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1.
a. Can you please define opportunity cost? With the aid of a carefully labelled production possibility curve, could you illustrate the concept of increasing oportunity cost. Why does opportunity cost increase?
b.
i. What is the difference between elastic and inelastic demand. Please be precise.
ii. If a restaurant increases its price of coffee from $ 1.00 to $ 1.20 and quantity demanded falls from 100 cups to 80 cups. How can I compute the price elasticity of demand?
What is a market structure? Define and discuss in detail the differences between a monopoly, an oligopoly, perfect competition and monopolistic competition.
Find out the own price elasticity of demand and state whether demand is elastic, inelastic or unitary elastic. Determine the income elasticity of demand state whether good X is normal or inferior
Provide the Gilbert's choices of both Bordeaux and yogurt under the following circumstances (Consider each separately):
Airway Express has an evening flight from Los Angeles to New York with an average of 80 passengers and a return flight the next afternoon with an average of 50 passengers.
Monica and her father own one of the three automobile tire stores in the city. No other city is nearby. They want do develop a strategy increase sales and market share in their city. What steps can they take?
A perfectly competitive firm encounters the following monthly costs and price. What is the fixed cost of this firm? What is the optimal output of this firm?
Compute the unit price if the ventor sold 200 CDs. Compute the demand curve for CD. Calculate the fixed and variable costs. Calculate the break even quantities (number of CDS).
Explain the output and price effects which affect the profit-maximizing decision faced by the firm in oligopoly market. How does this differ from output and price effects in monopoly market?
Assume that the demand curve for apples is given by Qd = 140 - 5P, where Qd is number of pounds demanded per year and p is the price per pound. The supply of apples can be described by Qs = 40 + 3P, where Qs is the number of pounds provided.
Write down the differences between absorption and variable costing techniques on income statement presentation.
If the goal of the transit authority was to maximize total revenues, what is the new price it should set? Also, what would the total revenue raised in this new price scheme?
In the competitive industry, reduction in property tax rate on fixed capital (plant) would reduce the fixed cost of all firms. This would have the following short-run effects on P, Q, and q respectively.
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