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1. "Competition in quality and in service may be just as effective as price competition in giving buyers more for their money." Do you agree? Why?
2.Explain why monopolistically competitive firms frequently prefer nonprice to price competition.
3.What purpose does product differentiation serve from a firm's perspective?
4.What purpose does product differentiation serve from society's perspective?
Two point questions:
5. a) Explain how the entry of firms into its industry affects the demand curve facing a monopolistic competitor, and
b) how that, in turn, affects its economic profit.
6.Suppose that a monopolistically competitive restaurant is currently serving 300 meals per day (the output where MR = MC). At that output level, ATC per meal is $13, AVC is $10, and consumers are willing to pay $12 per meal. What is the size of this firm's profit or loss? Will there be entry or exit? Will this restaurant's demand curve shift left or right as a result of the entry or exit?
Identify the different types of risk that a business might encounter in the marketplace and identify whether they are controllable or uncontrollable.
derive an expression for the aggregate expenditure curve and graph it on your exam sheet labeling this initial
The price of gasoline can vary considerably across states in the US. The US national average price per gallon last month was $3.55. Do you think that the price of gas in Miami is more or less expensive than the national average? A representative surv..
a. Assuming that the price of labor (PL) is $1 and the price of capital (PK) is $2, calculatethe total cost of production for each of the five levels of output using the optimal (leastcost)technology at each level .b. How many labor hours (units of l..
The aim is to analyse the contemporary issue from the perspective of conventional ‘textbook' economics. The word limit for the essay is 2000 words.
How the following information would be useful for a manager of a Chipotle restaurant? "Income elasticity for food eaten away from home for the Hispanic population in the United States is 0.49
What type of educational background do ceos have? in one survey, 344 ceos of medium and large companies were asked whether they had an mba degree. there were 97 mbas.
Discuss diffrent types of economies, demand and supply and diffrent types of markets
What exactly does Peter Houghtons memo say and Does the memo say that analysts should compromise their independence? How does the memo raise questions about analysts' independence?
In 2004, 46 widgets and 89 olives were produced in Oliveria. What was the GDP of Oliveria in 2004
Second-degree price discrimination is also known as block rate setting. captures all consumer surplus. sets a different price for each customer.
Analyze the current health care delivery structure in your state. Compare and contrast the major determinants of health care market power.
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