What is the reason why excess profits cannot persist in a perfectly competitive market over the long run? 2. Which fiscal policy is appropriate in times of recession? 3. If a government is spending more than its tax revenues, its impact of businesses is: 4. Explain what happens to the price of an inferior product during recessions. 5. What is the impact of future inflationary expectations by consumers and producers on the equilibrium price and quantity? 6. What will be the impact of a trade liberalization that provides market access to foreign suppliers on domestic consumption? 7. Why does the price elasticity of demand decrease as we move down on a linear demand curve? 8. What would you recommend to a firm with lots of competitors to increase their revenues? Explain, 9. Describe how consumption of necessities and luxury goods change with changes in income? 10. What can you say about cross-price elasticity between two complementary goods? Explain. 11. Why do firms experience increasing marginal costs in the short run? 12. What is the relationship between short-run and long-run average costs? Why? 13. What is the relationship between economic and accounting profits? 14. Describe the relative positions of average total, variable and fixed costs. 15. Describe the relative positions of average total and variable costs, and marginal cost. 16. How does technological improvements affect the input intensities of production? 17. Explain the impact of learning by doing on long-run average cost curve? 18. What is the impact of having subsidiaries in different parts of the world on productivity? 19. Why do you think monopolies do not achieve their highest possible profits in the long run? 20. Why is the long run average costs curve U-shaped