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Describe the behavior of oligopolistic firm. how does the firm use Game Theory? define and explain the two types of game theory associated with competition? how do decisions change from short run to long run?
Illustrate what is the total opportunity cost of the day that Farmer Tony incurred for his spring day in the field planting wheat.
For each of the following, identify whether the statement is true, false or uncertain and justify your answer. If everyone has the same marginal rate of substitution, then the allocation is Pareto efficient. b) If a policy change increases social wel..
Explain how does the price elasticity of demand for corn oil influence the quantity-demanded of corn oil and the Total Revenue earned by sellers of corn oil.
In the 1950s, imports and exports of goods and services constituted roughly 4% to 5% of U.S. GDP. In recent years, exports have accounted for approximately 12% of GDP, while imports have more than tripled to over 15% of GDP. International trade agree..
Elucidate which among the following is true.
How many different combinations of 3 winning tickets can there be? Suppose you hold 4 tickets. What is the probability that you will win exactly 2 out of the 3 prizes.
the industry that this claim were untrue, what critical questions could you ask about the HHI used for the study
Suppose Mary’s utility function for two goods X and Y is given by: U(X,Y) = 2X1/3 Y2/3. If Px = $4, Py = $5, and Income I = $200, compute Mary’s utility maximizing consumption bundle. Show the utility maximizing consumption bundle on a graph.
How many acres should John choose to mow in order to maximize profit. Prevailing market price of lawn mowing is $20 per acre.
When a profitable Japanese-owned company owns a car factory in the U.S. and sells the cars within the U.S., this [increases/decreases/does not change] the U.S. trade deficit and [increases/decreases/does not change] the U.S. current account deficit.
What is happening to the value of the U.S. dollar these days? What causes the value of the U.S. dollar to rise or fall? Who demands U.S. dollar? Who supplies U.S. dollar? When we purchase German products, does our demand for euro go up or down? What ..
Suppose that excess reserves in the Stranda National Bank are $15,000 and the reserve requirement is 4 percent. Illustrate about the maximum amount that the money supply can be increased is.
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