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Firms charging an identical price will always be the case in perfect competition since any firm that charges more than the going market price will sell nothing. In price-setting among oligopolists there is usually a bit of dispersion among the prices.
So if there is some dispersion of prices and service among a few oligopolists, how much is this price dispersion and what are the differences in service? Take a look at the companies providing domestic airline services in Canada and use this to describe the differences.
The US economy is currently operating below Potential GDP. Without using someone else's estimate of Potential GDP, how would you approach calculating how much current activity is below Potential GDP? Where would you get the data for your calculation?..
When the marginal-cost curve lies below the marginal-revenue curve. Assume that for a perfectly competitive firm marginal revenue equals rising marginal cost at 100 units of output. At this output level, the firm's total fixed cost is $600 and its to..
An investor estimates that investing €5 million in a particular venture capital project can return $40 million at the end of five years if it succeeds; however, she realizes that the project may fail at any time between now and the end of the fifth y..
We measure economic growth by the percentage change in real GDP. In general terms outline the course of the U.S. output growth rate in recent decades, both in terms of its trend and its changes around trend. Pay particular attention to the stability ..
Please explain “opportunity cost” and give three examples from your own life. Please include and identify both “explicit” and “implicit” costs in your examples.
M. Poirot wishes to sell a bond that has a face value of $1,000. The bond bears an interest rate of 9% with bond interest payable semiannually. Six years ago, $980 was paid for the bond. At least a 12% return (yield) on the investment is desired.
Calculate GDP loss and government expenditure needed to eliminate this loss if full employment GDP is $400, unemployment rate 8.9%, and the MPC is 0.8.
Assume that the Good Tire company needs outside legal help and that the expected marginal benefit of this help is given by MB=$200- 2-L, where L equals hours per week of legal services. In this context, discuss how different assumptions about market ..
Using AS-AD diagrams, illustrate each of the following economic situations by showing the patterns and shifts of either AS or AD that could cause them to happen: a rise in the price level triggered by higher oil prices;
The demand for the product of a business is given by q = 50 - 2p. If the price of the product is p = 10 dollars, the revenue is
Assume that the equilibrium price for a good is $7 and the equilibrium quantity is 100 units per week. At a price of $4:
Suppose the tax on liquor is increased so that the tax goes from being a "medium" tax to being a "large" tax. As a result, it is likely that:
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