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Suppose that the most popular car dealer in your area sells 10 percent of all vehicles. If all other car dealers sell either the same number of vehicles or fewer, what is the largest value that the Herfindahl index could possibly take for car dealers in your area?
In that same situation, what would be the largest possible four-firm concentration ratio?
What is the market clearing price for this market? What is the market quantity and calculate the Consumer Surplus (CS), the Producer Surplus (PS), and the Social Welfare (SW).
Let us assume that an economy in which there is no widely agreed upon form of money. In other words, suppose we are dealing with a barter economy.
The United States cigarette industry has negotiated with Congress and government agencies to settle liability claims against it. Under the proposed settlement, cigarette firms will make fixed yearly payments to government based on their historic mark..
The demand curve for a product is given by P=60-3Qd, where P is the price of the product and Qd is the quantity demanded for the product.
The government dislikes smoking, and likes tax revenue. If they wanted to increase the after-tax price to $10 per pack, what size of excise tax must be placed on sellers? How much revenue will it raise? What will be the Deadweight Loss?
Explain and show graphically how this market would be affected if there is an increase in the number of dairy farmers that produce hormone free milk and at the same time south african consumers chose to be more healthy?
Draw the AC function on the same graph. What is the firm's long-run supply curve? That is for every price p, how much will the firm produce in the long-run? Which curves are relevant now?
Calculate the incremental profit that south park would earn by customizing its instruments and marketing them directly to end users.
The hair stylist, LTD., is popular-priced hairstyling salon in College Park, Maryland. Given large number of competitors, the fact that stylist routinely tailor services to meet customer needs, and the lack of entry barriers, it is reasonable to s..
Knowledge of economic theory to describe how these policy responses were expected to reduce the health hazards of alcohol consumption in the community.
The demand for energy in the United States is often stated as persistently non-cyclical and not sensitive to both prices effects. Given such characteristics, explain the effect of each of the following on the demand or supply for gasoline.
This document shows the uses supply and demand model to explain the evolution of the price of gold and silver.
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