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Answer each of the questions below in short-answer format. Write your responses in complete sentences. Your answers to each question should include 2-3 paragraph.( 125-250)
1) What is a monopolist, and what is required in order for a monopolist to earn profits in the long run? How is government involved with the creation of barriers to entry?
2) What is the most important characteristic of monopolistic competition? How do firms behave differently from perfect competitors? What are the implications of having a large number of firms in a monopolistically competitive marke
3) Suppose that the market for autoworkers is initially in equilibrium, but then the automakers purchase capital goods that are a substitute for workers. What happens to the market for autoworkers? Explain. Now, suppose that the automakers improve working conditions at the plants. What are the effects? Explain.
4) Discuss the significant laws passed since the Great Depression that affect labor-management relations. Explain.
5) Explain the three categories of balance of payments transactions.
Two hospitals want to merge. The price elasticity of demand is -0.20, and each clinic has fixed costs of $100,000. One clinic has a volume of 9,200, marginal costs of $70, and a market share of 3 percent. Explain your understanding of this notion: “M..
In market economics, firms rarely worry about the availability of inputs to produce their products, whereas in command economies input availability is a constant concern. Why the difference.
In 2010 the Macondo well drilled by the Deepwater Horizon in the Gulf of Mexico blew out, spilling ~ 5 million barrels of oil into the Gulf over 87 days. Calculate the energy content of the spilled oil in joules or suitable multiples.
Using the midpoint method, calculate and interpret the price elasticity of demand for the following situation: When the price of oranges increases from $1.00 per pound to $1.50 per pound, quantity demanded falls from 500 pounds to 400 pounds. Calcula..
Illustrate what happens when a cheaper product is offered due to Impact of Government Imposed Price Ceiling that is below the equilibrium price.
Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated p..
There are many challenges in the way for a multi national corporation that wants to manage a global supply chain, but having the correct tools for the job is the most important challenge the MNC will face. When managing a global supply chain, operati..
Your consulting firm was just granted an exclusive contract for your state. You now must decide your pricing policy, given the following relationships: P = $1400 – 0.0004Q MR = $1400 – 0.0008Q Now assume that the state decides to give as many contrac..
You borrow $10,000 at a 5% interest rate and you have to pay back this loan within three months. You use this $10,000 and your initial $1,000 to purchase shares in the company. Suppose that your prediction fizzles out. The price of the shares decreas..
A deposit of $800 is planned for the end of each year into an account paying 8 percent/year compounded annually. The deposits were not made for the tenth and eleventh years. All other deposits were made as planned. What amount will be in the account ..
You borrow $25,000 from your local credit union at 12 percent compounded monthly. You repay the loan by making equal monthly payments over the next four years. How much interest is in the 23rd payment?
Siva Nathaniel owns various plots of land in Fulton County, Georgia. He acquired the land at various times during the last 20 years. About every fourth year, Siva subdivides into lots one of the property he owns. He then has water, sewer, natural gas..
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