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1) Explain why in a perfectly competitive market the firm is a price taker. Why can't the firm choose the price at which it sells its good?
2) Leskeista produces table lamps in the perfectly competitive table lamp market.
a) Fill in the missing values in the following table.
b) Suppose the market price of table lamp is $99. How many table lamps will Leskeista produce, what price will she charge, and how much profit (or loss) will she make?
c) If next week, the market price of table lamp drops to $40, bow many table lamps will Leskeista produce, what price will she charge, and how much profit (or loss) will she make?
d) Should Leskeista shut down its business in the short-run when the market price of table lamp stays $40? Explain your answer.
Draw up the payoffmatrix for game and do PA and LA have dominant strategies? Explain your answer.iii. What is the Nash equilibrium? Explain your answer.
You're the GM of firm that manufactures PC's. Demand for them has dropped 50%, thanks to soft economy. The sales manager has identified only one potential client, who has received many quotes for 10000 new PC's.
At a price of $24, should a perfectly competitive firm operate or shut down in a the short run if its TC is given as:
Output maximisation and cost minimisation
A monopoly has demand given through P=20,000-25Q, and costs given through C(Q)=100Q+25Q2. Find the profit maximizing level of price and output.
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Third National Bank is fully loaned up with reserves of $20,000 and demand deposits is similar to $100,000. The reserve ratio is 20 percent.
The Arena Corporation, which sells engines, has a uniform value of $500, which is charges all its consumers. But, after its competitors begin to cut their rates in the California market to $400, Arena decrease its price to $400.
At present current business how do changes in macro environment effect individual companies and industries through microeconomic factors of demand, production, cost, and profitability?
Suppose there is a surge in demand for olive oil after researchers discover that olive oil consumption reduces heart disease. Analyze the short and long run effects of this increased demand on you firm.
Assume that the price was 5% lower and all other factors do not change. How much more would you buy each year? Using this information, compute the own-price elasticity of your demand.
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