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1. For the profit-maximizing firm, price markup is a markup over _______ cost, and the markup depends only on _______. a. marginal, elasticity of demand b. average, elasticity of supply c. total, elasticity of fringe supply d. fixed, production elasticity 2) There is an outward shift in the demand curve of a profit-maximizing monopolist, and the monopolist decreases output. What does the monopolist do to price?
2. The payoff matrix for FORM and GM, each of which is determining whether to offer a technical change or a styling change in a new-model product, is as follows (where H>M>L profits, subscript GM refers to GM, subscript F refers to FORD): Technical Change Styling Change FORD Technical Change Hf, Mgm Hf, Lgm FORD Styling Change Lf, Lgm Mf, Hgm Only one of the auto companies has a dominant strategy: which company? And what is its dominant strategy?
Describe the total shortage associated with the price ceiling. Compute the full economic price. How much is the non-pecuniary price.
Identify the buyers and sellers as well as the goods or services. How closely do real world conditions match the characteristics listed in the model. Are the sellers price takers.
You have been assigned to determine whether the economy is experiencing a credit crunch. What patterns in movements in the federal funds rate, the volume of bank lending, and the volume of short-term lending in financial markets will you look for
A has $1.5 million in sales, a Lerner index of 0.57 and a marginal cost of $50. The firm competes against 800 other firms in its relevant market a. What price does this firm charge its customers? b. What is the firm's markup factor? Wh..
the elasticities in the above question and assuming that higher gasoline taxes would not shift either the SUV supply curve or the hybrid supply curve, explain how higher gasoline taxes would affect the equilibrium price and quantity of SUV's. Also..
Suppose that there are 1,000 hot-pretzel stands operating in Toronto.Each stand has the usual U-shaped average total cost curve.
Explain how does the Heckscher-Ohlin theory differ from Ricardian theory in explaining international trade patterns.
Suppose the price elasticity coefficient anticipation of the Christmas season. Estimated 4th quarter sales volume will be.
Elucidate the liquidity trap is presently stopping the Japanese economy from recovering.
Dr Leona Williams a well know Plastic Surgeon, has reputation for being one of best surgeons for reconstructive nose surgery. Dr Williams enjoys a rather substantial degree of market power in this market. She has estimated demand for her work to b..
Explain the principles of microeconomics apply to other country. Describe any differences or special situations.
Conduct an environmental scan of businesses at present climate to determine which variable of the environment, such as economic, political, social
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