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Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm.
Describe the business and its likely main competitors.
How would you structure your advertising and customer service to differentiate your product/service?
How easy would it be for new competitors to enter your market and erode your customer base or selling price?
What would be your prognosis for the long term profitability of such a business?
What could you do to protect that long term profit stream?
Use the aggregate expenditure model to explain the following statements from the opening news article.
q. youve been on your lunch break for less than 45 minutes when your boss orders you to return to work immediately or
Government control of price, output, entry of new firms, and quality of service in industries where monopoly appears desirable are known as
Determine whether GDP will be underestimated or overestimated in each of the following:
What is the deadweight loss if buyers, instead of vendors, are required to pay the tax of $4 for each unit of the good sold.
Illustrate what cost as well as quantity will result once the patent expires and competition emerges in this market.
Consider an industry in which all firms have identical technology given by a production function: q = min K α , L 1 − α 1/2 , where q is the level of output, α is some constant between 0 and 1, and K and L are two inputs. Describe the long-run equili..
Give at least one example of a country with a high growth economy and a country with a low growth economy. Explain how the politics in each country affects the economy.
A group of investors has formed Trump Corporation to purchase a small hotel. The price is $150,000 for the land and $850,000 for the hotel building. If the purchase takes place in June, compute the MACRS depreciation for the first three calendar year..
an estimate of the demand function for household furniture produced the following resultsf 0.0036y 1.08 r0.16 p 0.48
Would the sales of pollution rights or certificates be an efficient means of allocating a given amount of pollution.
Suppose the U.S. and Mexico both produce 2 goods, tablets and cereal, using 2 inputs, capital (K) and labor (L). The production of tablets is capital-intensive, and that of cereal is labor-intensive.
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