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Imagine a firm with the same cost structure but in each of the four market structures: Competitive, Monopolistically Competitive, Oligopoly, and a Monopoly. Using the concepts of consumer surplus and producer surplus, explain the long run outcome in each market structure and how consumer surplus, producer surplus and dead weight loss changes.
Suppose a firm’s production function is given by the following equation: Q = min(5K, 10L). If the firm is using 4 units of capital and 3 units of labor, how much output are they producing? Is this firm operating efficiently?
As medicines which with brand names that the man recognise from television commercials sell for more than the unadvertised versions. elucidate in economic terms this perplexing situation to the father.
explain how much the annual U.S. GDP and GNP in 2010 changed due to her job relocation.
why is growth in average labor productivity viewed as a key factor in determining long-run living standards?
Discuss an industry that would meet the conditions of a perfectly competitive industry and how the individual firms would respond to an increase in the market demand for the product.
Suppose a manufacturer produces a product that it sells to retailers who sell it to consumers. Consumer demand for the product is given by inverse demand curve: P = 100 – Q. The marginal cost of production for the manufacturer is 20.
How would that plan compare to one that requires each firm to provide a $100,000 group program that would cover all employees in the firm, no matter what the number of employees was?
In which of the following cases should the United States produce more noodles than it wants for its own use and trade some of those noodles to Italy in exchange for wine.
short-run average cost curve and the long-run average cost curve are both U-shaped for the same reasons.
Explain why would a chain such as Marriott tend to own its hotels in resort areas, such as national parks, where there is little repeat business, and franchise in downtown areas.
What price will the firm charge in each market? Based solely on these two prices, which market has the higher price elasticity of demand? What will be this monopolist's total economic profit?
is this the same quantity that the competitive market would have provided in equilibrium? What are the market forces leading to this quantity?
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