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Classify each of the following industries or organizations as an oligopoly, a monopoly, or being monopolistically or perfectly competitive: a. Athletic shoes b. Restaurants c. Watches d. Aircraft e.Department of Motor Vehicles f.Aircraft g.Ice cream h.Electricity and utilities 3. define each market structure, then explain your categorization of these eight industries
From number 15 (point B), calculate the price elasticity when a hurricane strikes leading to a 1 lb. decrease in the Good X market. From number 16 (point C), calculate the price elasticity when Americans prefer Good X by 2 lbs. Calculate the price el..
A certain production process employs two inputs labor (L) and raw materials (R). Output (Q) is a function of these two inputs and is given by the following relationship: Determine the total product function (TPL) for input L. Determine the marginal p..
In 2003, the maximum tax rate on dividends and capital gains is 15%. Andrew, who is in the 35% ordinary income tax bracket, purchased 100,000 shares of stock at $50 per share in January 2003. Dividends of $0.50 per share were paid in April and Septem..
The minimum feasible long-run average cost for firms in a perfectly cempetitive industry is $58 per unit. IF every firm in the industry currently is producing an output consistent with a long-run equilibrium, calculate the marginal cost incurred by e..
Kecia Ali’s The Lives of Muhammad documents the great variety of ways that the prophet Muhammad’s biography has been told by different societies over the past 1400 years. As historians, how do we know what we know about the past at all? What specific..
The PPT slides suggest that variation is closely related to the ideas of risk and uncertainty. Describe two examples from the PPT slides where highly variable data leads to uncertainty about outcomes and where risk-averse and risk-seeking individuals..
Along a demand curve, the price changes from 60 to 70. This causes the quantity demanded to change from 70 to 65. Calculate the demand curve and the inverse demand curve. Calculate the price elasticity of demand using the price/quantity combination o..
There are two types of drivers on the road today: Speed Racers have a 5% chance of causing an accident per year, and Low Riders have a 1% chance of causing an accident per year. Suppose an insurance company knows with certainty each driver’s type. Wh..
What are the potential implications of globalization without consideration of cultural differences on ethical issues? Cite specific examples.
Assume that, in a competitive market, long run supply and demand is more elastic than short run supply and demand. Suppose that the government imposes a transactions tax in this market. In the long run, the tax will collect [less/more] revenue and ca..
The annual rate of inflation average 2 percent during the past decade, but borrower and lenders anticipation that the price level will rise at the rate of 3 percent next year. The current nominal interest rate is 7 percent. What is the real rate of i..
Why is it important to ensure Organizational ethics are communicated to stakeholder consistently? How can this be achieve? Give examples to support your arguments.
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