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Grocery stores and gas stations in a large city would appear to be examples of competitive markets. There are numerous, relatively small sellers, each seller is a price taker and the products are quite similar.
a. Is is possible these markets are perfectly competitive? How could we argue that the firms face a demand curve that is not perfectly elastic? Use the definitions and characteristics of the differenct market structures to justify your reasoning.
b. How profitable do you expect grocery stores and gas stations to be in the long run?
A CNC mill was purchased 4 years ago for $50,000. The current market value is $26,000, which will decline as follows over the next 5 years: $20,000, $16,250, $14,000, $12,000, and $8500. The O & M costs are estimated to be $6000 this year. These cost..
Survey data has been gathered from 500 hikers who visited a forst in a neighboring state. Using regression analysis, economists have controlled for differences in income, employment status, age and other important factors that might affect the number..
Suppose that a country's inflation rate increases sharply. Which of the following statements are true? Wealth in savings accounts is not subject to a change in the inflation tax because the real interest rate will increase with the rise in inflation...
Suppose that workers can be hired competitively at a wage of $200. Explain how many workers will they hire at this wage.
Suppose the Reserve Bank of India (RBI; India's central bank) expands the money supply. Consider the effects of the policy in the market where people exchange dollars for rupees (India's currency). You can drag the curves in the following graph to he..
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Illustrate what are the laws governing "involuntary treatment" in state of Pennsylvania? Describe the process who makes the decisions, how long the treatment can last, etc, for state of PA.
Now suppose your utility functioin is U= (square root)Wealth. What is the maximum you will pay for the bike check-in now.
You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Group 1’s elasticity of demand is -4, while group 2’s is -3. Your marginal cost of producing the product is $20. Determine your optim..
Demonstrate graphically the cost of income taxation of 30% to consumers and producers for an income of $27,908?
Jenny consumes 3 different goods X, Y and Z. Her corresponding utility function is U(X,Y,Z) = 2XY + 4Y + Z^2 . If Px = Py = $1, Pz = $2, and Jenny’s budget is $38, how much of X, Y and Z, should Jenny purchase? What is the maximal utility level that ..
In the study of the demand for fast food, the variables gasoline consumption per capita and population density were included as:
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