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If we believe that the laws of supply and demand always hold, explainc why is it that the 'popular' gifts for the holidays always sell out early?
Does not the quantity supplied always equal the quantity demanded?
[A] Select an item that is for sale[B] Explain the market[C] Does quantity supplied equal quantity demanded most of the time? If not, what could cause the discrepancy? Is it government interference?[D] Is it that producers were too short-sighted and didn't estimate expected demand accordingly?
Describe why the following is an example of monopolistic competition: There are a number of fast-food restaurants in town, and they compete fiercely.
Management at the Johnston Corporation estimates a demand function for its lawnmower line to be:Explain the coefficients of each explanatory variable.
The switch to the use of HFCS from sugar in soft drinks was prompted in large part by its relatively lower price. Assuming a competitive market, what effect would this change have on the equilibrium price and output for soft drinks?
Ajax, Inc. has appointed you to examine the demand for its line of telecommunications devices in 35 different market areas.
Describe and discuss; Use the concepts of economies and diseconomies of scale to describe a firm's long run Average Total Cost Curve.
Discuss how the interplay between economies of density and the properties of hub-and-spoke networks give rise to economies of scope.
Why is it significant for managers to understand both short run and long run supply and demand? Please give one hypothetical or real life example which illustrates your response.
For each of following changes, show/explain the effect on DEMAND CURVE and state what will take place to market equilibrium price and quantity (in the short run).
How would you know demand has increased? (What is the first piece of information which would lead you to conclude that demand has increased?)
What is the source of these profits? Upon patent expiration, numerous rival drug companies offer generic versions of the drug to consumers.
Compute Calvin's profit-maximizing output level. Compute the Calvin's economic profits at this activity level. Is this activity level sustainable in long run?
If a representative company with long run total cost given through TC = 50 + 2q + 2q2 operates in a competitive industry where the market demand is given through QD = 1,500 - 40P,
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