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Contestable markets.: In a market an incumbent monopoly faces the following cost curve C(q)=F+cq where F>0 is a fixed cost and c>0 is the marginal cost of production. A potential entrant contests the monopoly. However, due to second mover disadvantage the potential entrant faces a cost curve C(q)=(F+B)+cq where B>0. If the monopoly wants to prevent the entry of a new firm, what price and quantity it needs to sell? Show that this configuration is feasible and sustainable (or at least specify the conditions under which this statement is true).
Explain in your own words the discrepancy between consumers' and producers' view of tourism as a product. What is meant by the" opportunity costs" of tourism? Show how these may be linked to seasonal patterns of tourism.
If a small country like Israel eliminated all import duties and tariffs could Israel's economy prosper even more as Hong Kong has done with few or no trade barriers?
Which of the following determine an individual's wage? If the price of output in an industry falls, firms in that industry will ______ labor.
Some people seem to believe that there are goods for which the law of demand is irrelevant, goods that people just “can’t do without.” Why do economists believe that the law of demand applies to all goods.
Analyze the economic impact of current approaches to controlling air pollution to determine which approach is the most effective. Provide support for your rationale.
If a firm decreases the price of its product and demand for the good is inelastic, its total revenue will decrease. If a firm decreases the price of its product and demand for the good is elastic, its total revenue will decrease. As the price of X fa..
If you wanted to measure the amount of income households had available after paying personal taxes, which of the following would you use?
Which of the following is NOT an incentive scheme to ensure that workers do a good job?
Many people feel the Fed, which is largely independent of Congress and the President, is too powerful. In fact, the Chairman of the Fed Board of Governors, Ben Bernanke, has been called the second most powerful person in the country. Do you think the..
In your paper, write your first-person account of how human interactions in your community have been realized.
The dean of business would like to estimate the porprtion of students who have access to a personal computer outside the school. a sample of 150 students revealed that 105 had access to a computer outside school. Compute and explain a90% confidence i..
Consider the following production function f(k,l) = k^1/3 + l^1/3. Suppose the government taxes labor at by an amount t per unit of labor. Rewrite the long run cost function including the tax.
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