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1. List the basic characteristics of pure monopoly, monopolistic competition and oligopoly. Under which of these market classifications does each of the following most accurately fit? (a) a supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat farm; (d) the commercial bank in which you or your family has an account; (e) the automobile industry. In each case justify your classification.
2. In long-run equilibrium, pure competition we have P = minimum ATC = MC. Of what significance for economic efficiency is the equality of P and minimum ATC? The equality of P and MC? Distinguish between productive efficiency and allocative efficiency in your answer.
3. Discuss the major barriers to entry into an industry. Explain how each barrier can foster monopoly or oligopoly. Which barriers, if any, do you feel give rise to monopoly that is socially justifiable?
The table listed below demonstrate the quantities of product X that a producer can produce in one growing season on a 1 acre farm using different amounts of labor.
Compute the total fixed costs, total variable costs, average fixed costs.
Price benefit analysis of an irrigation project describes the ratio of the discounted current value of benefits to costs is less than one.
The financial analysis department at MorTex estimates that the price of a textile machine is $ 600 per day. Can management reduce the cost of assembling 5,400 units per day by purchasing a textile machine and using less labor? Why or why not?
Why is the money multiplier in the United States smaller than the inverse of the required reserve ratio? Provide one (1) reason. Explain why depositing cash into a checking account does not change the money supply. Provide at least one (1) supporting..
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Explain by how much should domestic automakers raise the price of automobiles if they wish to increase sales by 5 percent next year?
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Account for the effect of the two proposed fiscal policy actions in the short run and long run. This includes a description of the consequences of relevant macroeconomic variables.
The airline has an average of 40 passengers paying an average of $200 for this flight. Do you think the airline should be flying between the two cities? Evaluate from a short-run and long-run perspective.
Explain if you were the production manager at BCAG, how would you justify the long-term nature of the contact with Thyssen Inc..
Would you rather earn a 4 % nomical or 4% real interest rate? Illustrate by describing the difference between nominal and real variables.
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