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Industry structure is often measured through calculating the Four-Firm Concentration Ratio. Assume you've an industry with 20 firms and the CR is 30%. How would you describe this industry? Suppost the demand fo the product rises and pushed up the price for the good. What long-run adjustments would you expect following this change in demand? What does your adjustment process imply about the Cr for the industry? Consider the industry has 20 firms but the CRfor the industry is 80% instead of 30%. How would you describe this industry? What are some reasons why this industry has a high Cr while the other industry had a low CR? Is it possible for smaller firms to thrive and profit in such an industry? How? Contrast the effects on market efficiency if the dominating firms use a price leadership model versus a contestants markets model. Show your work.
How do I calculate that the industry has 20 firms but the Cr for the industry is 80% instead of 30%. How would I describe the industry? What are the reasons why the industr has a high Cr while the other industry has a lowCr? Is it possible for smaller firms to thrive and profit in an industry? And how? What would be the effects on market efficiencies if the dominating firms use a price leadershipmode versus a contestable market model?
Assume there are two services offered in economy: dance clubs and college education. Both require the use of limited resources, but not all of the resources used in each one can be readily transferred to the other.
What is the profit-maximizing level of output of master cream (in bottles)? What is the profit-maximizing price? What is the maximum level of profit?
Give a specific example for each ( US Companies ). Which one is better market from the stand point of producers? Which one is better market on the stand point of consumers?
A firm has a cost function given by the following: Find the firm's production function, y= f(x1, x2).
What are "normal" goods? Give an example in our current economy and what are "inferior" goods? Give an example in our current economy.
A grocery store notices that the cross-price elasticity between ice cream and chocolate syrup is -.3. The store is advertising a sale with ice cream prices reduced by 20%.
If the total cost of producing 20 units of output is $1000 and the average variable cost is $35, what is the firm's average fixed cost at that level of output?
If the government imposes a $1 per-unit tax, how do the marginal, average total, and average variable costs change? What if instead the government imposes a $100 per-firm tax?
A driver wishes to buy gasoline and have her car washed. She finds that the wash costs $3.00 when she buys 19 gallons at $1.00 each, but that if she buys 20 gallons, the car wash is free. Thus the marginal cost of the twentieth gallon of gas is:
Choose any one topic out of the following , • Water , • Energy , • Agriculture , • Forest
Office building maintenance plans call for stripping, waxing, and buffing of ceramic floor tiles. This work is often contracted out to office maintenance firms, and both technology and labor requirements are very basic.
Question about micro economics- Sam Smith owns an internet radio company that has subscribers in Houston and Dallas
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